First 1031 exchange

[Shawn Morrow]

Good afternoon Bigger Pockets! My wife and I have 3 SFH and I am still a W2 worker. I help my wife with our Real Estate when I am not working. The area we are in has appreciated enormously. We have one property that has 27k left on the loan that we believe would sell for 375k to 425k.

We have discussed it and have come down to two options. Sell the home and use it for 20% down on multiple SFH or 1031 it into a MF with 8 or more doors. We could keep the home but we believe the two options will allow us to scale bigger, faster.

This would be our first 1031 and wondering what are some things we should be aware of and things to avoid? Also, we would love to hear your “I wish I would have …” stories.

Thank you for your time and keep crushing it!