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1031 exchange with $230K equity, where to invest?
Hey, all! I have a rental in Aurora, CO that I’m planning on doing a 1031 exchange on. The house is about 20 y/o, cashflowing about $200/mo. I have about $230K equity and most likely be sold for $350K. Does it make sense to let it go and get a new construction somewhere else cheaper? Should I invest in a mfr or maybe 2 or 3 sfr? Also, will I be able to get a loan for maybe 2 properties at the same time? I’m thinking that I may be able to get 1 sfr cash and finance 1 or 2? I’m considering investing in Florida.
This was my first primary residence that I turned into a rental when we moved to norcal. I still consider myself a newby in RE, just got interested in acquiring more properties recently maybe because I’m getting older and thinking about retirement:) Any advice will be much appreciated.