Pyramid up to bigger real estate
Hi Everyone! I am actively searching for my first multi family property here in the suburban Philadelphia, PA area. I am 24 and new to the investment game. What I would like to do is to get FHA and live in one of the units and rent out the other 1-3 units. My end goal is to eventually pyramid up so that after my first year I can eventually sell and purchase a bigger property so on and so forth. I have heard about a 1031 exchange but not sure exactly how that works and if it is my only option or not. Thanks to anyone willing to help!
Phil