Doing a 1031 exchange for a multi-family home.
Hi everyone! I just sold my first property today, so I am looking to do a 1031 exchange. I have 45 days to identify the property but I am having trouble deciding where I want to invest. I've looked into these markets: Nashville TN, Murfreesboro TN, Columbia TN, Orlando FL, Panama City Beach FL, Albany NY, Trenton NJ, and every island in Hawaii. I am interested in purchasing a multi-family home, or vacation rental that can cash flow right away.
I have five years of experience with renting out a single family home that I just sold in Miami, FL, and I have two years of vacation rental experience with a condo that I own in Honolulu, HI. I know some of these markets have appreciated a lot in recent years so I am a bit nervous about getting into a market that is about to have a correction.
Does anyone have any advice or recommendations that you could share? Also, any markets you recommend and if you could share your thoughts on the markets that I've looked into?
Thank you in advance,
Chris Martinez