No Daddy - Need Some 1031 advice...
I was raised in a single wide trailer & have accumulated about 3 million in assets as a 30 year old man.
I am debt free. No daddy. Mommas poor. Nobody to give financial advice in family.
I purchased a cabin in the great smokey mountains of TN in 2017 for $300,000
It is worth somewhere around $800,000 now.
It has been on a rental program since I owned it. Rent is decreasing in the area & I have no business in the area, so visiting is not helpful.
I want to sell this property & avoid capital gains tax by doing a 1031 exchange..
I want to purchase a house in Nashville TN (where I visit often to do business) that I can rent out most of the year. Stop in from time to time when I need to do business. (rare visits)
& after a couple years, make it my residential home for a while.
I have done my research & it seems to be a good idea to do a 1031 exchange or a reverse 1031...
Can anyone confirm? Deny? Give me some advice?
Or divert me elsewhere? Idk. Just hoping to strike some gold tips here.
Thanks in advance.
Posted Mar 6, 2026, 4:17 AM UTC