Broker and financing help!

[Michael Bettencourt]

I'm about to have a house on the market for $450k with $175k in equity and plan on doing a 1031 exchange. The difficulty is I move from CA to Chicago in June (active duty Navy). I am looking for a 4+ unit with and 8 cap+ that is near turn key. So I am looking at several states to find the right investment. Two Questions: 1. How to find a commercial Broker? I haven't found anyone on board to search the whole South and Midwest. Do I need to find a broker in each state or narrow down my search? 2. Financing? I talked to a local bank and they told me they may not be able to finance me depending on the location of the property. Should I use the sellers preference? Will a big bank be able to finance in every state? Thanks for the help!!

[Neil Aggarwal]

Brokers are licensed by the state so most focus on the one in which they live.  You might have to find one in each state you are considering.

I also think financing is best done local to the property.  Find a property you want and then look for financing in that area.  It seems to work best going through a local branch even if you are working with a national bank.