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Updated over 4 years ago,
Flipped my first Property now doing a 1031 and need advise!
I sold my 1st property a 4 plex. I am doing my 1st 1031 exchange. I bought it for 172.000 two years ago and slowly fixed it up. I sold it for 255,000 and close on Wednesday September 23rd of this month. My plan is to borrow 155,000 -165,000 due to a mortgage of 155,000 still owed to the bank. I need to do this to be equal or greater then 255,000 to satisfy the 1031 agreement. I want to purchase several properties at once mixed comercial. Mine and my husband credit score is great and we both work. Im not too worried there. My concern is I have never applied for a blanket loan and really don't know where to start. I am looking at 4 properties 1 house 1 duplex with a commercial office space could be a store front and 1 restaurant. I have reasons for each of these purchases. Does anyone know of a good lender that will not rip my off on the interest rate for something like this or is it better to do separate loans?