Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Personal Finance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

101
Posts
14
Votes
Tina Jenkins
14
Votes |
101
Posts

Flipped my first Property now doing a 1031 and need advise!

Tina Jenkins
Posted

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?

Most Popular Reply

User Stats

3,957
Posts
3,203
Votes
Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
3,203
Votes |
3,957
Posts
Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
Replied
Originally posted by @Tina Jenkins:

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?

 If you are planning to do 1031 on the sale of this property, then you are already late if you have your closing scheduled. 1031 needs to be coordinated with QI if the exchange is nit simultaneous, which is rare for for real estate

Also if this property is a flip then you cannot do 1031 anyway. I know it took you long time to get this ready but from what you say your intention was to flip this to begin with.

business profile image
INVESTOR FRIENDLY CPA®
5.0 stars
216 Reviews

Loading replies...