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

[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?

[Ashish Acharya]

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.