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Updated about 4 years ago,
Help! Need help with my situation on 1031 exchange
OK this is the situation I’m selling three homes in Oregon and have to move over 1.2 million in a 1031 exchange and have $700,000 in loans. I buy single-family homes in the Memphis area and the average price is about $60,000. That means I would have to purchase 20 homes with financing and most lenders stop lending at 10 homes. What should I do with this 1031 exchange money? Continue to find a lender that will lend on the 20 homes may be at a higher rate or start looking at multi family units? Are there lenders out there that can lend on more than 10 homes? hoping anyone can assist.