Can anyone explain to me how I can use private money to close a 1031 exchange deal on a big multi?

[Jack Sarcia]

Hello,

I am selling my 3 unit building for 450k. I cannot get a bank loan.

To my understanding (I trust someone will correct me if I am wrong) if I want to buy a bigger multi it needs to have a purchase price of 450k or more , RIGHT?

This sale will net me about 100k which I can use as a down payment.

This is where I start to get confused....How could I borrow the other 350k needed to purchase the building? And what kind of terms would be typical?

My plan is to purchase an off market deal for below market value. Hold the property for 2 years then sell it and cash out my investor....IS THIS SOMETHING THAT ONLY HAPPENS IN SEMINARS?

all responses appericated, thanks.