Updated over 8 years ago on . Most recent reply
Broker and financing help!
I'm about to have a house on the market for $450k with $175k in equity and plan on doing a 1031 exchange. The difficulty is I move from CA to Chicago in June (active duty Navy). I am looking for a 4+ unit with and 8 cap+ that is near turn key. So I am looking at several states to find the right investment.
Two Questions:
1. How to find a commercial Broker? I haven't found anyone on board to search the whole South and Midwest. Do I need to find a broker in each state or narrow down my search?
2. Financing? I talked to a local bank and they told me they may not be able to finance me depending on the location of the property. Should I use the sellers preference? Will a big bank be able to finance in every state?
Thanks for the help!!
Most Popular Reply
Brokers are licensed by the state so most focus on the one in which they live. You might have to find one in each state you are considering.
I also think financing is best done local to the property. Find a property you want and then look for financing in that area. It seems to work best going through a local branch even if you are working with a national bank.