I am looking to do a 1031 exchange from a sale of a California property and want to invest in Indianapolis, IN or Kansas City, MO. Do you guys have any recommendation on wholesalers or listing I see any deals.
I believe for apartments I would need to get a commercial loan that operates in those two states. Can anybody recommend any lenders that finance in those locations
What purchase price are you looking at? If under 1M there are local commercial lenders who will do 20 year am commercial loans. If over 1M then you'll be able to use a broker to find longer term Fannie/Freddie debt. I am a CA investor in KC so I'm happy to share some info.
Curious, what made you choose Indy? I'm offering on properties there, but haven't heard of a lot of others on BP doing the same.
I don't really have anything to add here. But I do want @Sam Grooms to know that I am stalking him!
I always feel like.... somebody's watching me.
@Israel R. you can always go to loopnet and make some offers. You can look up the rei group called Marei in Kansas City to meet wholesalers and search properties . You can pm me for lender ideas and other contacts for Kansas City
If you are over 1M you can probably use a commercial broker. I will PM you the lender I use in KC for <1M.
@Michelle L. - you might want to weigh in here...
My last 1031 was from a NE property into a NV property. The lender doesn't have to be in both states, I would just look for a lender that operates wherever you buy. You'll need a qualified intermediary and need to follow all the rules for identifying property. I like First American but check rates. Are you looking for MF in KC or want to invest in commercial? I just looked at a great in line retail center in Lee's summit...7.5 cap for 900k. Good luck!
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