Stuck - Two 4-plex rentals in Tucson, AZ
My partners and I bought two 4-plex properties in Tucson, AZ three years ago for $375k. They have been good cash flowing properties but the repairs have been more than we anticipated especially for our first investment. We want to take advantage of the current market as they have appreciated about $175,000. We want to 1031 them but two of the four investors have become independent contractors within the last two years making financing difficult for our up-leg properties.
Any suggestions on how we can bypass these obstacle?
Most Popular Reply
Hey Austin, I am no commercial mortgage expert but I believe if you "traded up" into a 5 unit or higher, the bank will not look that much into the borrowers but more at the property itself for financing. I am looking into purchasing a 5-20 unit in the Tucson market and a friend of mine suggested Pima Credit Union to look into for commercial financing. Hope that helps!