1031 Out Of State/Commercial Financing
I currently own a 4-unit in So Cal I am about to list for sale. I expect to receive about $260K after all fees when the building is sold.
First of all, is it legal/acceptable to take my money and buy a like property out of state, say in AZ or Las Vegas?
Second, I was under the impression that commercial financing could be obtained with 20% down, but a realtor I spoke to in Phoenix says it rarely happens. Am I being too optomistic? The properties I am looking at are around 20-30 units, approximately $1.1mm. Any help would be greatly appreciated.
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