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Mary Kenney
  • Attorney
  • Palm Beach, FL
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Buying first house out of state

Mary Kenney
  • Attorney
  • Palm Beach, FL
Posted Feb 12 2024, 11:55

Hello, my partner and I are ready to buy our first home. However, we want to move to a new state (NC) from where we are currently (FL). What do we need to do to buy a house out of state? What processes and things should we be aware of when buying out of state? Can anyone recommend realtors in the Winston-Salem area? We need all the help we can get. Thank you! 

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Ko Kashiwagi
  • Lender
  • Los Angeles, CA
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505
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Ko Kashiwagi
  • Lender
  • Los Angeles, CA
Replied Feb 12 2024, 14:14

Hi Mary,

To clarify, are you looking to purchase a primary residence that you'll live in, or an investment property that you will rent out? If it's a primary, as long as you are actually moving into it, you can get conventional programs as long as you qualify. If you are self-employed or cannot qualify conventional, you can use non-QM programs. If it's an investment property, the process for buying out of state is pretty similar as in-state. You can use DSCR programs that only looks at your credit and the property itself.

Either way, it will be important to have a high enough credit and down payment to qualify.

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Mary Kenney
  • Attorney
  • Palm Beach, FL
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Mary Kenney
  • Attorney
  • Palm Beach, FL
Replied Feb 14 2024, 05:59

It will be our primary residence. We plan to live in it for a couple of years, fix it up, and then rent it out or flip it. 

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Sharon Buey
  • Investor
  • Winston salem, NC
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Sharon Buey
  • Investor
  • Winston salem, NC
Replied Feb 17 2024, 09:04
Quote from @Mary Kenney:

Hello, my partner and I are ready to buy our first home. However, we want to move to a new state (NC) from where we are currently (FL). What do we need to do to buy a house out of state? What processes and things should we be aware of when buying out of state? Can anyone recommend realtors in the Winston-Salem area? We need all the help we can get. Thank you! 

Hey Mary I’m a local investor in the Piedmont Triad area(Winston Salem, Greensboro and High Point). My partner and I closed on our 3rd investment property/primary in November 2023 in High Point. We own two properties in Winston Salem and decided to try out the High Point for the 3rd property. Winston Salem is a great city to own an investment/primary property. My partner is a realtor who services the Piedmont area and would love to assist you on your journey. Her name is Asha and you can reach her at 336-865-9359. 

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Tehane Gallimore
  • Real Estate Broker
  • Winston Salem, NC
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Tehane Gallimore
  • Real Estate Broker
  • Winston Salem, NC
Replied Feb 17 2024, 10:51

@Mary Kenney if you are looking in to Winston Salem, NC area I own a boutique real estate brokerage firm Wayfinder Homes LLC and my team and I would love to help you find a property. We handle a lot of out of state clients and can work with you to schedule video tours if you are out of the area or show you some properties if you are in town. Our team can also send a mobile notary to make the closing process super simple if you aren't in town. We also have a list of preferred vendors we can help recommend if you need anything. Let me know if you would like to connect.

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Jen Menchaca
  • New to Real Estate
  • Boise, ID
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Jen Menchaca
  • New to Real Estate
  • Boise, ID
Replied Feb 20 2024, 08:43
Quote from @Sharon Buey:
Quote from @Mary Kenney:

Hello, my partner and I are ready to buy our first home. However, we want to move to a new state (NC) from where we are currently (FL). What do we need to do to buy a house out of state? What processes and things should we be aware of when buying out of state? Can anyone recommend realtors in the Winston-Salem area? We need all the help we can get. Thank you! 

Hey Mary I’m a local investor in the Piedmont Triad area(Winston Salem, Greensboro and High Point). My partner and I closed on our 3rd investment property/primary in November 2023 in High Point. We own two properties in Winston Salem and decided to try out the High Point for the 3rd property. Winston Salem is a great city to own an investment/primary property. My partner is a realtor who services the Piedmont area and would love to assist you on your journey. Her name is Asha and you can reach her at 336-865-9359. 
Hi Sharon, 

I'm an out of state investor researching markets in NC and have just come across Winston-Salem. My price point is under $200,000. Looking on Zillow sold list there are plenty recently, but I would like the perspective of someone in the area. Any thoughts on if that price point is achievable? Also, only looking to do small reno at this point. Any insight is really appreciated!

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Sharon Buey
  • Investor
  • Winston salem, NC
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Sharon Buey
  • Investor
  • Winston salem, NC
Replied Mar 16 2024, 11:58
Quote from @Jen Menchaca:
Quote from @Sharon Buey:
Quote from @Mary Kenney:

Hello, my partner and I are ready to buy our first home. However, we want to move to a new state (NC) from where we are currently (FL). What do we need to do to buy a house out of state? What processes and things should we be aware of when buying out of state? Can anyone recommend realtors in the Winston-Salem area? We need all the help we can get. Thank you! 

Hey Mary I’m a local investor in the Piedmont Triad area(Winston Salem, Greensboro and High Point). My partner and I closed on our 3rd investment property/primary in November 2023 in High Point. We own two properties in Winston Salem and decided to try out the High Point for the 3rd property. Winston Salem is a great city to own an investment/primary property. My partner is a realtor who services the Piedmont area and would love to assist you on your journey. Her name is Asha and you can reach her at 336-865-9359. 
Hi Sharon, 

I'm an out of state investor researching markets in NC and have just come across Winston-Salem. My price point is under $200,000. Looking on Zillow sold list there are plenty recently, but I would like the perspective of someone in the area. Any thoughts on if that price point is achievable? Also, only looking to do small reno at this point. Any insight is really appreciated!





Hey Jen,


I am born and raised in Winston Salem and it has grown tremendously. The city has been making big investment into the infrastructure and greenways/trails. Our biggest employers is Atrium Health Wake Forest Baptist Hospital with 14,000 employees. I made one of my rentals a mid term because of it. Now as far as finding a house for $200,000 is definitely possible. The areas would probably be a little less then desirable but can still work. Some of my favorite area codes are 27107 and 27127. 27127 is a big area code so you really need to study it to make sure it’s not a problem area. 27107 is the outskirts of Winston Salem where you will find more houses in neighborhood/family type of areas. Take a look at this post it will help you learn more about the city. https://www.biggerpockets.com/forums/921/topics/1083764-real...

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Gabriella Ballas
  • Real Estate Broker
  • North Carolina
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Gabriella Ballas
  • Real Estate Broker
  • North Carolina
Replied Apr 18 2024, 08:19

Hey Mary! 

So exciting, North Carolina is an awesome state to live in! 

As you may know, laws vary from state to state. One thing that your chosen Realtor should make sure to educate you on is due diligence in NC. I've found that due diligence seems to confuse out-of-state buyers often- NC is a "buyer beware" state. 

I'm a licensed Realtor in North Carolina and have experience with out-of-state buyers. If you have any other questions feel free to reach out, I would love to help!