My goal is to get my first out-of-state BRRRR deal in 2019. I'm based in Seattle and planning to invest in Houston after some fun market research (more detail on my 1st post in BP).
I'm going to connect with lenders in Seattle for the re-finance part of the deal early on (local credit unions, etc.). What's your experience connecting with lenders for out-of-state investment? Do you normally connect with lenders from where you live, or where your invest (Houston in this case). Also appreciate if any tips and tricks out there connecting with lenders with out-of-state investment.
I'm also planning to fly out to Houston to connect with local folks and to build a team down there. Let me know if anyone would love to meet up!
Apologize not much value-add in this post yet. Though I'm working on some cool automation (thanks to my tech background) on deal analysis, etc. Excited to share more of my progress in the upcoming weeks on the BP forum!
there are mortgage brokers that specialize in these loans.. one is in seattle Steve Bighous.
be uber cautious on this dream team concept if U have no existing experience in rehabbing homes.. this is HIGHLY risky
for many reasons..
I feel like Houston is a russian roulette w/ all the flooding. You never know which neighborhoods are safe from floods or future floods.
I've had more luck taking the same lenders I know with me into different out-of-state markets. But I think you're looking in the wrong places if you're trying to do that; you have to talk to lenders who have a national presence. Local credit unions and community banks unfortunately tend to stay local.
Are you looking for hard money, conventional, or commercial/portfolio loans to implement your BRRRR strategy? Feel free to PM or email me to discuss.