1st Time Investor - Investing in Another State?

[Audriana Moon]

Hi everyone! During all this free-time I now have, I've confirmed I won't be investing in my hometown which led me to look into other states. I now have a (I'm sure, simple) question about investing in another state. I'm wanting to apply for an FHA or 203k loan so would I find a local loan officer where I currently reside or an officer in that state? Does it matter?

Thank you!

[Kimberly Jones]

203k is a specialized loan that few loan officers are good at. Rehabbing in New Orleans can be a bit more challenging than you might expect. You are definitely going to need to get with a local lender to do 203k here. New Orleans is unlike any place else and you are going to need to work with someone that has the right connections to pull off a 203k without landing yourself in a mental institution. Have you spent a lot of time here? Do you have family or close friends here? You REALLY need to stick close to folks that can help you navigate this city. Too many landmines out there if you don't know what to watch out for. Have you hooked up with a Realtor yet?