Updated about 4 years ago on . Most recent reply

Rookie Question- buying out of state, where to find lenders?
Apologies for the very rookie question, I'm thinking of buying a property out of state, should I be looking for a mortgage lender here or in the area I'm looking to buy?
Does the answer vary depending on if I'm planning to make that my primary residence or if I decide to stay in my area and have the property be a long distance investment/rental?
Thanks in advance!
(first time poster, apologies if this is the wrong forum)
Most Popular Reply

@Jared Godoy I started investing from out of state. After figuring out 'where' I gathered a team in that location. Locals know the market and area expectations. I absorbed their wisdom. The team included a local lender with gray hair because an experienced lender approves the loan the knowing local market trends and the path of development. Lender recommendations came from my agent (also a investor in real estate), potential property managers (who had their own investment properties) and other successful investors that lived in this out of state area.