Mortgage Company for single family out of state, San Jose CA

9 Replies

Hey guys,

Still not used to how to navigate this site efficiently so here goes. I am currently in San Jose California looking to invest in Ft Worth Texas. My girlfriend and bank at Wells Fargo and she has a Star One Credit Union account. Are these good places to start with getting pre approved or should we start somewhere else. Any recommendations the San Jose Santa Clara area would be greatly appreciated.

Also looking to sit down with a CPA.

Originally posted by @John R Lopez :

Hey guys,

Still not used to how to navigate this site efficiently so here goes. I am currently in San Jose California looking to invest in Ft Worth Texas. My girlfriend and bank at Wells Fargo and she has a Star One Credit Union account. Are these good places to start with getting pre approved or should we start somewhere else. Any recommendations the San Jose Santa Clara area would be greatly appreciated.

Also looking to sit down with a CPA.

 Hi John,

You will want a lender local to the real estate you are buying, not local to you. That means Texas, not California. @Andrew Postell is probably a good person to reach out to.

@John R Lopez thanks for posting on this. Fort Worth is a very nice market to invest in and we have plenty of data to prove it! Texas has some "interesting" laws to say the least, specifically about taking cash out of properties. I would certainly encourage you to work with a lender in Texas that can help navigate the rules here. If you are purchasing off the MLS, large, national banks will have a lower priority on your offer being accepted. Same with an out of state credit union. It's very hard for those types of entities to close on time. If you are buying off market deals, then you will need a loan type that can close quickly....thus those same lenders will be out. The "right" lender will also be dependent on if you are "buying and holding" or "flipping". Texas does have a pretty active forum here on Bigger Pockets too. Feel free to tag me with any questions. Thanks!

@Chris Mason thanks for the mention.

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Originally posted by @Chris Mason :
Originally posted by @John R Lopez:

Hey guys,

Still not used to how to navigate this site efficiently so here goes. I am currently in San Jose California looking to invest in Ft Worth Texas. My girlfriend and bank at Wells Fargo and she has a Star One Credit Union account. Are these good places to start with getting pre approved or should we start somewhere else. Any recommendations the San Jose Santa Clara area would be greatly appreciated.

Also looking to sit down with a CPA.

 Hi John,

You will want a lender local to the real estate you are buying, not local to you. That means Texas, not California. @Andrew Postell is probably a good person to reach out to.

Awesome great advise! @chris mason 

Originally posted by @Andrew Postell :

@John R Lopez thanks for posting on this. Fort Worth is a very nice market to invest in and we have plenty of data to prove it! Texas has some "interesting" laws to say the least, specifically about taking cash out of properties. I would certainly encourage you to work with a lender in Texas that can help navigate the rules here. If you are purchasing off the MLS, large, national banks will have a lower priority on your offer being accepted. Same with an out of state credit union. It's very hard for those types of entities to close on time. If you are buying off market deals, then you will need a loan type that can close quickly....thus those same lenders will be out. The "right" lender will also be dependent on if you are "buying and holding" or "flipping". Texas does have a pretty active forum here on Bigger Pockets too. Feel free to tag me with any questions. Thanks!

@Chris Mason thanks for the mention.

@AndrewPostell thank you for that info. We are looking to buy and hold. Wed love to execute the BRRRR strategy. I am currently a residential electrician specializing in remodels and additions in California. I just applied to get pre qualified using Gauranteed Rate.com but not sure if that will be a great way to go. Sounds like you may be a great person to help me find conventional loans?

Originally posted by @Edgar Barrera :

@Ryan Nickell  

@John R Lopez

I am a local Fort Worth Realtor and property manager and will be happy to assist you in any of your needs! 

 @Edgar Barrera 

I would love some help. Every real estate agent(about 6) I've spoken to in the Ft Worth area seems to be willing to help, even claiming to have the best contractors when I get on the phone but as soon as I hang up. No emails, texts replies really frustrating. I'd love to see what you got to show me.

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