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Updated almost 5 years ago on . Most recent reply

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11
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4
Votes
Stephen Lee
4
Votes |
11
Posts

First Time Investor Seeking Advice on Mortgage

Stephen Lee
Posted

Hi BP Forum. I am a new investor seeking to start in Ohio (most likely Cincinnati). I have two questions if anyone can help me out. 

1) I have set up my LLC in my home state of New York. I was wondering if I have to file as a foreign LLC in Ohio if I will be hiring a property management company for my rental properties.

2) I have noticed many people stating it is better to get a pre-approval/mortgage from a direct lender in the state where I will be investing in, which is Ohio. However, due to COVID, I do not see myself leaving New York anytime soon. Is it possible to still get a pre-approval/mortgage from a direct lender in Ohio electronically? Or am I better off getting a pre-approval/mortgage from an online lender. 

Any help would be appreciated! Thanks BP community!

Most Popular Reply

User Stats

286
Posts
253
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Ryan Mainwaring
  • Rental Property Investor
  • Blacklick, OH
253
Votes |
286
Posts
Ryan Mainwaring
  • Rental Property Investor
  • Blacklick, OH
Replied

@Stephen Lee  Ohio is a great state to invest in.  I have a lawyer you could work with.  As for question 2, what type of property are you buying and it appears your financing vs buying with cash?

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