Finance for out of state investing

[Jon Troxell]

When investing out of state, can you use a loan from your local bank or do you need to use a loan from the area you plan to invest in? Thanks for the help!

[Patrick Drury]

@Jon Troxell
You can use banks from California that lend to multiple states. Although from my experience they are slower, and have a lot of trouble ordering an appraisal. I had a client in contract on a 6-unit with a 55-day contract and by day 30 this lender still was unable to get an appraisal ordered. I was able to finally convince my client to go with a local lender who had better rates, and terms. Also, he was able to get the appraisal ordered in 7 days. The local guys know the market best and will be able to get the deal closed. Just ask your agent for some lender referrals.