From NYC to out of state investing Help
I currently live in Brooklyn NYC and as we all know, the property prices here are ridiculous.
My question is if I wanted to finance a duplex or a 4plex out of state, do I have to go to that state to obtain a bank loan or can I use Chase bank in NYC to apply for a loan for a house in Philly. Is that legal?
I'm asking because I realize that I can probably qualify for a 100k loan if I make 35k a year and I can get my moneys worth if I buy a duplex out of state. Whereas in NYC a 100k loan can probably buy a 1 bm 400sq condo.
Mortgage brokers solve this out of state or inter-state issue. Being willing to invest out of state is your greatest asset. Lots of southern and mid-western states are great places to invest. Follow the big companies like Boeing, Xerox, IBM, and others to see good areas to invest. Be sure its a city with growing trade economics.
There isn't anything "illegal" about working with a bank in your home state to purchase out of state. It's based on whomever will work with you.
Originally posted by @Ricardo S.:
I currently live in Brooklyn NYC and as we all know, the property prices here are ridiculous.
My question is if I wanted to finance a duplex or a 4plex out of state, do I have to go to that state to obtain a bank loan or can I use Chase bank in NYC to apply for a loan for a house in Philly. Is that legal?
I'm asking because I realize that I can probably qualify for a 100k loan if I make 35k a year and I can get my moneys worth if I buy a duplex out of state. Whereas in NYC a 100k loan can probably buy a 1 bm 400sq condo.
Ricardo.
You can use the bank in NYC to finance that purchase out of state
