So I bought a couple inexpensive houses (around $45K) in another state. If I were to refinance where would be my best bet? I understand that typically mortgages aren’t done for less than $50K (appraisal may be higher at this point), but I’m at least close enough. I’d assume local banks where I live would be less likely to write a mortgage out of state and local banks to the property would be less willing to write a mortgage for an out of state investor. Is my best option to go to, say Suntrust or Wells Fargo?
Are these rental properties and are you looking for a long term rental loan? What state are they in? Happy to assist any way I can.
Go to local bank. First have an agent send comps so you can get an ARV. Are they rented?
@Sam Bannister Ummm, you are not allowed to use Wells Fargo or Suntrust under any circumstances. There are several unwritten rules to real estate investing but one of the big ones is to never use a national, publicly traded bank for any lending need. It would take a novel to share all the reasons why but just trust us - go local here. Now, some lenders will have a "loan amount minimum" and some won't. So your main job is to locate one that does NOT have a minimum. You might need some other things here too so let's reference the post on how to find good lenders HERE. That should get you started in the right direction at least. Feel free to ask anything else if you need. Thanks!
Thanks guys. One is rented the other should be soon. Both are located in Montgomery, AL.
@Sam Bannister I'd start with CB&S bank on Pike Road. I'm OOS as well and have a few non-owner occupied rentals with them. My favorite loan officer, Janna Davenport, just left but a girl named Misty should still be able to help
@Sam Bannister sorry Maddy, not Misty
Thanks @Robert Hansen ! I’ll give them a shout.