Where should my lender be located for OOS loans?

[Norman Berman]

Hi folks,

I'm researching out-of-state multi-family properties for a buy-and-hold strategy. I plan to leverage my investments.

Since I'm planning to invest out of state, does it matter where my lender is located? Should they be:

• In the state where my properties are?
• In the state where my LLC is filed?
• In my home state?

Thanks!

[Aaron K.]

They only need to be licensed in the state where the property is. Keep in mind your LLC will likely have to foreign qualify in the state you want to buy in as well.