Hi Im looking into investing out of state in a local area that I grew up Roswell, NM.I know UFO funny right? Just looking at home prices there is real encouraging compared to Denver. Reason being is I just bought my own house with VA financing and I barely qualified to get into the place i am in now. I feel that if I want to invest it has to be something quite a bit cheaper than around here.Because I can only imagine how the conversation with a lender is going to go once they see I already have a house that I can barely cover.What is everyones thoughts on doing something like this or am I just being overly to cautious about approaching lenders?
You don't know until you try.. Just a time consuming process of goign to multiple lenders.
@Eric Hamilton I don't advise long distance investing. I am currently doing it (sort of) and it has proved to be 10x harder than I thought (takes much more time and money). I even have some experience. If I were in your shoes, I would focus on figuring out how to participate in your local market. I think you will have much more long term success and quicker too.
As an out of country(out of state) myself. I do agreed with @Bill S that it takes more time, money & energy to do deals. You really have to depend & manage your ground crew(team) in the area. A weak link will cause you big headaches & financial losses.
But on the same token, It is workable. Sometimes we just have to go where the opportunities are. I invested out of state in my homeland( Canada) as well.