Rental Property Investor · Dallas, TX · Member since 2017 · 126 posts · 65 votes
Hi All,
I just purchased 2 properties (duplex and 4-plex) for cash about 2 month ago in Cincinnati and like to cash out refi to invest in bigger deals. I am in NY. Anyone know of any lenders/brokers that works with out of state owners ?
Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes
9y
I've got a friend who I believe is working with Key bank from out of state. Probably not the first choice for most, but they are based in OH, so at least understand the local landscape. I think you're likely to get better terms if you let the property sit for 6 months or so with tenants in it.
Investor · Yorba Linda, CA · Member since 2016 · 114 posts · 32 votes
9y
Hey @Alan Zee I do not, but would love to hear how you got those deals and how they are working out for you so far? I am considering investing in Ohio and would love to hear more about your adventure. I have some capital and would like to get it working for me.
Rental Property Investor · Cleveland, OH · Member since 2016 · 653 posts · 769 votes
9y
I've got a friend who I believe is working with Key bank from out of state. Probably not the first choice for most, but they are based in OH, so at least understand the local landscape. I think you're likely to get better terms if you let the property sit for 6 months or so with tenants in it.
Rental Property Investor · Dallas, TX · Member since 2017 · 126 posts · 65 votes
9y
Jorge, it all depends on what your investment goals are. Cincinnati RE market doesn't appreciate like NY or California. But the cap rates are really attractive. If you haven't been to Ohio, you should go and visit and network with local RE brokers. That's how I got my deals.