All Forum Posts by: Matt Grace

I have never had a mortgage so please forgive if this seems elementary. I am trying to see how much I can get qualified for but my bank(in Colorado) does not lend out of state. I am confIdent that my credit score, savings and income will allow me to get a decent sized loan. 

However, I am not clear on next steps. I would like work with a national lender as I am still analyzing a few areas. I figured I need to know the loan amount first before I finalize my target market.

My question for folks that invest out of state: Do you pick a market then work with a local bank? Did you go with a portfolio lender first so you can scale quickly? What things do you you look at/for when applying for a loan? Any red flags I should be aware of?

I won't be able to do FHA as I won't be occupying (but I have enough cash for 25% down on a reasonable loan). Does BP have resources/materials that can help me get up to speed? Mortgages for dummies? Any advice would be greatly appreciated.

Very cool. Sounds like it was meant to be. No need to stress-you put the work in. Here's to success!!!

Nice!!! Where is the location and how did you find it?

Awesome @Joseph Scorese. Sending a you a colleague request now.

I am trying to get contacts in Philadelphia as I live in Colorado. My credit union doesn't lend nationally and I have an email out to a local lender. Communication has been slow and I am hoping BP can help me with some backup lenders. I am confident I will be approved for a decent amount but won't know until I can a response. I also have a referral for one local agent but would like to get a list put together to ensure the correct fit for out of state buy and hold. 

I am new to REI and any help is greatly appreciated. I intend pay it forward after I get things started.

I live in Lakewood(west of Denver) and am looking out of state due to soaring local prices. However, If I were you....I would look for a duplex and use my VA assuming you can get a property with nothing down. I would then house hack and live basically free from tenant rents. I don't expect a decline in rents anytime soon. Just need to be sure you are okay with 375k plus loan.

I will need to purchase out of state (Colorado) to get the returns I am looking for. I have narrowed my focus to Philadelphia, Oklahoma City or parts of Florida. Since I am not familiar with these areas, my question is:

After I have selected 3/4 strong candidates for purchase- Do I bring the Propery Managment company with me when the realtor is showing properties? 

My thought is that I have a limited amount of time(and don't know the best areas beyond public data) and want to keep both honest. I would feel more comfortable with the purchase if the PM is confident they can keep the place rented and confirm it would be in high demand. Realtors are working for commission and just want the place sold.

I appreciate any advice here as this will be my first purchase. I may be in analysis paralysis but really want this to to be successful and have worked hard to make this possible.

@Micki M. Awesome. Thanks so much!

@Bill S.- much appreciated. I hope Denver is working well for you.

@Larry Fried- congrats. I am determined to do this and it's great to hear you have found a way that works

@Paul Timmins - thank you for taking the time to help me get started

Joseph Graeve thanks for the quick response. I am looking at SFR to start in a market where I can cash flow(hopefully double digits) under 150k. I will be using this first purchase to learn and refine my systems. Then hopefully rinse/repeat for buy and hold. Reading all that I can now before I leap.