All Forum Posts by: Maurice Blackledge

I live in Minnesota but am expanding my investing out of state leveraging the BRRRR strategy. I am going through the process of assembling a team remotely and only have a couple of gaps in what I need.

With that, are there any common “gotchas” or things to know/avoid when looking for and evaluating your first rental out of state? If you had one tip, what would that be?

Thanks all!

@John Woodrich Makes sense, I think part of the reason it was mentioned to me by my lawyer is that I could get approved for a second mortgage based on my DTI because I have no debt and high enough earnings but I totally get it!

Hi All,

Thank you for the insight and perspective! I definitely want to make sure I'm doing everything legally and I'm willing to just qualify the property as a rental and just put down 20-30 percent but was interested in what was presented by the lender. Thank you!

Hi Everyone,

I live in (MN) and I'm looking to purchase an out of state property with the intention to buy and hold, then rent out.

I was talking to a potential lender and was told that I could use the second property as a “ second home” in order to put less down at closing.

My question is: has anyone ever done this with a property they own out of state? Also, is this legal (not trying to discredit the lender)? Are there tax implications around this setup?

@Chris Clothier Thanks so much for the post and the info. That is extremely helpful!

@John Guion Welcome to BP! I am new as well and live in MN. I have found the community here to be awesome and full of great knowledge and experience!

@Account Closed I thought you were required to use the PM service of the TK provider you are buying from..is that not the case?

@Paul DoCampo I'm not very familiar with those so thank you for the heads up. I will look into those and do some research!

@Patrick C. Thank you for the perspective. I think my internal struggle was trusting that the process/ return was too good to be true but I suppose like any other business there are those who are good and bad.

@James Wise makes perfect sense, thank you for that metaphor. Kind of changes the way I am thinking about the process now which is good.