If I have a place worth 500k but I have a buyer who would pay 750k and make up the difference, lucky me.You are right, 10 lenders isn't huge, but I wasn't going to call each and every lender in existence to get their criteria. 

If the broker tells you they "wont ask about who's renting" and you sign a statement to the effect above, youre committing mortgage fraud.

I would never recommend anyone to buy a place subject to an existing mortgage in any of these situations. 16.

I wanted to briefly re-introduce myself (I’m committing to get more active in BP again!) 

i have been in a tough financial state starting 2025. i committed to a bad fix and flip and lost tens of thousands of dollars.

Hey BP community,
I’ve spent the better part of a decade working with a client whose background is in acquisitions and analysis for some of the larger funds in the country. We’ve been talking lately about the Birming...

There are lenders that will not consider the file and a mortgage broker can't submit it until it's a completed file in that the submission has all paperwork-Title paperwork including Commitment, an appraisal and whatever paperwork is needed depending on if a refinance or purchase as the paperwork will vary depending on the type of transaction.

BRRRRs still exist there that will also pay consistent cash flow.

You’re ALWAYS better off investing locally, where it’s easier to:Learn the marketNetwork to find dealsNetwork to find contractorsBe more hands-onDriveby property to keep tabs on itNetwork to find a decent Property Management Company (PMC)Next best location is somewhere else you lived, where you have an existing network of family & friends to help you as accomplish the above list as needed.If you invest OOS, your biggest challenge won't be finding properties to meet your goals on paper, it’ll be successfully outsourcing all of the above.The biggest mistake we see OOS investors making in our market, over and over again, is not fully understanding Neighborhood/Property/Tenant Classes and how they impact your probability of success!

In Bergen County, those properties exist and most sellers have no idea their loan is a selling point.