Hello Bigger Pockets

[Christopher Griffin]

Hello All,

My name is Christopher Griffin. I am from Los Angeles, California/Albuquerque, New Mexico. Myself and two of my industry peers are interested in expanding into real estate investment together. We are all extremely new to real estate investing, and came to Bigger Pockets to hopefully find some basic advice on starting out. We are looking to invest out of state because California is ridiculously expensive. Together we compiled some initial questions. If you guys have any words of advice that'd be great. Thanks you.

1. Can you get an in state loan for an out of state real estate purchase?

2. How do mortgage brokers calculate eligible loan values and credit scores when multiple investors are involved?

3. Should we form an LLC? If so we would prefer to form out of state because of California business fees.

4. Since we are looking to invest in real estate outside of our home state, what are some common hurdles and pitfalls that we should be aware of?

The two states we are currently looking to invest in are Washington and Texas:

5. Are there laws or regulations to be aware of when investing in either Texas or Washington?

6. People who invest in Texas from out of State, how was your experience with cash flow with having to pay your state’s income Tax combine with Texas’ high property tax?

Thanks again for your help.

Sincerely,

Christopher