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Updated about 8 years ago,
Local vs. out of state financing for out of state rental
Hi everyone,
I am looking at purchasing an out of state rental property and had the following questions when it comes to financing it:
1. Do you recommend using a bank that's local to me or local to the property?
2. Would you suggest a credit union or a national bank?
3. If you live in a non-recourse state, but the rental and bank financing it are in a recourse state, what happens if you default on the loan?
Thank you in advance.
Ben