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Updated over 4 years ago on . Most recent reply

User Stats

17
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11
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Travis Gregory
  • Rental Property Investor
  • Morgan Hill, CA
11
Votes |
17
Posts

Should a OOS investor use a big bank to get pre-approval letter?

Travis Gregory
  • Rental Property Investor
  • Morgan Hill, CA
Posted

I've read that it's best to use a local lender if investing out of state, however if I am looking to invest in several different states, is it best to get pre-approval from a nationwide bank so that I can make an offer in any market? Once the offer is accepted, maybe then switch to the local lender?

Most Popular Reply

User Stats

130
Posts
118
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Johnny Wolff
  • Investor
  • Kansas City, MO
118
Votes |
130
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Johnny Wolff
  • Investor
  • Kansas City, MO
Replied

There are a number of investor-focused lenders that can lend in multiple states (Erik Kolseth with Arvest is another option).  Would start with one of those guys (Aaron is great too) instead of working with a big bank.  The awesome part of these investor-focused guys is that they are investors themselves and can provide an unbiased second opinion when needed.

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