Portfolio loans or local lenders for out of state investors

[Jonathan Franchini]

Hello BP community, Has anyone faced a hurdle to obtain loans from local banks, because one is not a local resident? I purchased a rental property in Birmingham, Alabama and have contacted every local bank there and almost all of them do not lend to out of state investors. The only two banks I found out will lend to out of state investors would only do Fannie Mae loans. I could go that route and get the Fannie Mae loans, but I would like to purchase more than 10 properties. Has anyone had the same experience? Did you find any solution? I am aware I could hard money but interest on hard money start at 7+. I truly appreciate your input.

[Brie Schmidt]

Originally posted by @Jorge Ruiz:

@Brie Schmidt @Ali Boone

Can you roll those over to an LLC and get 10 more Fannie Mae loans?

No, residential loans are on your credit, moving them to a LLC will not chanage the fact that you personally own the debt