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Updated about 6 years ago on . Most recent reply

Account Closed
  • Investor
  • Reno, NV
11
Votes |
40
Posts

Out-of-state investors: Local or hometown lender pros & cons

Account Closed
  • Investor
  • Reno, NV
Posted

Hi BP community, I'm looking to start investing out-of-state. My MINS is to secure financing. I'm not even sure if this ever happens but what are the pros and cons of using my hometown lender rather than one in the market where I plan to invest? 

Most Popular Reply

Account Closed
  • Investor
  • Reno, NV
11
Votes |
40
Posts
Account Closed
  • Investor
  • Reno, NV
Replied

@Brent Shields Great advice! I'm doubtful that the lenders that I'd like to work with in my hometown are doing to many deals outside of the area but you never know until you ask.

@James Wise Thanks for the insight. I've read suggestions from some of the books offered here on this website that these big firms aren't great for terms. This has kept me from even considering them but if you have clients that are having success I may want to give them a look. My biggest concern is that I have healthy cash reserves but as someone who is self-employed my income isn't going to WOW any loan officer. I've heard that people in my situation may have more luck working with the "smaller outfits".

@Jerry Padilla I'm making the assumption that you are an investor friendly lender? I'll PM you and maybe we can see if there's opportunity to work together.

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