Hard Money lender and property in different states?

[Ryan Lohrman]

Greetings all,

Some quick background...

I have read the BP books on how to buy with low/no money down and on rental investing.

My future Mother-In-Law has found a house for my fiancee and I to invest in. It is out of state, so she has done the leg work for us as far as checking out the house, taking pictures, etc. I have spoken with the agents, and done my due diligence in research.

The house is a foreclosure and will need rehab, it will likely not qualify for a standard mortgage, and I doubt I'd have the credit or deb-to-income to qualify anyway. This deal would likely help me be able to qualify for standard financing in the future, however as the profit should pay off debt and allow me to raise my score.

I'll likely have to consider hard money. 

I'm ok with this as the property should be an easy rehab, and I have double my estimate of repairs and still stand to make $15k on the house.

The rub is, I'm in the Seattle area and the property is in Rural VA. How hard is it to get a lender to lend on a property when it's in a different state?

Thanks!