Getting Prequalified to Invest in MF Out of State

[Danielle Hake]

Hi! I've been reading around here for years, but after some frustration this week trying to move on a 5-unit property out of state (call me naive), this is my first post. I have been wanting to start investing in out-of-state multifamily since 2019, and am finally ready to get out of my analysis paralysis and just jump in. My current lender who I'm prequalified with in California, cannot originate loans out of state. I have all but given up on getting a commercial loan for a 5 unit property I was sold on in Michigan (I have excellent credit and great reserves, but seems like after infinite phone calls, no one wants to touch an out of state commercial loan under $750k - any advice here?). So I am now thinking I need to be looking for something 4-units and under. Ideally, I would like to get prequaled to be able to look at multiple markets and then really focus on a market after finding my first deal. Any advice on where to find an investor-friendly lender with the best rates/versatility across states? Thanks a million!