Out-of-state Investor and DSCR Lender new to bigger pockets community!

[Fernando Corona]

Hi BPO squad! My wife and I have been out of state investors for the past 3 years, investing primarily in Atlanta,GA - our first purchase was a 2ksqft home for $165k. Although we live in CA, we just believed investing out of state could take us a bit further with our cash flow goals. Since then we've acquired 3 more properties with partners in the same area and have had to get really creative with the financing we used. We used a 15% down investment conventional loan for the first property, a 10% second home loan for the second property, and then the 3tf and 4th properties we bought with hard money, held for 3-4 months for rehab, and refinanced into DSCR loans. If anyone has questions on out-of-state investing or out-of-state financing, feel free to reach out. Now I'm looking to be more involved in real estate business acquisitions like mobile home parks or self storage facilities, etc. Anyone coming across those types of deals or doing those deals themselves, I'd love to connect!

[Christine Glasner]

Hi Fernando. Thanks for posting. I am just starting to look out of state to invest. I live in NC and I am looking at Cleveland, OH and surrounding areas. I was given a lead on 6-unit building that looks very promising. An agent has put me in contact with a broker with a DSCR program where they can roll the rehab cost into the loan, basically skipping the hard money loan part in the beginning. I don't have enough for the 25% down, so need to raise money (about $80k). I would like refi the property after 3-5yrs and keep it instead of selling it. As you are looking into getting into larger properties, any suggestions as how to structure with lending or equity partners would be greatly appreciated. Thanks.