How to choose lender for first investment property - Dallas, TX

[Calvin Clark]

Hello BP Community!

I'm taking the dive and looking to purchase my very first investment property out of state in Dallas-Fort Worth area (I currently live in Los Angeles). So far I have some good contacts with realtors and property managers and will be flying out to look at some houses this weekend. 

What is the best way to find a lender for a first time investor that is not local? I've done some searching online through Yelp and have one recommendation from a real estate broker I am working with. Any advice on what has worked for others will really help! Thanks all!

[Wisner D.]

Also with conventional financing keeping mind you will need 20%-25% down. With HML I believe the terms are about 12% , and about 1-3 pts . Last cool thing I found about a week ago here on BP is the NMLS site; where you can verify the lender you are working with has a track record.

See link below:

http://www.nmlsconsumeraccess.org/TuringTestPage.aspx?ReturnUrl=/Home.aspx/SubSearch