All Forum Posts by: Brian Godlewski

I live in CA and own properties in MI.  I have an excellent CPA here in CA that specializes in your type of situation.  He has done my business taxes the last several years.  Message me if you would like his contact info.

Most items seem about right, but as others have mentioned, unless you intend to live in one unit plan to put down at least 20%.  And rates will be a little higher for non-owner occupied.

I recently did a cash out refinance, conventional loan, after only 6 months of ownership and 2 months of rental income on a house in Michigan.  Small bank in Maryland called Howard Bank.

Hey Kevin, I'm in Ventura and invest in Southeast Michigan.  What part of LA are you in?  If you would like to meet up and chat, hit me up.  I'm looking for partners as well.

I have rentals in Macomb County that I used a hard money lender to purchase then refinance.  I can send you a PM if you want their info.

@Sean Durham Yes, it's worked pretty well so far.  I have some family there that help out when needed and I have connections with contractors, a great real estate agent and property manager.  I look to continue building a portfolio as deals come along around the same area.  Let me know if you need anything.

Hi Sean, I live in Ventura so I understand the price dilemma.  I rent my primary residence mainly because of the high prices.  I personally do scenario #2 and it has worked out well for me.  Just my 2 cents.

Welcome Blake

What reasons are banks giving you?

Welcome Sean. Investing out of state can be easy or difficult depending on how you go about it.  Do your research on areas you are considering.  What are the home prices there?  What are the rents? Etc.  Be aware that you must know the area very well though and know what you are getting into.  Don't fall victim to buying a bad deal because you didn't realize the house next door was a crack house.  Make calls to agents, property managers, etc and have a team in place you can trust before diving into an unknown area.  I invest out of state as well.  PM me if you'd like.  Good luck!