Originally posted by @Ali Boone:
1). On top of getting a heloc, should I be trying to get pre-approved for financing given the fact that I plan to invest remotely? If yes, what type of lender should I be looking for: national, local (hawaii), lender in target market?
You do want pre-approval, that helps everyone. You need a lender who services the state in which you plan to buy. Make sure it's an investor-friendly lender! Someone who works with investors often.
I notice that some people pay cash upfront and cash out refi...is that more advantageous than financing from the start with a 20-30% down payment?
No, same difference as far as terms or financial benefit. But it does make the buying process extremely easier, faster and smoother though which can be advantageous.
2) what is the best way(s) (or major things to consider) to analyze an out of state Rental market?
Quality of market-population trends, industry, growth, where the market is in the growth cycle, neighborhoods, price-to-rent ratios...
Great insight Ali! I'll be sure to search out an investor-friendly lender. Is there a resource on BP or elsewhere that many people use to thoroughly screen for such lenders?
-thank you for answering my question about putting up cash vs financing at the start.
For question#2, extremely helpful: This is a great guide to ask a realtor in the market. Is zillow or trulia a guide that you or any other people in order to analyze a rental market? If not, are there any others?
Thanks!
