Author Topic: Getting mortgage for out of state RE investment  (Read 1518 times)

more4less

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Getting mortgage for out of state RE investment
« on: March 11, 2014, 03:45:41 PM »
Looks like after few months of number crunching I got an idea of what and where I should get a property. Which brings me to the mortgage. How do I get a mortgage for out of state purchase?
Details:
- I am in San Francisco, CA
- Property is in Texas
- Property is in 150k-200k price range
- Property is 4-plex
- I have 40k-50k for down payment and transaction expenses (yet I'd prefer to put down as little as possible)
- I would rather handle it all remotely

How is it done? I assume I need to find some mortgage lender who serves the whole nation? Any recommendations?
« Last Edit: March 11, 2014, 07:21:04 PM by more4less »

arebelspy

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Re: Getting mortgage for out of state RE investment
« Reply #1 on: March 11, 2014, 04:34:28 PM »
Looks like after few months of number crunching I got an idea of what and where I should get a property. Which brings me to the mortgage. How do I get a mortgage for out of state purchase?
Details:
  • I am in San Francisco, CA
    Property is in Texas
    Property is in 150k-200k price range
    Property is 4-plex
    I have 40k-50k for down payment and transaction expenses (yet I'd prefer to put down as little as possible)
    I'd rather handle it all remotely
How is it done? I assume I need to find some mortgage lender who serves the whole nation? Any recommendations?

Find a good Texas mortgage broker. 

Ask local real estate investors who they use.

While I haven't yet purchased in Texas, I have talked with a few Texas lenders, so I may be able to refer you to one if you'd like.

But I'd recommend referrals as the way to go in finding a good one.
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.

more4less

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Re: Getting mortgage for out of state RE investment
« Reply #2 on: March 14, 2014, 07:24:16 PM »
Ha, I didn't expect it would be so easy - basically one phone call.

arebelspy

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Re: Getting mortgage for out of state RE investment
« Reply #3 on: March 14, 2014, 11:27:59 PM »
Ha, I didn't expect it would be so easy - basically one phone call.

Awesome.  When you're credit-worthy with < 10 mortgages (and especially < 4), it's pretty darn simple.  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and are now settled with three kids.
If you want to know more about us, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (rarely) blog at AdventuringAlong.com. Check out our Now page to see what we're up to currently.