Hello every one,
I have been looking at properties for sale in this site and they all seem to be pretty far away to be able to manage them or either come to see the property other than pictures.
I actually had email some of this sellers an got responses.
My other propblem is that I have been approved for 80% of the property value and also have HMLs who will lend to me, but only in the surroundings of the state where I stay.
My question is how can I get lenders out of state and how can I purchase and manage this properties as an absentee owner?
Can anyone help?
Any help will be greatly appreciated.
Best regards
Juan
Juan,
Check http://www.rehabfunding.com/, they are HMLs and they deal with out-of-state clients. I have not used them myself but I talked to the owner once and they sounded pretty good. They will need to get a credit report though. Some investors have reservations about dealing with out-of-state lenders but if you are going to invest out-of-state, then you will have to deal with it. Lots of investors are making money out-of-state.
As for the property management, that should not not be too much of a big issue as long as you contact several property managers in the area you are investing on and have a good interview with them. Choose the one you think is best and go from there. If they don’t perform, you can always get another one. Maybe you can get some referrals from other contacts (RE agents in the area, etc) and take it from there. The bottom line, it is doable.