Posted by David Krulac on October 15, 2003 at 17:23:21:
I’ve had property out of state, but I’m not a big fan of that.
One person I know had 20 houses in Fl. and lived in DC.
It certainly can be done, but you need to watch the manager like a hawk. From skimming rent to not filling vacancies the manager can determine if you make money or not.
Has anyone bought an apartment out of state? - Posted by Steve
Posted by Steve on October 15, 2003 at 24:34:46:
My partner and I are interested to buy an multi units out of state 20-25k per unit. I am wondering if anyone out there has invested in multi units far away from where he lives and wanted to share his/her experience with us.
Steve-CA
Re: Has anyone bought an apartment out of state? - Posted by Wes
Posted by Wes on October 18, 2003 at 17:57:27:
Can’t comment on the buying part but if financing out of state apartments is a concern, That is what I do.
If you are looking at a loan amount of $1,000,000 or more and can do a full documentation loan, I can give you the best rates and terms you will find!!!
If you need a loan of the $100,000 to $2,000,000 range but have any issues that would prevent you from going full documentation, I have a Stated Income,
Stated Asset program where the rates and terms are not that bad. It will certainly allow you to purchase the property and get it in your name.
If you have questions, email me and let me know what type loan your looking for and I will provide details
Wes
Senior Loan Officer
Highland Mortgage