Out of state investing - Posted by Al

Posted by Jose on November 16, 2006 at 22:22:50:

Do you have any lenders that can provide purchase/rehab and new construction loans for me at 80% of appraised value after rehab or construction is completed? Or an ivestor interested in obtaining the 80%loan and me performing the rehab or new construction for 80% LTV and spliting the 20% equity?

Jose in Austin

Out of state investing - Posted by Al

Posted by Al on November 15, 2006 at 24:59:32:

I’m in California and I’m looking at a few opportunities in Texas.

I’ve heard of people buying property unseen and putting all their faith (and trust) into a local investment group.

If the people you’re working with are on the up and up, you’ve seen pics of the prospective investment properties, and contracts and title are good to go…is there still a reason to actually visit the property and meet the people you’re dealing with?

I’m a mortgage broker and half the time I don’t even actually meet the people (usually attend signings, but some cities I do biz in are like 100 miles away).


Re: Out of state investing - Posted by Kurt Schultz

Posted by Kurt Schultz on November 17, 2006 at 12:57:42:

I think there is.

I like to touch the bricks and see if the concrete is smooth or rough.

Besides, it’s easier to read body language in person than over the 'net. Meeting someone for a conference can leave you with gut warnings that you can’t detect over the internet.

Also, it can depend on your level of acceptable loss. For a $9,000 mortgage in Florida, I’m not going to jump on the plane, but when we bought into the hotel in Oregon, we spent a couple of days there, loking at this and that, and conferring with our lawyers, etc.

If you want to compare investment opportunities, get in touch.