Newsflash: Investing in rental in another state.

Hi guys,I’m looking to buy my first rental property in Kentucky.I found a property that I’m interested in, but am having trouble finding a lender. Some of the lenders are saying they won’t approve the loan since I’m in a different state (California).I was recommended a lender and they told me the terms are as follows; 5.25 % 5 year balloon loan. Amortized in a 15 year schedule. 30% down payment.I have great credit and decent income (65k/year). I have one property under my name, but it’s currently being rented (have bank statements to show rent collected).Is it normal for lenders to be hesitant on out of state investors and require steeper terms like this?Thanks!



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