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Buying an out of state home

I currently live in Orange County CA and am looking to buy a property in New York as an investment. I know the area very well because I grew up there, so I don't have to worry about all the variables that could cause things to go horribly wrong.  I intend to keep living in California but I am curious if there are any laws regarding purchasing property out of state as an investment property? I do not own property in California so this would be my first purchase. In terms of getting a loan would the property have to be my primary residence or anything like that?
  • June 11 2014 - US
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Answers (3)

Interest loan interest is ~3/4% higher. You need to report NY & CA income tax. In NY you need to find a lawyer help you to close the deal.  You also need someone to manage and do repairs on the property you intend to purchase.
  • June 12 2014
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Profile picture for ShaylaTwit
Yep, what "wetdawgs" said ;)  Plus, ask about taxes.  Your tax rate can be capped in FL with a max increase of 3%/year if it's your primary.  Whereas with 2nd/vacation homes, the taxes go up with value.  Ask your NY Realtor about taxes.  Can't think of anything else... as I only know the FL market.

But good luck & hope that helps a little - Shayla Twit, Sarasota FL Realtor
  • June 12 2014
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Profile picture for wetdawgs
You can get a loan for an investment property out of state.   Investment loans are higher % down and higher interest rates than for your primary residence, but people do them all the time.    

  • June 11 2014
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