Home Mortgage Lender Information

[Brian Gorman]

Hello,

I am just getting started investing in Minneapolis and have developed a relationship with an agent who has since referred me onto a home mortgage lender. I am in the process of getting all of the documentation together currently to get preapproved and am looking to pull the trigger on my first home this summer. The plan is to house hack and rent to friends so they cover my mortgage while banking that excess cash flow to get started on another property after a year or two of living in the first property. I want to take a buy and hold pathway with the ultimate goal of creating enough passive cash flow to equal expenses then look into focusing full time on investing without a 9-5.

I was wondering what the best strategy is to take when speaking with a mortgage lender? I know shopping around is key to get the best rate, but I was just wondering if anyone else had any recommendations on the best approach to take when speaking with lenders/good questions to ask when going through that process.

I am very motivated and have been doing constant research about different opportunities and would like any information or recommendations on best approach that I can get my hands on. I am also looking for strategic alliances to help build my business, so if you are in the same boat feel free to connect.   

Best,

Brian Gorman

[Tim Johnson]

Hi @Brian Gormanwelcome to bigger pockets!

It sounds like you have a great plan, renting to friends and banking the extra $.  

My advice on working with lenders, when you are presenting them with a potential deal: 

- Know your numbers backwards and forwards.  Think about how each number could "go wrong".

- Be organized when you present them the info.

- Bonus tip, it helps if you can tell them "your story" of why you want to invest.

Best of luck to you!