A form of financing I havnt heard much of..

A form of financing I havnt heard much of..

Rental Property Investor · Norman, OK · Member since 2016 · 9 posts · 3 votes

Hello guys and gals! I'm new on bp and in the investing world so bear w/ me but I figured I have to start somewhere! Lately I've been vesting hardcore in doing my homework in this amazing game of real estate investing. In the past month I've read Brandons very own book "the book on rental property investing," "rich dad poor dad," and listened to many podcasts as well. My question today touches on finances that I havnt heard or read of yet. As far as bank loans I understand local banks and credit unions. My question asks has anyone used a form of mortgage or loans through an online company that shops the best loans w/ the best rates (I.e. Rocket Mortgage, lending tree) how was your experience? Would you recommend it? Would you do it again? Pros? Cons? Thanks for your time guys! Looking forward to a great future learning and growing in real estate in BP!

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  • Specialist · Westlake Village, CA · Member since 2010 · 1k+ posts · 781 votes
    10y

    The mortgages are typically tailored for owner occupants not investor loans. Make sure you differentiate the terms between owner occupant & non-owner occupant/investor loans.

  • Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
    10y

    @Taylor Rider,

    You'll want also learn about non-traditional lenders such as hard money and private lenders.

    Would help to get up to speed on self-directed retirement plans, also.

    David J Dachtera

    "Success is not a destination. Failure is not an event. Success is a process, failure is a choice."
    - DJ Benedict

  • San Jose, CA · Member since 2015 · 4k+ posts · 3k+ votes
    10y
    Originally posted by @Taylor Rider:

    Hello guys and gals! I'm new on bp and in the investing world so bear w/ me but I figured I have to start somewhere! Lately I've been vesting hardcore in doing my homework in this amazing game of real estate investing. In the past month I've read Brandons very own book "the book on rental property investing," "rich dad poor dad," and listened to many podcasts as well. My question today touches on finances that I havnt heard or read of yet. As far as bank loans I understand local banks and credit unions. My question asks has anyone used a form of mortgage or loans through an online company that shops the best loans w/ the best rates (I.e. Rocket Mortgage, lending tree) how was your experience? Would you recommend it? Would you do it again? Pros? Cons? Thanks for your time guys! Looking forward to a great future learning and growing in real estate in BP!

     My daughter made the mistake of using one of these websites.  It affected her credit score negatively, because it's a bunch of hard hits at the same time.  I wouldn't use it.  

    Fortunately, she could explain it to her lender and FHA, but it was super irritating. They don't warn you of that fact.

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