Questions about lenders and logistics

[Brock Bowen]

First hello everyone and thanks for reading. So I've been a member here for a few months and trying to absorb everything I can. My wife and I are excited about this new path in life. So anyways on to the topic. 

We attempted to get a home loan about 6 months ago through "rocket mortgage." We are truckers so we have a lot of deductions on our taxes. So for lack of knowledge we take all of them. Apparently that goes against you as far as what they will lend. We got approved for 60k. Which in cleveland tn will not buy much. This was before I realized REI. I am not positive but I believe that was NMD also.

Sorry trying to give background. Anyways I was wondering what the opinion is on rocket mortgage. I know a lot of people say stay local, so i am curious what the thought was on national companies.

I am also wondering opinions about how much money you should have saved when buying your first rental. I am wanting SMF. My plan so far... being a novice is getting a first time home buyers and adding the 203k. That will fix up the property and get it cash flowing. My issue is the added loan amount.

I've also considered hard money but I hate the interest rates. I know I need to get started. But its nerve racking tbh. It's also difficult as my wife and I are on the road 2 to 3 months at a time. So trying to figure out logistics as far as the remodal and getting that done with little supervision. 

Anyways this is the first of what I am sure will be many post to come. Thank you for reading and hope to talk to many of you soon.

Sincerely,

Brock Bowen 

[James Wise]

Originally posted by @Brock Bowen:

First hello everyone and thanks for reading. So I've been a member here for a few months and trying to absorb everything I can. My wife and I are excited about this new path in life. So anyways on to the topic. 

We attempted to get a home loan about 6 months ago through "rocket mortgage." We are truckers so we have a lot of deductions on our taxes. So for lack of knowledge we take all of them. Apparently that goes against you as far as what they will lend. We got approved for 60k. Which in cleveland tn will not buy much. This was before I realized REI. I am not positive but I believe that was NMD also.

Sorry trying to give background. Anyways I was wondering what the opinion is on rocket mortgage. I know a lot of people say stay local, so i am curious what the thought was on national companies.

I am also wondering opinions about how much money you should have saved when buying your first rental. I am wanting SMF. My plan so far... being a novice is getting a first time home buyers and adding the 203k. That will fix up the property and get it cash flowing. My issue is the added loan amount.

I've also considered hard money but I hate the interest rates. I know I need to get started. But its nerve racking tbh. It's also difficult as my wife and I are on the road 2 to 3 months at a time. So trying to figure out logistics as far as the remodal and getting that done with little supervision. 

Anyways this is the first of what I am sure will be many post to come. Thank you for reading and hope to talk to many of you soon.

Sincerely,

Brock Bowen 

 I don't think staying local as any specific benefits. We refer national lenders to buyers all the time. I don't see any added value to residential lender being local to the property. I've had clients use Rocket Mortgage to buy properties in Cleveland. I've also had clients use MB Financial with a loan officer from New York & Wells Fargo using various loan officers. So out West some in other locations. I've also had clients buy properties using lenders down the street from my office in Cleveland. In all of these situations there was nothing special about the location of the lender that made a difference. If the buyer's debt & income checks out & the property appraises it's all systems go.