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Updated almost 3 years ago,
How do you get multiple deals under contract at one time?
Hello to the BP community,
As an intro I'm a new REI closing on my first rental property in OKC this upcoming Monday and really excited to keep the momentum going.
Diving into my question/problem/confusion: During the last month of getting to the closing table, I've seen multiple amazing deals where the numbers worked out even in bad scenarios and I wanted to put offers on it. However, I was recommended by my lender that trying to close on multiple loans at the same time is a fiasco for both the seller/buyer and ultimately blame and extra work falls on the lender(s). As such, I couldn't get a new pre-approval letter that would allow me to make offers on the upcoming properties.
With exception to deals that could go under contract without a pre-approval letter for whatever reason, I hear and read about many out there on the podcasts and forums that they're closing on multiple deals in a month or having many deals under contract.
Is my problem specific to my lender that isn't willing to work on multiple deals at a time from different sellers or am I hamstringing myself by thinking that I should stick to using one preferred lender at a time? Note: I still have a few easy conventional loans left for future purchases and my DI ratio has plenty of buffer, so those aren't constraints.
Thank you for any advice/guidance that is to come.