What to Include in Binder for Lender?

[Dave M.]

Hi all - I've heard that it's a good idea to create a "binder" of basic documentation (both personal and related to a property) when approaching lenders about purchasing an existing rental property. I would be purchasing directly from the owner (ie: no agents involved). I'm curious what others may have included if they've done this? So far I'm thinking of including the following:

• auditor web site info (including pics) of property to purchase
• property rental history for last year (from existing owner)
• last year's tax returns
• most recent 3 months pay stubs
• personal net worth statement
• what I intend to do with property short term and exit strategy

Do others have additional thoughts or provide additional direction?

Thanks in advance!

Dave

[Jonathan Casillas]

As a loan officer myself what Bill explained is a perfect start. I would love if people came that prepared when asking for a loan. It would make the process much smoother anid quicker to get through.