Loan Officer (If it ain't broke don't fix it)?

Question

Meghan Reed · Answer

Hi @Julian Dangerfield right now for that reason.

For the lender, my local bank's rate was decently higher than the lowest I found with a credit union so I'm going with the best price over the best relationship.

Julian Dangerfield · Answer

@Meghan Reed thanks for the great reply!

I most definitely will do some shopping around this time while keeping both my agent and loan officer in my back pocket because as I mentioned they're awesome. Also, I feel comfortable having explained my entire plan (dream) of owning multiple buy-and-holds first SFH and then Multi-Family to my loan officer and him understanding because he is an investor as well.

As @Joshua Daniels suggested I will request a meeting with the agent to fully explain what I would like to accomplish and be sure that she's the right fit. At this point I need someone that I can learn from and bounce numbers off of like you said. Lastly, I'm part of a great credit union, so I will certinaly check their rates before I go anywhere else!

Thanks

Roy N. · Answer

Meghan:

Relationships are important in this business.  Whenever we are looking to finance a property we will shop around to see the various offerings. Once we have a shortlist, we always give our preferred lenders the opportunity to match or better the financing terms we have found.

Joshua D. · Answer

I would build on the foundation that you already have there. That is if they are able to help you. Set up a meeting with each one of them and tell them what you would like to do and ask them to help teach you what you need to know about it.  you will find out rather quickly if they know what they are talking about or just blowing smoke.

Listen to all the podcast's 2 times and you will have a good idea of how it all works.

Peter Mckernan · Answer

Hey,

@Julian Dangerfield just make sure that these people that you have built a relationship with know that it may take a little longer to find that perfect investment property, and that you will be a little slower on the judgement of the property because you want to make sure it will perform well for you.

There are people within in real estate (i.e. agents and/or loan officers) that might not understand that a property is not exactly great for you since it does not produce the income you want, even though it is a property in great condition.

If the agent and loan officer worked so smoothly with you in the past I have confidence that they will do the same while you are looking for a great investment property. All you need to do is let them know what your plans are and keep an open line of communication through the process.

Good Luck!

Julian Dangerfield · Answer

@Peter Mckernan thank you point well taken. I really didn't consider the patience and understanding that it takes for an agent/loan officer to understand that we as investors are very particular in what we are looking for. I will really start work on building that relationship part with them even more now!

Thanks

Julian Dangerfield · Answer

Amazing points @Lynn M. !!! I will be googling all day to find investor-friendly lenders as well as agents in my area, those extra investor fees and property limitations were something that I never even considered before right now.

Thanks so much

Julian Dangerfield · Answer

@Roy N. I'm glad that you made that point, I'm honestly not the best natural negotiator so it's good to be able to have that power to see if your preferred lender will match a better off that you have after shopping around.

I'M LEARNING SO MUCH RIGHT NOW!

Thanks

Julian Dangerfield · Answer

thanks @Joshua Daniels I definitely will set up a meeting with both of them to make sure that we are on the same page. I've talked to the loan officer and explained my vision for the buy-and-holds that I would like to own in Maryland as well as DC and he told me about some of the properties that he owns and steps that I should take to get there, so I feel pretty comfortable with him.

I will also go back through the podcasts and listen to ALL of them which I definitely haven't done yet!

Thanks

Meghan Reed · Answer

Sounds like a great plan.  Good luck!

Loan Officer (If it ain't broke don't fix it)?

Most Popular Reply