Shopping around for Lenders.

[Joel Di Piazza]

Good Day,

I have a plan to begin my investment adventure in Florida. Pasco, Pinellas, Hillsborough counties. By living in a multi-family 1 to 4 units. (1st choice) and renting the others. Or a single family with a ADU (2nd choice) and renting the ADU. So far, the banks or credit unions I have called are mostly small local ones.

When shopping around for a lender other than the above statement of what I am doing with the property. What questions should I be asking them? 

I do let them know that I qualify for a FHA loan, homestead and other local programs that I may qualify for. They just regurgitate these back.

I do ask if they or another loan officer are familiar working with real estate investors. They all say yes.

When I ask them what type of information, they would need regarding the property like RTOI, rents towards paying the mortgage, comps or equity. They seem to get lost or don't care.

What am I doing wrong? Please help.

Thank you,

[Robin Simon]

Quote from @Joel Di Piazza:

Good Day,

I have a plan to begin my investment adventure in Florida. Pasco, Pinellas, Hillsborough counties. By living in a multi-family 1 to 4 units. (1st choice) and renting the others. Or a single family with a ADU (2nd choice) and renting the ADU. So far, the banks or credit unions I have called are mostly small local ones.

When shopping around for a lender other than the above statement of what I am doing with the property. What questions should I be asking them? 

I do let them know that I qualify for a FHA loan, homestead and other local programs that I may qualify for. They just regurgitate these back.

I do ask if they or another loan officer are familiar working with real estate investors. They all say yes.

When I ask them what type of information, they would need regarding the property like RTOI, rents towards paying the mortgage, comps or equity. They seem to get lost or don't care.

What am I doing wrong? Please help.

Thank you,

If you qualify for a FHA loan then it is likely both your best bet but also a reality that these are standardized programs that all follow the same rules and these lenders are going to be universally checking boxes and qualifying you and working with you based on these set rules.  Once you scale and graduate from FHA, then you will likely find lenders more creative and understanding of real estate investing and your strategy, but you just aren't going to find that with conventional