Frustrated with loan process

[Andrew Dillard]

I found a great 4-plex that is fully rented for $1,900 total each month in Kansas City. I want to make an offer on this property. I am frustrated with the bank process and lending requirements. The building is great, recently rehabbed and is completely turn key. This would be my first investment property and it is frustrating that the bank won't consider the income on the property unless I get an FHA loan and use one of the units as my primary residence (which I don't want to do) I have a great home already, I am just trying to get into REI.

What are some of  your experiences in working with banks in getting your first investment property mortgage?

[Chris Mason]

@Andrew Dillard,

Fannie Mae allows for consideration of rental income to offset PITI on multi-unit investment properties. You have to take a stupid little online course that (for us at least) we eat the cost of providing and it takes you 20 minutes.

You need to find a lender that doesn't have stupid overlays, and will instead look at checking any necessary boxes in the simplest way possible.

Don't PM me, not licensed in Kansas. 

@Chris Dawson is a realtor local to you, and part of the job of a realtor is to know who the good local lenders are. Some will say "talk to Sally, she's the best" and others will say "here's a list of 3, pick one," but you should be getting SOME guidance from your realtor. Essentially Chris D here is doing your real estate agent's job for her/him by pointing you in the right direction to save the deal, FYI. If your current realtor is unwilling/unable to give you such guidance (what, he/she doesn't like commission checks?), it's too late on this deal but on future deals... note that mr realtor here just saved your deal for you.

Good luck.