Found a Deal, Calling Lenders for the First Time

[Adam Rothweiler]

Hello BP!

I found my first deal! It's kind of an odd situation, at least in my limited experience. It's a four family property that was foreclosed in September 2016. The owner of the property, an LLC, is registered at the property address so it appears that the owner may have financed the property to a buyer and then ultimately foreclosed on it himself. Taxes are delinquent by 1 year. I'm going to find out if the owner is willing to sell (assuming he's the one who foreclosed on the property) and if he is, I'll be looking into a portfolio loan.

SO. My question is this. I've never talked to lenders about financing, let alone portfolio loans. I have a fair understanding of how these types of loans work, but I really would like to know what some GREAT questions to ask the bank would be. How much skin in the game I need to come forward with, if they'll lend on the ARV, if they'll do a portfolio loan on a single property, etc.

Are these valuable questions, what other questions would you ask in this situation?

If, in order to really know what questions you would ask, you need more information about the property, just ask!  

Thanks everyone!