Property Mgr to help me out with loan refi

[Carrie Alluri]

I am self managing my first rental and have already entered a year contract with an online property management tool. In order to get the best interest rate on my refi (this is a BRRRR deal), my loan company has now told me that I am required to get a document filled out by a 3rd party property manager. I do plan to use a 3rd party property manager after I rent out a few more properties. Would a property manager out there be willing to fill out this form for me even though I won't be using your services right now?

[Stephanie P.]

Originally posted by @Carrie Alluri:

I am self managing my first rental and have already entered a year contract with an online property management tool. In order to get the best interest rate on my refi (this is a BRRRR deal), my loan company has now told me that I am required to get a document filled out by a 3rd party property manager. I do plan to use a 3rd party property manager after I rent out a few more properties. Would a property manager out there be willing to fill out this form for me even though I won't be using your services right now?

Many mortgage lenders require the property manager to have certifications and experience because it's riskier to lend money to a borrower that has no experience and ultimately, they don't want the property mismanaged.  Having one fraudulently filled out would be just that and could jeopardize the loan if the lender calls to verify (which they do).

Hire one legitimately, get the best loan terms honestly and close.  If it doesn't work out with that property manager, interview some others and find a decent one that may charge you less or just give you cursory information for a cursory fee but at least you can say you were able to learn what they do, compare it to your online property management tool and grow from the experience.