New member from Las Vegas, Nevada

[Lee P.]

Hello fellow BP members:

This is Lee from Summerlin-Las Vegas. I've just recently joined and finally able to post due to some technical issues with my setting. I'd like to meet up and network with local members in Las Vegas. I will join the Vegas meetup later this month and hope to meet some of you there. I have 2 questions if you can comment.

1. I've been shopping for local Vegas lenders. I did work with one last year but wanted to make sure I have the best rate and lowest fees possible. Since I am about to purchase a SFR with 20-30% down as an investment, my lender is offering 4.75-4.85% interest rate (quote as of last Friday Jan 17th) roughly $1,650 on loan fees (not including appraisal cost) AND a 1 to 1.5point because it is an investment. This is not a mortgage broker (this is a bank..with their in-house underwritting). Is this a good loan option in Vegas as of now? If any other Vegas investors at this forum using other better lenders, please recommend.

2. I am about to close a deal with a fsbo seller without buyer's agent. Seller is not a realtor/licensee either. Is there anything I need to know since I've never done any transaction w/o realtor?

Thanks for your input and happy 2014!

Lee

[Phillip Dwyer]

@Lee P. Looking forward to meeting you in person next week at the meetup. As far as your questions are concerned, here's my thoughts:

1. Keep shopping around for lenders, because it's a good idea to have a working relationship with more than one. Plus, this gives you better negotiating opportunities.

2. If you haven't already, I strongly encourage you to hire an attorney to draft the agreement or at least review the one you have. There are some many things that can go sideways in a transaction, that you will want to spend the $$ with an attorney to CYA.