All Forum Posts by: Andrew Quinn

@Luther Wilson III thank you for the recommendation.

Not directly real estate related but I work as a mobile mechanic in the automotive industry but only as a contractor. I am looking to go out on my own to increase my income. This will enable me to purchase real estate easier. With all the inflation I need to make a pivot in my career. I need an attorney in the Kansas City area who knows entity formation as well as the automotive industry as I have some questions about whether an LLC is right for my business. If anyone has a recommendation I would greatly appreciate the referral. Thanks a lot BP community.

thank you for your reply. I will not go through the pre-approval process with every potential lender then. I will simply ask them their rates and fees over the phone and try to get as good a comparison to Commerce Bank's terms and fees as i can. Then I will make my decision. thanks again. @Kim Tucker

I am currently living in the Kansas City, MO area. I am planning to purchase a property to house hack within the next 6 months hopefully. I have not reached out to any agents yet to assist me in finding property however i do have a pre-approval letter from commerce bank. I want to compare interest rates and closing costs between at least 3-5 lenders before choosing one instead of just going with the first approval i get. I have excellent credit and a reasonable down payment so getting approved is not my concern. My 2 concerns are first the person i have been speaking with at Commerce bank was very responsive the first 24 hours of my application. I applied online and within 12 hours i was contacted. He answered all of my questions promptly. However, I asked about interest rates and he gave me a ball park of mid to high 3's but could not give me an exact number i guess until I decide to make an offer for some reason. Also when i asked about closing costs he said he would get back with me on that with a breakdown of their fees. It has been 2 days an i have not heard back from him. Should I be concerned that he has not reached back out to me???

Also, my final and MAIN question is, in order to compare rates with different lenders do i need to actually go through the pre-approval process with each one? or can i just simply ask them and give them some basic info over the phone or something. I wanted to at least get a pre-approval letter so agents will take me seriously but i dont want to go through that process 2-4 more times if I could get the info i need over the phone. If i find that another lender has better rates and fees than commerce I could simply go through the pre-approval process with them. The main reason I ask is because according to credit karma, I have only 14 days (12 left now) to apply for other loans without getting another hard pull on my credit. My score dropped from 806 to 802 when Commerce ran my credit. I know my credit would still be good even if i did need to apply again past the 14 days but if I could keep my score above 800 that would be great. 

Any input is greatly appreciated. Thanks a lot BiggerPockets community.

I currently own no real estate investments but i am planning to purchase my first property within the next 6 months. I have money saved and a pre-approval so im getting closer and closer. That being said i likely have the least amount of experience out of all these people here commenting. However, I live very close to that area and i think the rent you are asking is more than reasonable and as many others have said, the season we are in is likely the reason it is not renting out yet in my opinion. I might recommend lowering the rent slightly but use a short term lease. That way the lease ends at a favorable time for you as well as you making something monthly until then as opposed to nothing. Would love to network sometime. good to meet you.

@Rob Bianco

@Jim K. Thanks a lot I really appreciate it. it makes me feel good to know that many other people have done what I'm trying to do before me.

Is there anyone else out there who is following what Scott Trench recommends in Set for Life starting from the beginning? I am on the 0 to 25K phase but it feels great to even be above zero. Just finished paying off all credit card debt as of January. I am saving up for that FHA financed duplex. I am interested in hearing other people's stories about their experience and progress following the book Set for Life.