All Forum Posts by: Purnell C.

I am currently purchasing an investment SFR in Los Angeles for 200K. I am putting down 20%. Why are the banks charging more than 5% interest as well as an origination fee and points? I never had a hard time with loans for owner occupied properties. I was under the impression that banks made it easy for landlords. I have even been told I should be putting down 25% but they were not going to adjust the rate. Is this how it works everywhere?

I am currently purchasing a property with 20% down. So far, the banks and credit unions I have spoken with are quoting the same rates and fees. I am now speaking with other lenders like lending tree, amerisave, greentree. The information sounded promising until they mentioned I would make my payments to one of the big banks. Would that mean issues with making payments to Citi, Wells, etc...??

If you attempt to make an offer without an agent, the selling agent will assume the 6%. Try it.

I saw all types of people bidding on properties and it was apparent they were not the would be owners. Get a list of properties that you are interested, then hire someone you trust with the cash and make sure they can instantly get responses from you. Most of the parties I observed were on the phone and on-line. Good luck.

P.

As someone unfamiliar with the term prior to this website, I had odd thoughts about it. All of my feelings have been expressed in your opinions. Thanks for this thread.