All Forum Posts by: Elicia Fields

Hello all!

I am new to BP and new to real estate investing. I have one investment property so far but I'm looking to expand my portfolio significantly within the next several years. Today, I attempted to put in an offer today and was rejected because they wanted to deal with a local lender. My current relationships are with credit unions and national lenders. What local lenders do you guys use?

Thanks for your help!

Elicia Fields

@Jared Johnson The economic downturn we are going to see will not be caused by a haphazard housing market so you will not see the same level of depreciation, defaults, and short sales. Rates being this cheap are going to be a bigger problem for landlords looking for solid tenants. Defaults will likely come from overextended investors and that sounds like an opportunity to me. I would worry about it too much. Just have some reserves

@Sunny Suh Investment property rates are higher and many credit unions don't do investments property lending. This rate is in line with the market.

@Sarah Buchanan Mortgage companies do gross. Honestly, if they have 800 credit scores and over 2x the rent, I would move forward. A mortgage company would allow them to move forward because they are safe risk. I probably would too.