All Forum Posts by: Jesse Rivera

Experience. Expertise. Great rates. Communication. Execution.

And good hair.

Yes, a new lender can use an appraisal from a different lender.  But normally, the appraisal is owned by the old lender  (they are the client to the appraisal company), so you will need their permission. Unfortunately,  some lenders don't play nicely. 

Welcome to bigger pockets and investing. My biggest advice is to find a mentor, someone in your area that is doing what you want to do. If you find deals, partner with him/her, and learn the business. There is a lot to learn. This is a great business, but if you don't know what you're doing, it can bankrupt you. 

Whatever you decide, start small. Develop your systems, processes and relationships. Learn from you successes and from your failures. Don't try and do it all at once, you don't know what you don't know yet. Build your team. Ask questions, seek advice. 

Once you've got some experience, then start to scale.

Have your escrow agent/attorney do it for you. Easiest.

The big debate.

Welcome to the lending side of RE. It's a great business! Network, network, network!!

Look into a DSCR loan, they don't look at personal income, just rental income. Interest rate is higher, but it may solve your problem.

I live a mile away, I will be there.

Have you received a loan estimate, or at least a closing cost worksheet? You should find your answers there. There should be little difference. Yes, a little more expensive (appraisal costs more, title fees a bit more), but other than that, should not be such a huge difference.