All Forum Posts by: Warren Currier

As most people borrow money to buy property higher rates mean buyers can’t pay as much, so real estate prices fall across the board.

In very simple terms, if a rental property can support a mortgage payment of $3,000 per month, that’s enough to buy a $827,000 house (assuming a 20% down payment) if interest rates are 3.5%.

But if rates rise to 5.5%, that same $3,000 per month only buys a $654,000 house. 

What are some smart ways to adjust?

He wrote:

"I was just thinking before I go to a new small bank and inquire about financing and opening new accounts...." therefore, one can understand your comments about writing properly, and improperly. Look around at this post: The guy does not really care.  If he ever did go into a bank for a serious meeting he probably dressed like a high-school kid going to the prom (same as what he's wearing in the photo he posted). But really, we've all over-reacted as all this guy said was that he wants to go into a bank to, 'inquire about financing' and, 'inquire about opening new accounts'... and that usually means going in and grabbing an application and some literature, perhaps asking some basic questions. That's way different than going in to meet with a loan officer or an underwriter. He does not display any ability to understand how to address people properly HERE in BP, so, I'm betting such a lack of appreciation and inattention to detail, will fail out there too. 

 Hello Jeremiah,

You wrote, "Even though I turn wrenches, I earn a lot more than expected".   Expand on this statement and show us HOW that is so, as that is the key to your getting all what you want from a bank. You have said that you're not just a 'heat and air guy'... explain how this is so.  Given your best presentation, how do you behave when show up to a potential customer in order to secure their account?

Having a mastery of your trade and being able to impart what sets you apart from others may be how you get new clients while both THAT and the numbers, your results from your entire effort, are what you are going to want to show to a person, or institution, who's considering lending you money.

That you are prepared with the numbers and records reflecting what you've done to get you to where you are today combined with a stable plan as to where you are going, matters most.

I'd do most of the initial shopping on the telephone so that you can get a feel for everything that's important to understand and important to present. Make calls all over the place for practice. Spend thirty minutes learning how to ask for and what to say. The questions they're going to ask you will soon be familiar. 

Do some real research!

Why are you interested in one bank over another? Why should you be? What are the characteristics that matter most to you?

Other people have had experiences with the banks you're considering and many of then have opinions. Learn where you can about these opinions. Yelp and Google both have reviews that are easily found using the obvious keywords.

As soon has you've identified three banks that you want to meet with (meaning that you can articulate WHY you want to meet with THEM each specifically) proceed to find a time to meet with them that works for both of you. 

Dress in any way that you feel comfortable but do consider keeping it conservative. 

Having a command of the numbers, thinking like a banker, having a planing going forward, this is what will matter most. 

Ask yourself:

What qualities would you look for in someone asking you for a loan?  

Hello Maynhia: I never heard of him but I looked him up after ready your post. As an aside: Contact your credit card company and tell them what happened and most likely you'll get a 'charge back'. Nothing more to add. Good hunting! 

 Jay, I thought that being outside of US was a crucially important part of your entire 'debt portfolio' suggestion.  Can you suggest a link to more information and/or cite some cases as examples?

Greater Toronto Area

 I'm interested to learn more about what Jay is suggesting as I've recently been asking myself the very same question you've posed, ie., what to do with $1MM cash. 

You stated:  "Mr. Larry was delinquent on three different properties, and I purchased the deed to one of them" Perhaps there are two other people out there contemplating what to do next.  

Oftentimes, I will contact the Treasurer of Town and talk to her/him. "Just wanted to get your insight as how we can best handle this" ... with the suggestion that THE TWO OF YOU (you and the treasurer) have an issue and will want to work together to resolve it asap.  You need NOT contact the other two parties at all as doing so may complicate YOUR reimbursement. Focus on your 'need a refund!' situation, not theirs. 

Write a review of the lame assessor's office and post it online. Be bold to get your money back asap. Don't need to hire anyone to assist you. You need to strike while the iron is hot! Today.

The Treasurer is the one who cuts checks. Get her or him on your side before noon today! 

Frame it properly:  "You are going to help them solve a problem that they have"

Focus on this one thing first before you start chasing other things.

 Nicole, Thanks for the great energy you bring to the game, to the pages here! Really nice. I'm interested in assisting in your search, if you want some help. Given the application of a few minutes a day I may be able to find you something. I'm south of Boston (just under 3000 miles away from you guys!) and have no interest in owning anything in California right now. We sold wonderful home there in 2014! If you are interested in having a look at some properties you may not have otherwise seen, let me know. It could be fun to assist you and your husband. I'm guessing Cherry Valley may be your desired epicenter. Inland Empire sounds huge, I do not know it too well as I my turf for 40 years was Westside of LA, Santa Monica, Brentwood, Pacific Palisades, Malibu. Let me know and if you want help I'll apply some creativity and send you some stuff. W,

Thanks for the great energy.