StanleyThis taught me about my misperceptions about millionaires in America.Set for Life: Dominate Life, Money, and the American Dream by Scott TrenchThis taught me how frugality and motivation can lead to a lifetime of success.THANK YOU to all of the aforementioned authors and especially thank you to BP for being the catalyst to my dreams.

While two reps from the same firm will quote you the same rate, their ability to execute the loan can be night and day different.In regards to pros and cons ... think of the lending world as falling into 3 primary buckets: 1) traditional banks and credit unions (ie, Wells, BofA, Chase, etc), 2) mortgage banks (ie, Caliber, Quicken, Fairway, etc), and 3) mortgage brokers.Traditional Banks: (they do loans and hold deposits)Pros: because they tend to do such a large volume of loans, they are able to offer low rates ... they have the ability to do portfolio loansCons: very slow turn times - if you need to close quickly, they're generally unable to perform ... they tend to use national appraisal management companies and appraisal issues are common in competitive markets.Mortgage Banks: (they only do loans - no deposits)Pros: have the ability to close loans much faster - some of the local mortgage banks that we work with on purchases will routinely close loans in less than 14 days ... they often setup their own appraisal management companies and are able to improve the appraisal quality by ensuring the use of local appraisers.Cons: while they should be very competitive with their rates, they're not going to be the absolute lowest ... portfolio loans are generally not an option - they need to sell their loans right away so they can get that money back to lend it out again.Mortgage Brokers:Pros: they will have access to a bunch of different lenders and loan products, so they can submit your info to whichever one is offering the best terms at that moment.Cons: they have no control/influence over the underwriters or the timeframes ... they're generally forced to use national appraisal management companies, so appraisal issues are more commonHope this is helpful and good luck with the refi!

I didn't know of all the due diligence I should've done, all the questions I should've asked.They partnered me with a co-borrower cause they said I wasn't able to get mortgage approved solo, and this person has been uncooperative which keeps me from making executive decisions on the property.My financial problems began after closing when one of the members of the investment team led me to believe that lending him $7500 to close on other properties was a great idea.

Hi All --I am currently an American citizen living abroad and looking to invest in a property in Indiana.

It's a great strategy that I've helped many clients execute around Phoenix Metro. 

@Dominique Mickles Even if you were to find a loan given your situation that you outlined, you want more than $3k in savings before seriously executing any real estate investing strategy.

My contracts specify that I have the right to have the property go through a number of inspections, and that my obligation to execute is contingent on the results of those inspections. 

@Bob Malecki we've had a combination of i) poor communication, ii) crazy billing (we once had a 45 min charge for reading and replying to a single email - 3 questions that we had explicitly instructed and worded for yes / no answers) iii) lying about who was performing work and what work was performed (they were job shopping our work to an out of state attorney) and iv) poor performance (weeks to subcontract and execute service).

Now, as and African American I find not only is this stupid, racist and ignorant but it's a mindset which creates bigoted practices.

Then you have to execute the two contracts at the same time.