OfflineOut of curiosity, I am wondering if anyone has used, or found a good mortgage broker using the letter/email from page 179 in profit from real estate right now???I am def going to start searching for a GOOD mortgage broker soon, so wondering if anybody has had any luck...Whether you used it word for for word, or changed things around to work for what you are personally looking for...
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I have sent out an email to a Mortage Broker that was recommended to me by two people, but have not heard back from him as of today. I plan on giving him a call to see if he received the email.
Kat
I have not used the letter, but I think its an awesome tool. Finding a broker who understands your intent is major. My story here addresses a different situation with me as the investor, but I think its important to share. I had a mortgage broker who I thought would always do best by me - as she was a friend. But after my first property flip at the end of last year (which I did with a conventional loan by stating I may intend to move into the home) she told me now I have to go with investor rates which are alot higher. Well, I spent a 1/2 day calling around to local banks, and found one that does what they call 'portfolio lending'. I went in to personally meet the loan officer and we hit it off extremely well. They allow me to purchase up to 4-6 homes as investments under conventional lending rates! This also includes multi-family homes up to 4 units! My jaw dropped open-it has opened up alot more doors for me. Now I have a lender who knows my intentions and once I have one bought and rented to cover the payments, they will be ready and willing to move on the next with me! And my broker never mentioned anything like it. Just goes to show how important it is to do your research! Interview your team members just like you do your contractors!
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Nice job , Laura!!!!!!! Trying to find an experienced lender that knows all the investment strategies is like a needle in a haystack. That type of lending will keep you 4-6 steps ahead of the inexperienced investors
Bruce
Thanks Laura. . .our local banker has been our steady rock on deals. . . but all with the same terms. . .same higher rate7%...85% of apprasial or purchase, which ever is lower and will DO ABSOLUTELY nothing to increase our existing/original line of credit unless we provide more equity from some of our existing properties; and will do ABSOLUTELY nothing in the name of our LLC, which is credible and successful, unless we continue providing our personal guarantee on everything.
I found one mortgage broker who asks me to put up his bandit signs on my properties" 100% financing available". Which he did. . .. for an arm and a leg from my buyer; maybe I'll talk more with him along the lines of what you shared.
looking' crosstown
crosstown looker
Hey Laura,
Nice job finding a mortgage broker for investment properties in New Jersey !
I live in New Jersey myself. What part of NJ you reside in?
It is like finding a needle in a hay stack to find a broker who understands investment properties.
Please send me an email, for I would love to talk to fellow NJ investor and
share some ideas.
Thanks