OfflineAdvice:
I attended my boots on the ground seminar in July 2012. I currently have a house under contract to purchase at 25k under market value. So awesome very excited. Unfortunately I am having trouble with my mortgage broker.He just won't get back to me. My strategy is to pull equity out of another property to purchase the new one. So my question is does it take 3 weeks to get an answer? It just seems a long time to hear nothing from my broker. I don't want to jump ship with this broker because he has done well in the past, but if he doesn't perform it doesn't matter how well he has done in the past.....right? Changing brokers now would lose me the house for sure. So how long should it take to find out if I can get equity on the house. Oh and I'm in Canada, so maybe its different here. I'm not real sure.
Love the real estate game though, lots of fun.
jacy :}
Jennet's Journey Journal
Posted on: Fri, 08/31/2012 - 14:15
Jennet's Journey Journal
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When you do any loan on a property it takes weeks, I'm working on one and I'm 6 weeks into it. Unfortunately I have to subordinate a 2nd loan on a property and that is the hold up right now. What I would do though is make sure to keep in constant contact with the lender and get updates. If the file isn't moving then there is a problem and they haven't told you about it.
Either by email or phone, I would stay with them. I was a mortgage broker for years so I understand how loans work, and yes they take time. But what I did appreciate were the clients that held me to their loan. So don't be afraid to call every week.
Thanks
Mikessler
Work smarter not harder!!!
I always say Keep Moving Forward! Never Give Up On Your Dreams!
As Matt Larsen says "Feed the Need" - Edge 2013
Follow my daily investing journal and read about the deals I've done and am working on at:
http://www.deangraziosi.com/real-estate-forums/investing-journals/117493...
Went to the Las Vegas Buying Summit 2012. Wow so great to meet so many like minded people. Tonnes of contacts. While we were there we also bought a tax lien. We have a house under contract at home (Winnipeg Canada) and when we flip it we will be buying a house in the States, our first one, with the profits. So!! excited to be part a great family here at DG. I'll let everyone know when our deal is done.
The next thing I want to accomplish is to find investors. We have a great portfolio and track record in Canada. We have nine doors in triplex and duplexes. So now I will establish us with the same great track record in the U.S.
jacy
We have spent a lot of time setting up our ability to buy properties in the U.S and so that is our focus for 2013. We currently have enough rental income in Canada that my husband has retired. I am working but only because I want to and its something I enjoy doing. So we are going to look for investors and buy a min. of 2 U.S properties this year.