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Real Estate Investing: How to Choose a Lender
To become a successful real estate investor it's vital to have a long-term relationship with a good lender. Having a flexible lender who knows your needs and objectives can be the difference between success and failure in your investment career. Choose several lenders to begin with, and then interview all of them. Ask friends, other investors, and realtors for referrals. Call all of your potential candidates in the same week, so you'll have identical criteria for comparing their rates, fees, and programs. Instead of trying to fit into a lender's program, interview your lenders by finding out how they can accommodate your needs. Here are a few questions to ask: 1. What are their requirements for middle credit scores and income? 2. What are their standard loan costs? These include things like points, processing, underwriting, documentation preparation, filing, and credit report fees. Can you add these fees to the loan amount? 3. Is there a required holding period before you can resell the property? Are there prepayment penalties when you flip your investment properties? 4. Do they require mortgage insurance? If so, what is the minimum percentage you'll need to put down in order to avoid having to purchase that insurance? 5. How much can you finance, and can you finance fixer houses? How much down payment would be required on such houses? 5. Can sellers help with the loan costs, and to what extent? After you've interviewed your potential candidates, make your choice according to the programs that fit your needs, as well as from the feeling you get from that person. Do they seem as if they'll be easy to work with from a personal standpoint? Since you're hoping to use that lender again and again, it's important that you feel comfortable with them as a person as well as a source of financing. A good lender wants your repeat business and works hard to find the right loan for each transaction. They may even be able to help you locate potential investment properties. Finding a great lender is a crucial component for your ultimate success as a real estate investor, so choose carefully. (c) Copyright 2004, Jeanette J. Fisher. All rights reserved. Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Joy to the Home, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, newsletters, and sales flyer template, see http://www.doghousetodollhousefordollars.com/pages/5/index.htm
MORE RESOURCES: Jeff Bezos' secret $190M Seattle real estate empire revealed Business Insider I'm a Real Estate Investor: Don't Pay Off Student Loan Debt — Buy Properties Instead - Yahoo Finance Real Estate Transfers ~ through Nov. 23 The Bedford Citizen Francisco Real Estate: Why Homeowners are Selling at a Loss The San Francisco Standard New Legislation Proposes to Take Wall Street Out of the Housing Market The New York Times Dodge County real estate transfers Fremont Tribune Real estate transfers: Dec. 8, 2023 RiverheadLOCAL Eastern U.P. real estate remains stable despite shifting national trends Sault Ste. Marie Evening News RNR Real Estate Briefs – Texas & more Realty News Report Real Estate Transfers: August 1 - 15, 2023 The Owensboro Times Real Estate Sales Include Wealth Management Center Complex, Ranch For Vets Jamestown Post Journal Real estate: Foreign LLC buys Pizza Hut property in Perry Township Massillon Independent How a Kitchen Refresh Can Help Close a Real Estate Deal How a team approach brings sales, success Behind The Hedges Real estate records, 12/10 Lincoln Journal Star McColly Real Estate Holiday Celebration 2023 | LaPorteCounty.Life LaPorteCounty Life Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties Dec. 10, 2023 edition MassLive.com Real Estate Transactions for Dec. 9-10 | News, Sports, Jobs Nashua Telegraph OT Real Estate Spotlight of the Week: 4404 Fairbairn Court The Owensboro Times XPO buys Yellow's Real Estate For $870 Million The Real Deal I'm a Real Estate Investor: Don't Pay Off Student Loan Debt -- Buy Properties Instead GOBankingRates NJ real estate: $20M Alpine mansion for sale. See listing NorthJersey.com Routt County real estate sales surpass $13.4M from Dec. 1-7 Steamboat Pilot & Today Chad Tredway Rejoins JP Morgan Asset Management as Head of Real Estate Americas | Chief Investment Officer Chief Investment Officer PTK spotlight: 50 commercial real estate projects to know in 2024 Arizona Big Media Real Estate Roundup, Retail Theft Arrests The Eastsider LA Jef Conn: From Lubbock commercial real estate to Texas Chairman of the Board Texas REALTORS KLBK | KAMC | EverythingLubbock.com Real Estate Transfer Dec. 9, 2023 | Records | messenger-inquirer.com messenger-inquirer Charlottesville real estate investor Phaedrus Acgtblu dead in apparent homicide - The Daily Progress A Strong 2024 Market? Get a Real Estate Coach Now | Florida Realtors Bezos Leaving Behind A Massive Seattle Real Estate Portfolio As He And Lauren Sanchez Plan Move Miami Yahoo Finance Greenwich Real Estate Inventory to Hit Zero in March 2024 Greenwich Sentinel Bay Area real estate: Where rent or mortgages hurt residents most San Francisco Chronicle Chad Tredway Rejoins J.P. Morgan as Head of Real Estate Americas, J.P. Morgan Asset Management PR Newswire Real Estate Property Transfers in Franklin for November 13, 2023 Williamson Source Coral Springs Real Estate Market Defies Economic Predictions • Coral Springs Talk Coral Springs Talk What's a Real-Estate Fund Worth? Depends on Who's Doing the Math The Wall Street Journal Real estate news: DoubleTree near South Coast Plaza, JWA getting a $12 million makeover - OCRegister Pacaso, The Real Estate Marketplace, Releases Report That Identifies Fast-Growing Luxury Second Home Markets Crowdfund Insider Could Bitcoin Cause Real Estate Prices to Collapse? DataDrivenInvestor Viral New Berlin jungle home back on market after sale fell through: Open House - Milwaukee Business Journal The Business Journals Wheeler Development exec balances careers in real estate, folk music - Crain's Grand Rapids Business Wheeler Development exec balances careers in real estate, folk music Crain's Grand Rapids Business New Castle News | Newspaper Ads | Classifieds | Real Estate for Sale | BERKSHIRE HATHAWAY Home Services The ... New Castle News Is Jeff Bezos shopping for real estate in Palm Beach? The New York Post thinks he is Palm Beach Daily News Valley real estate community steps up to support Operation Santa Claus ABC15 Arizona in Phoenix Ares Banks $3.3 Billion to Buy Real-Estate Fund Assets - WSJ The Wall Street Journal REAL ESTATE | VIDEO | Charming and inviting 2-story home in West Bend, WI | By Wendy Wendorf, Homestead Realty washingtoncountyinsider.com Apply for the Longtime Owner Occupants Program (LOOP) | Services Philadelphia Water Department San Francisco's Russian Hill Mansion Sells for Half Its Asking Price Amid Real Estate Shift Hoodline Canadian Apartment Properties Real Estate Investment Trust Un stock rises Friday, outperforms market MarketWatch Opinion | Real-Estate Collusion Is Finally Coming to an End The Wall Street Journal What Accreditation Shift Could Mean for Real Estate Investors Kiplinger's Personal Finance New York City Law Against Body-Size Discrimination: What the Residential Real Estate Industry Needs to Know Jackson Lewis REAL ESTATE BRIEFS: DEC. 9 Las Vegas Review-Journal Jeff Bezos's Homes: Inside His More Than $500 Million Property Portfolio Architectural Digest 20 Young Leaders Transforming the Real-Estate Industry in 2023 Business Insider Are Virtual Tours Still Worth It in Real Estate? Evidence from 75000 Home Sales Harvard Business School Working Knowledge 9 Best Places to Retire in Mexico, According to Real Estate Experts Travel + Leisure |
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