Last week I spoke about why Portfolio Lenders are important to investors, but the bigger question may be how to find them.
Tracking down a financing source is never an easy task. Many individuals have no idea where to start so they usually talk to there personal bank first. While the likes of Wells Fargo, Chase, Bank of America and more are large institution’s and have mortgage services, they generally are not competitive or creative when it comes to investment properties.
So how do you find a local or regional portfolio lender/bank?
The yellow pages cant help you. If you called every local bank the employees might not even know the meaning of portfolio lending and you could spend a better part of your day trying to get help. For those in need of help there are a couple of solutions.
The first one is networking. If you want to become an investor you must join them. Find local clubs and associations that support and host networking events for investors. These events will give you a chance to find out how others are finding outside the box financing solutions.
The second one is your sales team. If your sales team consists of a Realtor, ask for a referral. If you are working with a wholesaler, they could have a name, number or source for your needs.
An other good option is a mortgage broker. Then whole concept for a mortgage broker is to seek out financing options. There are many mortgage broker that are tremendously successful, not because they have the lowest rates and fees, but because they understand how to carve out a niche and network between several banks, sometimes 100′s of them, to find the financing solution that an investor may need.
A recap: To find the next best Portfolio Lender you need to network. Talk to Realtors, wholesalers, mortgage brokers and even other investors.
Related posts:
- Why Portfolio Lenders are Important to Investors
- Real Estate Investors: Learn How A Puppy Dog Can Make You Rich!
- Income Real Estate Investors: Learn How to Analyze a Property before you Get Burned!
- Fed Chairman Ben Bernanke to Abandon Lenders and Investors
- Lenders Taking Steps to Improve Image Problems
Article Author: Troy SchurichtTroy has written 30 articles for us.
Visit Troy's Website: http://www.communityfirstfinancial.com
Joshua Dorkin
{ 3 comments… read them below or add one }
Hello
Very nice blog. I really enjoyed reading it. Recently I wanted to buy a house and I search online for sites like yours to educate myself on the process. After several recommendations and referrals I called the guys at http://www.homeinspectionspecialist.com and they inspected my house for me. I am so glad I search online and got advice on this step in the buying process.. I found out a lot of things about the house that I would not have known.. in fact I even used it to negotiate over $10,000 dollars off the asking price. Anyway, I look forward to all the updates. Thanks again.
Jessica
Great tips, Troy. As an addition to the networking tip, pay attention to sites like LinkedIn, ActiveRain, Biznik and even Meetup.com. Ask around in forums and blogs like this one.
LinkedIn is rising rapidly as a top networking site and ActiveRain has an already established community. Biznik is also another excellent site to check out, especially if you’re based out of Seattle, San Francisco, Los Angeles and more. They hold regular events and are a great way to meet other investors.
Meetup.com could be another option, as there are specific meetups for real estate, and even investing.
So check out one or all of the above and you should make some excellent connections.
Fair Article, good info. Mortgage Brokers are like dime a dozen. The thing that I found is look for a Dirct Lender. Find your area and google The County or City and then Direct Lender. this will help you secure a true loan with very little problems. And do not forget to ask if they are FHA approved.