Day 1 of 90 (03/17/14)
So far, I'll be honest, I haven't done much of anything other then fill out a bunch of online applications for loans to various big banks and smaller credit unions. After having spent the time doing that I'm starting to wonder if it would have been faster and easier to just visit them all in person.
Now mind you, my time is limited during the morning hours as I do have a full time job that I'm working 3 PM to Midnight Monday through Friday. I tend to not be able to fall asleep until around 2 AM and I'm usually up between 10 and 11 AM.
Now, I know, you're saying to yourself, "But Dan, that gives you a lot of time in the morning to do stuff." Yes, you are correct but I'm also fighting against years of extreme laziness and the incredible comfort of my bed. I have found it amazing that despite how much I want to do this, old habits die hard. Hey Brandon, is there any way I can blame this on my cat?
Comments (3)
Dawn, Thanks for the reply. I'm glad to see people are willing to help me. Actually I was completely unaware that it only counts as one "ding" in a 30 day time span. My mother having been a banker for many years, you'd think I'd have known that and I was kinda willy nilly about it. I covered a few of this in Day 2 but I'll rehash, I don't mind. The rental property I am looking for can be either a Single or a Multi (up to 4). I'd ultimately prefer a Multi but if the numbers look and run good, who am I to complain? At this moment I don't need to live on the property personally. I would like to cashflow $100 per door. I'd like to stay in my area here which is Spartanburg County, SC. I don't know it like the back of my hand, yet, but I do know it better than that town near Windsor, MI. I would like to be completely hands off with the property once it is rentable. I spoke with a Property Manager today, in fact, and they understand where I'm coming from. So that has me a bit pumped. At the moment, I have no idea how much money have I have to "play" with. Hence why I'm contacting banks. I don't want to look at places I can't afford. I don't like to window shop. So, yes, I need to be pre-approved before I can technically move forward. I currently have no mortgages right now. I live with my girlfriend and this home is in her name. I'm looking at doing a 30 year mortgage and ultimately pay it off early. As much of a computer nerd that I am, I'm starting to feel like talking face to face will get me better results. As soon as I'm done typing this I will be doing Brandons command of calling and setting up appointments. You are being very helpful. Thank you. One of my biggest fears, honestly, wasn't the fear of failure, it was the fear of doing this alone. Brandon, Yes sir.
Dan Holden, about 10 years ago
Yes, blame it on your cat. Then get up and get 'er done! :) I would encourage... er... command... you to do this: Right now... (seriously, right now.) Pick up your phone and make 2 phone calls: 1.) Call a real estate agent. Someone that you know in the area, someone who is well known, someone you can get on the phone. You don't need a rockstar one, but just someone who has been doing it a while. Ask them "I'd like to buy a house - but I'm not yet pre-approved. I'm wondering if you have any recommendations for the best lenders in our area?" They will tell you a couple. 2.) Call those lenders (right now... seriously...) and set up appointments for 10:00am on Friday and Monday. Now you have commitments that you have to show up for. No excuses, no laziness! Report back here and let me know how the calls went :)
Brandon Turner, about 10 years ago
Dan, Please be aware that filling out applications does put a ding on your credit when you authorize these companies to pull your credit. However, any pulls done within a 30 day period of time all count as 1 pull. So you can shop around, but you don't just want to do it willy nilly. Can you post your objectives and where you're starting from? - Are you just looking to do the "pre-approval stage"? - Are you looking for an owner-occupied investment property (e.g. a duplex or multi-family) or a single-family to rent out? - Do you already have more than 4 mortgages which would limit you to portfolio lenders or are you open to a more conventional 30-year mortgage? - Most national lenders will have an online mortgage application however if you want to work with a bank for a longer-term relationship, you will probably want to visit in person and meet face to face with a mortgage rep. - One national lender I liked to work with (before I got over 4 mortgages) was Aimloan simply because they offered the lowest prices. Since you have that 30 day window to look at, you have the ability to price shop. Here are some things you want to look at: a) What is the lender's origination rate? Do they offer a fixed price? b) How quickly can they close? c) How easy is it to work with them? d) What are their rates? I went with Aimloan because they offered the lowest rates and origination fees because they are a strictly online direct lender. However, as far as 'ease of working with' I would say they are harder to work with because everything is done via email, online, fax, and sometimes phone. Some investors, especially new ones, may have a hard time with that. So in that case you might be more comfortable working with someone face to face through the process, even if you pay a little more. I know this is a lot of response; I hope it's a little helpful. Dawn
Dawn Anastasi, about 10 years ago