should i get to know lenders?

Question

im new to real estate and i dont have the funds to start really anytime soon. should i get to know my local lenders? if so how do i go about doing that?

Jack Tulloch · Answer

Hey Jace - I would focus on saving some cash to better equip yourself to jump on an opportunity that presents itself. There are also some creative financing techniques you can look into to help acquire real estate without having a ton of capital yourself. Getting to know local lenders is not a bad idea but probably shouldn't be your first priority at this point.

Eliott Elias · Answer

Find a deal, nothing like starting a relationship with a deal in your hand. Y'all will be best friends

Account Closed · Answer

Yes

Account Closed · Answer

Yes

Phommala Songkhors · Answer

I would deff focus on finding a deal, learning how to analyze it, get really really good @ the numbers and knowing what a good deal is, and then go to a lender, when you are absolutely ready for funding.

Suzanne Player · Answer

Unless you're using only cash (or equity rolled over from the sale of another property you own), you'll want to get pre-approved before you start your search.

You can get your credit report for free at  https://www.annualcreditreport...

These don't come with a score, the credit reports that a mortgage broker or banker runs will have it, but you'll be able to check to see that everything is correct.  Also it's a good idea to have an understanding of what's on your own credit report when you're talking to lenders.

You'll want to speak with at least 3 different banks that lend in the area you want to buy in.  Not just to shop rates & fees, but also because each mortgage professional will explain things in different ways, and this will greatly enhance your understanding.

If you want some experienced mortgage bankers to consult in the Long Island / New York City area (some of whom also do loans outside New York State), feel free to message me on this forum.  I don't know if you already own your own home, but if your're looking to house hack in NYS you might also qualify for a SONYMA loan, a lot of local banks do these, you can check their site here:

https://hcr.ny.gov/sonyma

Scott Mac · Answer

You need a downpayment...in CASH...

Conner Olsen · Answer

Make sure the lenders you end up using are investors themselves or work with investors frequently. You want them to be a 'loan advisor'. They should tell you how getting one loan product will impact your ability for future loans and how to structure your DTI to meet your investing goals.

Dominic Pizzi · Answer

Not just local lenders Jace. Anyone can help you in this thread and through outside research, including myself. It does not hurt to give them a call and see what they offer as far as fees, closing times, if they are reliable, etc. Being involved in real estate means having a great team around you (agent, contractor, property manager, lender). Give a list of them a call and choose the best one for you.

Nathan Gesner · Answer

Meet with a lender and have a list of questions ready:

1. What credit score should I aim for? Any tips on how to improve it?

2. What type of loans are available for investments and what are my requirements for qualifying?

3. How much of a down payment will I need for each type of loan?

4. Can I have more than one loan at a time?

Etc.

should i get to know lenders?

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