I have a meeting with a mortgage broker at Wells Fargo on Thursday to discuss the credentials I would need to be able to refinance a future home after it is rehabbed. I am wanting to invest in my first Brrrr. I have the capital and am ready to hit the ground running but want to get all of my ducks in a row before I begin. What kinds of questions should I make sure I ask the lender during this meeting with her? Also, how exactly do I present myself? Thanks for any advice! :)
@Kyleigh Morgan , I would recommend that you present yourself in a professional manner. You want to potentially build a lasting relationship, and you don't know if this is someone that you might use for future deals. In regards to questions, I have a word doc that I created for this exact purpose, and I have used it to find my banking personnel. Feel free to hit me up on email or PM and I would be glad to send it to you. I wish you the best of luck!
Sounds like these are all just preliminary discussions just be your self let them know what you plan on doing. find out the loan costs, the rates, time period you would have to wait prior to your refi, loan terms, loan min/max, what documentation is needed, what is the criteria needed to be met for approval
Ask that loan officer their experience working with investors? How frequently they do cash out refinances? Ask them how many mortgaged properties or cash out refinances they can go up to? (10 are allowed, not all lenders will) Ask them how soon you can cash out refinance after purchase? (6 months from closing unless doing delayed financing - prior to 6 months - only if you paid cash)
If this is something you want to continue doing - cashing out and may possibly be paying cash for the properties in the future; Ask them if for delayed financing they allow you to include renovation costs on the closing documents of the purchase as an initial investment to recoup your costs prior to 6 months.
@Matt Crusinberry - that sounds super helpful and I'm actually interested as well. Would you be willing to PM that to me? Thanks for the advice on this thread, btw.