Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
About a month ago I finally closed on the purchase of 4 single-family properties. It took over 3 months thanks in large part to lender incompetence. Here's my take-away from the wretched experience:
Use a lender you have already worked with. If not, give the new lender only a single property/deal in order to determine their viability, process and hidden fees. Giving an unproven lender the entire portfolio is a significant risk.
Birmingham, AL · Member since 2018 · 37 posts · 6 votes
7y
Congratulations on the close. It's unfortunate that you had to go through those issues with the lender. This is some good information I will make sure to remember as I start to scale up.