If you have listened to bigger pockets 135 or heard Brandon/Josh talk about it you know what I mean when I ask what are those documents you MUST have when going to a bank/lender?
I would like to use my duplex as proof that I can use to expand my real estate business. My thought is that by getting someone to loan me funds to expand my real estate business I will need documents that can display my knowledge/competence. I am just wondering what would be some of the key documents to show a lender/bank? I assume:
- Profit and Loss
- Before and After Picture
- Maybe a personal balance sheet?
What else should I have in order before going to speak with someone?
Call them and ask :)
haha thats how I know I'm overthinking things...
It may help your cause if you have an idea of what they might want, like;
2 years of tax forms
Definitely, personal balance sheet, or called an individual financial statement, where you fill out what your assets and debts are, loan balances on properties, market value of properties, car loans or free & clear, bank balances, life insurance, etc
Profit & loss statements, perhaps a portfolio of your properties (before/after)
Last 2 pay stubs, if you have a job
Just a conversation about what you've done, what you want to do, etc. and what 'programs' they have available that may fit your needs, sometimes helps to come from the perspective of interviewing them rather than them interviewing you. If they are not interested ( it may be they just don't do that niche), go down the road & check out the next bank!
Just off the top of my head for starters.
Most lenders will want a Personal Financial Statement (PFS). If you want a copy of the one I use, send me an email.
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