Filling out loan applications is the worst! Can I delegate this?

5 Replies

I love the BRRRR strategy, but the more properties and LLC's I get, the more painful the loan process is. Does anyone have any tricks for simplifying the loan application process? Ideally I'd love to just hand this off to my CPA or an assistant. Is that something people do?

I'd love to get this sorted so I can scale my portfolio, however I'm afraid this might be a part of my life now.

@Andy Whitcomb Agreed. You can gather most information you need to make an investment choice with a bank prior to the application process (including reviewing their processes).  Ideally, you would narrow down your choices to ~2, then apply.  

Back to the central question, can a VA fill out the application? I suppose. However, I wouldn't turn over the full process as this is such a pivotal part of your business. Here some ideas to make it go smoothly:

- Put together a financing file electronically that you can share (maybe you have done this already). This is a heavy lift initially, but well worth it. 

- Then you can have a VA keep that file updated monthly or quarterly so you can make the applications.

- This is also another reason I like working with brokers who do all of their business through an online portal. You can put in 1 application online, update a couple of documents between appications, and get lending in multiple states.

@Frank Hinck Thanks for your response. Yes, I've already done that and narrowed it down to the lender that I want to use. It's less about the time to actually fill out the forms as much as it is about compiling all of the information they require.

@Whitney Hutten Thanks for your thoughtful response to another one of my questions :) 

Yes, you are touching on the bigger issue that I need to solve. The consolidating of all of the information that lenders request so I can send it to them easily. I haven't yet put together the file as you recommend, mainly because I wasn't sure what all information I need in there. So as I go through this REFI, I'll be making note of all that info and gather it as I go. I like the idea of having a VA keep it updated, as that would be just as important as compiling it to begin with.

The online portal is also a great point. I'll ask the lender I am working with now if they have that, as they haven't mentioned one so far.


 

@Andy Whitcomb

Once you pull that info together 1x which would be on you to compile, them doing the App is fairly rinse&repeat, yes a CPA not a VA would be the right person. It's all about your time & value vs the CPA hourly cost.