The Secret To Getting Lender On Board With Your Deal

Our previous show guest mentioned that if you're gonna talk to a lender that you haven't done business with before, make sure you have everything in order. So for him, he had all his financials, he had information about the property itself, pictures, he had his financials, business plan, he had pretty much everything that he could think of to help him make a more educated decision on his part.

So the lender was impressed that he knows many things and then said he will let him know tomorrow later than he went the next day and he checked out and he said let's do this, by saying to him that he brought the deal to him looking prepared, it looked like he was ready and the lender said he is going to help him, so that was a local bank and you only need one yes. And he was a little bit afraid to get to hear no when he was talking with that bank and when he heard that first no, so he didn't want to get another no, but if you only need one yes and you just kept driving, I got a hundred no's, I guess I'm just gonna go home...and he has been there, but it only takes that one yes.

So he held the property little under a couple of years and so he did bring in a partner and he's a good friend of his, he's actually invested in several his other deals. So he partnered on this deal and he's the actual contractor on the single-family things, so he does a lot of work in commercial space now these days. He ended up holding it for 19-20 months, the returns were pretty strong and it was a good first deal, it was a sale, but it was also a good opportunity to do a refinance and so he looked at both options, sometimes he kind of regrets not doing a refinance, because it was such a good little property, but same time he is doing bigger deals now and so it is okay and then it did take some time, so if there's time that goes involved into that kind of deals or smaller deals then a lot of people don't really think about from the very beginning, it's a lot more time-intensive and so he is able to save a lot of that time.