All Forum Posts by: Andrew Postell

@Ryan Keenan this is a common issue with investors. Some banks just don't understand our world but some banks also have these things called "overlays". Overlays are the extra rules banks put on top of the normal lending rules. For example, FHA states you CAN have more than one FHA mortgage (under certain exceptions) BUT the bank can say that they limit you to one FHA mortgage no matter what. So dependent on which bank you go to you may hear a different story. And that's why there are so many different stories on lending out there. I would recommend just finding a lender who has NO OVERLAYS and that can also close on time.  Then you will have the most flexible lending that can find.  If you are using an FHA loan to buy a primary home you may run into some resistance when you have 7 properties but owning 2 should have no issues with a lender with no overlays.  Private Message me if you need more information.  Thanks!

@Christopher Hu you can certainly ask your realtor about this but most sellers will downgrade an offer if it comes from a national bank.  National Banks cause too much stress for sellers (and buyers), they miss closing dates, and sometimes ruin everyone's working relationship in the transaction.  If you want your offer to be considered first then please do look at a local lender.  It doesn't have to come from a broker but someone in the market that is use to closing on time is what you should be focusing on. A broker or local lender is acceptable.  This is usually NOT the case but even if a local lender is higher in costs it will only be by a $100-$400.  And usually they will be willing to match offers as well.  The cost of the loan is usually negligible if anything.  Good luck! 

@Darren S. Bob Riley with Exit Real Estate.  He is a Property Manager in Jacksonville that I have used for several years and I feel very comfortable recommending him.  Even if he can't help with this particular property he is so plugged in he can direct you to a very reliable person who can.  Tell him Drew from Texas recommended you to him.  Good luck!

@Assaf Furman the broker is the correct party to report.

@Cesar M. glad you got started with Bigger Pockets.  If there is anything we can do to help please let us know!

@Robert Rainey I would highly suggest Training Pro.  They are very good and would recommend them comfortably.

@Derek Rocco were  you working directly with the sellers or was there a 3rd party involved in between you and the sellers?  It sounds like the sellers were at least open to having some discussion.  I would suggest, if possible, to do some sales 101 techniques.  What I mean is why is the seller selling a great property?  Whatever their reason to sell is what we need to focus on.  Understanding their position on this could lead to  you getting more deals closed.   You may not always be able to even speak with the seller and even if you DO know their motivation you still aren't guaranteed to close the deal but I believe it would lead to a higher success rate.  Hope this helps!

@Assaf Furman based on how you are describing this scenario is sounds like this incident should be reported to the Consumer Financial Protection Bureau. That is the federal agency that handles these sorts of things and this scenario sounds like it should be brought to their attention. 

@Paul I. I feel that there is something here we are missing - why are you closing on a higher than normal interest rate?  It is extremely unlikely for you to refinance right away to get a lower rate.  Rates have been increasing over the past several weeks and are likely to continue.  If you feel that you could refinance to get a lower rate - why not just go with a lender that has a lower rate right now?

@Shane M. this is certainly a question for your tax professional but I have seen many people setup a business entity for this purpose.