All Forum Posts by: Jesse Rivera

It depends on the credit union. Most are pretty conservative, but I know a couple investors that have a great relationship with the CU and do loans with them. I think only a very small minority of CUs are like this, but worth a try talking to your local CU or community bank.

Private money is essentially the only way. Anyway, that's how I do it. The regular lending process takes too long, and many lenders won't teven touch auctions. 

Just make sure it's done correctly. I'm dealing with 2 refinances with liens for private loans and neither was done professionally. One was paid off 5 years ago, but the lender never signed nor recorded a satisfaction of mortgage. The other one, the private lender lost the not and deed of trust, and now lives in Paris. Ugh.

Experience. Expertise. Great rates. Communication. Execution.

And good hair.

Yes, a new lender can use an appraisal from a different lender.  But normally, the appraisal is owned by the old lender  (they are the client to the appraisal company), so you will need their permission. Unfortunately,  some lenders don't play nicely. 

Welcome to bigger pockets and investing. My biggest advice is to find a mentor, someone in your area that is doing what you want to do. If you find deals, partner with him/her, and learn the business. There is a lot to learn. This is a great business, but if you don't know what you're doing, it can bankrupt you. 

Whatever you decide, start small. Develop your systems, processes and relationships. Learn from you successes and from your failures. Don't try and do it all at once, you don't know what you don't know yet. Build your team. Ask questions, seek advice. 

Once you've got some experience, then start to scale.

Have your escrow agent/attorney do it for you. Easiest.

The big debate.

Welcome to the lending side of RE. It's a great business! Network, network, network!!