All Forum Posts by: Jon Puente

NMLS ID's belong to both the LO and the company.  I personally have my own NMLS ID and so does my company (you can find me and my company online).  If it's a credit union, they are a federal institution so the LO's are not responsible to be individually licensed.  Sounds like he wants credit for the loan by doing it under someone else's name who is licensed.  It's not "normal" per se, but it does happen.  

There are a million lenders out there, so why are you continuing to pursue something that you do not feel comfortable with?  That is exactly why I said "Trust your gut feeling" on the original post.  Go with someone else if you are hesitant.  Its your money and your personal information.

Hey Kevin, 

You want to look at reviews and reputation (just like buying any product or service). 

I would hope that they have an NMLS ID (otherwise they aren't a legitimate lender). 

You can stick with the individual LO when they make a move, if you like them, but are not obligated to. 

Does not matter about how long the company has been in business.  Wells Fargo has been in business forever and they are atrocious for mortgage lending (just an example).

Local lenders are great for information about the area, but doesn't really matter for rates/costs (the actual numbers). 

You are looking for transparency.  How willing are they to walk through different situations to help you save money?  After you talk to them, how good do you feel about working with them?  Trust your gut feeling!!  Numbers matter, but so does service and willingness to answer phone calls when you (the client) has questions. 

Hey David, 

No you shouldn't.  You dont really have any "liability" with 1 property.   Just buy a property in your personal name and learn the game first. 

Yes, you can work another job and be an MLO on the side.  Tons of people do this.

No, you cannot work at 2 mortgage companies with both sponsoring you (has to be one or the other). 

Hey Alex, 

From what I am seeing and hearing from the agents/investors that I work with, a lot of investors who own properties are starting to transition from LTR to MTR/STR model, and housing professionals/nurses + the occasional booking on Airbnb/VRBO.

A lot of real estate right now does not cashflow or meet the 1% rule, so unless you buy at 70% ARV (or below) and add value, you are probably not cash-flowing at all.

The only way it would make sense to have little cashflow is if the location is PRIME and you are betting on appreciation over the next 5 years. Even then, its hard to justify. 

Great discussion!

Hey Eric, 

I have only had 1 buyer shop me with Zillow Home Loans, and it was very interesting.  The buyer told me she was pre-approved with Zillow and when I asked what they preapproved her for, she told me the rate and term.  However, they dont mention closing costs or how many upfront costs being charged.  

Even worse, she didn't even submit her docs to them fully.  They just took her word for it and issued a pre-approval.  There is no way I am trusting Zillow Home Loans for a valid approval.  Just my .02 based on experience! 

Hey Benton, 

I am a mortgage broker local to Charlotte, NC. FHA rates are extremely aggressive right now, so its a great choice, but there are other options too that we should look at.

Hey Vince, I am a mortgage broker that transitioned from retail to wholesale and am happy to share my journey with you!  It's very easy to do, just need to find the right company that aligns with your values and goals. 

Hey Robert, 

Just working off of the info you provided, I actually do think its a good deal, especailly if seller is financing 200K (hopefully at a rate 5% or below). Rents increasing $500/month is very good in the future. Your CoC return is roughly 10-11%.

The only thing I do not know is any upgrades or reno that might need to be done.  If its turnkey or close to, then yes I think its solid!

Great Question.

Hey Chris, 

There is a property tax calculator online for South Carolina, and you would have to know the millage rate for that county.  What I think you should do is reach out to a title attorney local to Columbia and ask them to calculate it for you (or at least give you a rough idea). 

Taxes in SC are fairly low compared to surrounding states.  For example, on a 150K house, the property taxes will probably will be close to 3K annually for second home or investment property. 

Talk to a Title Company or Closing Attorney!