All Forum Posts by: Melanie Fletcher

@Chris Martin. I made roughly 20 calls to interview potential lenders. I researched this lender via reviews, FDIC website, eTc. and had great conversations with this lender, who expressed to me their desire and willingness to fund me because my investment plan was in line with their business. I shared ALL numbers, both personal financial information and the rent rolls, income statements, tax info. etc. for both properties. The numbers made sense. They could make money. I could make money. I was open and honest about my plans from the beginning. They were 'eager' to help.

And...teams are built by working together. I expressed my desire to have a long-term relationship with this lender. I believe they replied with something about how their customers are 'family.'  The things you recommend....I did.  

So, yes, I think that their rationale for denial is bogus. And, if not the bank...certainly the representative was incompetent. 

I think for a company to waste anyone's time and ultimately deny them for something they were aware of from day 1 is poor business practice, whether it happens now or happened to you during the recession. Either way, it feels pretty real. 

Thanks for your response @Chris Martin.  Yes, I am currently out of state but plan to move to Pittsburgh within the next year.  I have no problem with commercial lenders having residency policies.  But, when they have residency policies that they forget to communicate to me...and do not communicate to me until after they have verbally approved my loan and I've paid title money....this is what I have a problem with.  

Over the past couple of days, I have communicated with different lenders trying to find different funding.  Everyone agrees that this sounds 'strange.'  My credit (and my husband's credit) is above 800.  I have very little in monthly expenses.  I have an impeccable history of on-time payment.  Based on what I am hearing from other lenders, this might be a case of red-lining (which is illegal, commercial or not).  The two properties are both located in a 'less-desirable' area of Pittsburgh.  The lender is located just outside of Pittsburgh.  Perhaps they didn't realize exactly where they were located until they did a drive-by of the properties (which they did late in the process).  

So, perhaps they do have residency requirements.  But, if this is ACTUALLY a part of their bank policy, wouldn't they communicate this from day one?  If it is and is not communicated to me in a timely manner, then I consider them to be mischaracterizing what they can do.  If it is not bank policy, then they are fishing for a reason to deny me.   Either way, I think this bank would not like an investigation of their policy.

Sorry.....still obviously a little pissed : ) !

hi @David L.. You're right in that no money has exchanged hands. Our lender kept asking for more (or different) estimates from the contractor. He had to spend his time to visit the home twice. The contractor was willing to help us assuming that he would get the business. If I were him, I wouldn't trust me the next time I ask for free estimates. I just hate wasting others people's time.....the way the lender wasted our time.

thanks @Chris May and @Ben Zimmerman.  You guys are definitely right.  I will move on and find another lender.  I just needed to vent a bit, and I appreciate you guys sharing your opinions and good vibes : )

I know that guys are right..... but @Russell Brazil it's more than $400.   It's a month and a half of time, it's traveling back and forth searching for properties based on this lender's explicit statements of what her bank could do.  It's ruined relationships with contractors because she was not honest...or not informed...or not...whatever.  In total, considering all costs, it's closer to $4,000.  Again, probably still not worth suing : )   But, I'm just pissed.

My situation..... sorry in advance for the long post!!

My husband and I are NYC residents looking to purchase investment properties in Pittsburgh, PA. Since July we have been working with a local Pittsburgh portfolio lender to purchase two investment properties. We were at the VERY end of the process and had been verbally told that our loan was approved for one of the two properties. Regarding the second property, we were trying to wrap renovation costs into the loan. In order to do this, we had to gather numerous quotes from a contractor (all at the request of the lender). We had just submitted (what the bank told us) would be the final renovation quote before the second loan could be approved. We were actually so far in the process that we had already paid the title company $400 for one of the properties.....based, of course, on the bank's verbal 'approval.' At this point, we were told that we were denied for both loans.....because of our residency status.

After months of work (with the bank, our realtor, contractors, etc), we were denied for something that the bank knew from day one. We are out a great deal of time, effort, money and have ruined relationships with Pittsburgh contractors because of their incompetence. The bank now refuses to put into writing the fact that we never mischaracterized our residency status. We feel that there are other reasons (potentially related to questionable lending practices) that have led to this result. 

What can we do to recoup our costs?  Is this even legal?

Thanks !!

Although I keep hearing how 'bad' Wilkinsburg is, I've chosen to invest in the area.  I see potential and want to help revitalize the community.  I've made 4 offers on rental properties in Wilkinburg (all very close to asking price), and I've been outbid every time.  I am moving to the area within the next year, so although I'm learning about the real estate market in Pittsburg, apparently, I have a lot to learn.  

I have a few questions for you Pittsburgh pros....If Wilkinsburg is so 'bad' why are people jumping at homes there?  And, is it a strategy for real estate agents in Pittsburgh to list homes at lower prices to encourage bidding wars?  I actually countered several thousand above list for two of these homes and was still outbid. Any advice for making offers particularly in Wilkinsburg?

Thanks guys!!

beautiful work @John Coleman.  What contractor do you use in the Greenville area?

if you find any properties that you are passing on, please let me know.  

let's grab coffee.  i'd love to hear about how you went about getting these 21 houses!  i live in the upper west but work on 5th and 56th.

thanks @Jason Dillard.  I see you're a wholesaler in Greer.  Not sure if this deal will go through so keep me in mind if you come across any wholesale deals in this area of Greenville.  

Hi guys.  I am looking for an investment property in Greenville, SC.  I have found a home in the Greater Sullivan area of Greenville.   I am getting mixed reviews on the area.  Locals says, 'stay away.'   My local realtor say that it is in 'the path of progress' and would make a great buy and hold.  It is a 4 BR/ 1BA and is pretty much a complete renovation.  I could purchase for roughy 35k and would need to spend another 20 - 30k getting it up to speed.  Anyone have experience with this area?  Do you see downtown moving this way?Where are the other 'up and coming' areas of Greenville that I need to get into now?