All Forum Posts by: Michael Williams
Michael Williams has started 65 posts and replied 199 times.
Post: Interviewing Residential-Commercial Lenders
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
I have recently secured a private lender and I've just received the funds in my account to purchase a small (2-6 unit) multi family property. I would like to speak with 5 or more lenders before I purchase a property, what are different terms and conditions I should ask for when speaking with multiple residential and commercial lenders? Should I contact local lenders at banks and credit unions in my area or should I also speak with lenders outside of my city/state?
Post: Interviewing Residential/ Commercial Lenders
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
I've recently secured a private lender and I've just received the funds in my account to purchase a small (2-6 unit) multi family property. I would like to speak with 5 or more lenders before I purchase a property, what are different terms and conditions I should ask for when speaking with multiple residential and commercial lenders? Should I contact local lenders at banks and credit unions in my area or should I also speak with lenders outside of my city/state?
Post: Interviewing possible commercial lenders
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
I've secured a private lender and I've just received the funds in my account to purchase a small (2-6 unit) multi family property. I would like to speak with 5 or more lenders before I purchase a property, what are different terms and conditions I should ask for when speaking with multiple residential and commercial lenders? Should I contact local lenders at banks and credit unions in my area or should I also speak with lenders outside of my city-state?
Post: Interviewing Possible Lenders
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
I've secured a private lender and I've just received the funds in my account to purchase a small (2-6 unit) multi family property. I would like to speak with 5 or more lenders before I purchase a property, what are different terms and conditions I should ask for when speaking with multiple residential and commercial lenders? Should I contact local lenders at banks and credit unions in my area or should I also speak with lenders outside of my city/state?
Post: Making offers on properties without Prequalification letter
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Quote from @Olivia Radziszewski:
@Michael Williams- I would wait until the funds are there and you are able to get a letter. Did your lender tell you that you cannot make an offer until the funds are in your account? Depending on the situation and the type of loan you are looking to get and what your current financial situation is you may be able to get the letter sooner than you think. Good luck!
Yes, my lender told me I need to have the funds in my account for two months before I qualify for a pre approval letter. Thank you
Post: Making offers on properties without pre approval letter
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Quote from @Robin Simon:
Quote from @Eliott Elias:
Get a pre qualification, it's free. Are you serious about these offers you're making?
Its definitely pretty easy process to get a pre-approval from a mortgage lender - there are quite a few that hand them out like candy
Post: Making offers on properties without pre approval letter
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Quote from @Caleb Brown:
No no no, I would not. I would also talk to a lender before transferring large amounts as a down payment. Underwriters are picky and you need to get the loan squared away.
I spoke with my lender and he said I need to have the funds in my account for two months before I qualify for a pre approval letter.
Post: Making offers on properties without pre approval letter
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
Quote from @Nathan Gesner:
Quote from @Michael Williams:
How would I be able to make offers on multi family properties in my area without a pre qualification letter from my lender? I have a family member who will loan me the down payment on a multi family property, they have not transferred the funds into my account yet. How would I still be able to make offers on properties? Or should I just wait until the funds are in my account and receive a pre approval letter from my lender?
Talk to the lender first. If someone is going to gift you money, or even loan you money, the bank will want to know where it came from and they may require it to sit in your account for a certain amount of time before you can use it to qualify for a loan.
I spoke with my lender and he said I need to have the funds in my account for two months before I qualify for a pre approval letter.
Post: Making offers on properties without pre approval letter
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
I spoke with my lender and he said I need to have the funds in my account for two months before I qualify for a pre approval letter.
Post: Making offers on properties without Prequalification letter
- Rental Property Investor
- Sacramento, CA
- Posts 202
- Votes 82
How would I be able to make offers on multi family properties in my area without a pre qual letter from my lender? I have a family member who will loan me the down payment on a multi family property, they have not transferred the funds into my account yet. How would I still be able to make offers on properties? Or should I just wait until the funds are in my account and receive a pre approval letter from my lender?