All Forum Posts by: Nicholas Salman

Abner that is awesome that you are this wise, this young. You are doing an amazing job. In an industry like yours you’re most likely going to need a 2 year history (although college is fine for an LOX) and 20k a year is going to be pretty tough to be honest. I love your mentality and I respect and appreciate what you are setting out to do. You will get there and I would love to connect and help along the way!

Hey, Kyle! I love that you’re setting out to invest and it’s even better that you came here to gather the knowledge, as you are who you surround yourself with! Lakewood, Ohio city, Parma, Parma heights, Fairview, Tremont, and a couple others are really good areas in or nearby Cleveland. Let’s connect so I could further help you on your journey!

Hey Mihkail! That is so exciting that you are setting out to become FI. Real estate is one of the best ways to achieve that. I am an investor and also on the lending side. I would love to connect and see how I can provide value! Look forward to hearing from you!

Hey, Keith I love your eagerness to invest. However, I do think this might be a little tough to find and I believe that you will realize it won’t be worth the headache in most instances. I would love to talk more about it and hear more about this and see how I can help out!

Hey, everyone, today I wanted to give you the underwriting blueprint.  

What are underwriters looking for? A good rule of thumb we follow is IPAC.  IPAC stands for:

Income: How much are you making and how consistent is it? This is also big in calculating the DTI (Debt to income ratio)

Property: How much is the property you are looking to purchase or refinance worth?  Is it up to par with the loan amount you are seeking? A lender will schedule an appraisal to assess the value of the property and, in turn, fund your loan.

Assets: We will have to verify assets in order to be able to close the loan.  If there is no proof of funds for Down payment, closing costs, and reserves, you most likely will be SOL. 

Credit: Often the what is thought of the Gold standard of borrowing, is credit.  Although it is a crucial part in the process it is not everything, just one of the "4 pillars" we like to refer to these as.

I hope this helps all the new and current buyers and investors.  I love getting an opportunity to connect and share stories, mostly being able to help and provide value in any way so feel free to reach out!

Hey, all!  I just wanted to ask the advice of mostly realtors on what you desire from a relationship with a lender?  I have been able to initiate relationships but I want to continue to grow the relationships without coming across as business only or pushy.  I'm sure it is as simple as just getting to know people over time but just wanted some insight from the other side!  Thank you all!

Hey, Ben!  Love to see you on here, I think you have a really solid plan.   What has worked best for me is zillow and trulia.  You will have numerous applicants but there are a few tips I can give you on filtering through them.  LEt's connect and talk more brother!

Wow 23!?  That is awesome Will! I got my first duplex at 24 and fell in love with real estate enough to become a lender!  I would love to connect and hear more about your journey