I'm also looking for my 1st investment opportunity. Any suggestions on where to look for flexible sellers?
Also, exactly how does it work when you approach a seller going to foreclosure?
I don't know ladies and gentlemen, I have an "A" broker that works with everything from great credit to bad credit - then I have a "B" broker that will finance anyone with no credit check, no income verification and no employment verification. He gets 10% or $10K down whichever is greater and the rate is 9.75%. I've cashed out on quite a few rent-to-owners with his program.
Beforehand...my apologies to the "good" mortgage brokers.
I deal with a number of mortgage brokers. I am an "A" borrower. They all leave something to be desired. The only more prevalent commodity are realtors!
However, they all claim to be able to fund A, B & C loans. Some pull it off...some don't.
The trick is figuring out who's going to be able to do a specific deal. I've lost two deals this month due to some who couldn't.
Unfortunately the only guidelines I've read on how to choose a good broker were written by brokers.
"Excuse me Mr. Rumsfeld, but how do you think the war in Iraq is progressing?"
Most brokers will allow you to gain some level of pre-qualification before you ever pay a fee on any kind. Don't get involved with anyone who can't grant at least that much...i.e. no qualification costs. Even then, consider it an only marginally useful courtesy.
OK...I know I'll catch some flack from MBs. So be it.
Allow me to issue the following challenge...
I want an MB who can deliver on what they promise, without excessive delay and run-arounds, 75% of the time.
Oh...by the way ...how about returning calls and following up in a timely manner?
I have yet to see 2 in MBs in a row who can deliver on even these most simple criteria.
If you're an MB that can do that, congratulations, I'm sure you're doing very well.
Let me start by explaining something. There have been a few times in the last few years where I have had a property where moving it in a timely manner was of the essence. Most of the time, and think a lot of fellow investors will agree, people like the property but have trouble getting financed whether I'm selling it FSBO or trying to cash out of a L/P or R2O.
In an effort to find financing resources that could handle this problem I ran across the "B" guy I was talking about above. Utilizing his service has simply provided an additional exit strategy for me as an investor. Now, I can get people financed into the properties I have available with no credit check, no income verification, and no employment history. As long as they can provide three personal referrences and 10% LTV or $10K whichever is greater - and the property appraises of course - they're in! The rate is 9.75%. Crespo, I believe he is working this in 48 states.
With that said, I will answer any questions I can based on my own experience - but please remember that I cannot give out any contact information as that would violate the policies on this forum.
Oh, and I agree with perfecto as I have had the same problems with finding mb's. I have found, however, that mb's reward loyalty. I go to my "A" broker first with anyone I am trying to get financed. For this loyalty he works hard for me. It's all about relationships.
There are no money down programs, would you qualify? Absolutely not.
Would you be able to get a mortgage? Absolutely, with a high rate and a low LTV
Lori
[addsig]
Hi Tinman,
I have a similar situation with one of my cousins. Are you a mortgage broker? What programs are available for people with bad credit?
_________________
[ Edited by roquemcrespo on Date 11/05/2009 ]
I'm also looking for my 1st investment opportunity. Any suggestions on where to look for flexible sellers?
Also, exactly how does it work when you approach a seller going to foreclosure?
I would suggest you look for owner financed properties.
I don't know ladies and gentlemen, I have an "A" broker that works with everything from great credit to bad credit - then I have a "B" broker that will finance anyone with no credit check, no income verification and no employment verification. He gets 10% or $10K down whichever is greater and the rate is 9.75%. I've cashed out on quite a few rent-to-owners with his program.
_________________
[ Edited by roquemcrespo on Date 11/05/2009 ]
Beforehand...my apologies to the "good" mortgage brokers.
I deal with a number of mortgage brokers. I am an "A" borrower. They all leave something to be desired. The only more prevalent commodity are realtors!
However, they all claim to be able to fund A, B & C loans. Some pull it off...some don't.
The trick is figuring out who's going to be able to do a specific deal. I've lost two deals this month due to some who couldn't.
Unfortunately the only guidelines I've read on how to choose a good broker were written by brokers.
"Excuse me Mr. Rumsfeld, but how do you think the war in Iraq is progressing?"
Most brokers will allow you to gain some level of pre-qualification before you ever pay a fee on any kind. Don't get involved with anyone who can't grant at least that much...i.e. no qualification costs. Even then, consider it an only marginally useful courtesy.
OK...I know I'll catch some flack from MBs. So be it.
Allow me to issue the following challenge...
I want an MB who can deliver on what they promise, without excessive delay and run-arounds, 75% of the time.
Oh...by the way ...how about returning calls and following up in a timely manner?
I have yet to see 2 in MBs in a row who can deliver on even these most simple criteria.
If you're an MB that can do that, congratulations, I'm sure you're doing very well.
Let me start by explaining something. There have been a few times in the last few years where I have had a property where moving it in a timely manner was of the essence. Most of the time, and think a lot of fellow investors will agree, people like the property but have trouble getting financed whether I'm selling it FSBO or trying to cash out of a L/P or R2O.
In an effort to find financing resources that could handle this problem I ran across the "B" guy I was talking about above. Utilizing his service has simply provided an additional exit strategy for me as an investor. Now, I can get people financed into the properties I have available with no credit check, no income verification, and no employment history. As long as they can provide three personal referrences and 10% LTV or $10K whichever is greater - and the property appraises of course - they're in! The rate is 9.75%. Crespo, I believe he is working this in 48 states.
With that said, I will answer any questions I can based on my own experience - but please remember that I cannot give out any contact information as that would violate the policies on this forum.
Oh, and I agree with perfecto as I have had the same problems with finding mb's. I have found, however, that mb's reward loyalty. I go to my "A" broker first with anyone I am trying to get financed. For this loyalty he works hard for me. It's all about relationships.
[ Edited by roquemcrespo on Date 11/05/2009 ]