Serious Investors...I Need Advice!
Hi All,
I read on another post that several investors are not having any luck with the lenders listed on the tab above. I am a loan officer as well as a new investor and was considering using that tool as a form of advertising (especially since the programs I have seem to be better than what's advertised). 
Anyway, I would like to know 2 things.
1. How many of you actually utilize the lender tab?
2. What problems (other than someone not calling you back) have you ran into?
Any feedback would be helpful.
Thanks!
JP
You've got to have people call you back in order to run into any other problems. I haven't had it happen yet )
Haven't tried recently, but 2 mos. ago, couldn't get anyone listed in OH to call me or email me back. Tried several times.
[addsig]
the problem is , I believe, is that people are looking for the impossible means of financing and are misguided or misunderstood as to what financing is all about
i've never gotten a reply from the lender tab above either. however, when i call the "we buy homes" signs all over the telephone poles around the city here (philly), i get more reception. normally i'm leaving messages when i ask the phone answerer if they can forward me to who may be in charge of hard money loans. today however, i went on a non-stop calling spree and wasn't stopping until i spoke with someone - 13 calls to be exact. then i finally got a call back inbetween my calls and the lender and his partner were both on the line and helped me tremendously. didn't give me money, but told me what to do to be able to deal with them.
what we came to was basically that to be "heard", you have to have a contracted property - anything other than that is just talk. get something tied up in contract, then assuming it's 65-70% ltv (in thier own words) ANYONE will give you money. they said that i should go out now and get 3 or 4 places contracted (if i'm serious about investing) and then give them a call back. very encouraging news for me. i was doing it the wrong way. i was trying to see if they'd even work with me (bad credit, no money) then i was going to shop for a deal.
actually after we hang up, they called me right back and offered me a lead in a surrounding county they don't deal with for a L/O. i was impressed, so i will probably use them. we did have a nice short chat - very informative.
i hope this helps.
I was considering doing the same thing, advertise with lender tab. I wonder how many people have experienced this problem?
Thanks for your replies!
If I decide to place an Ad, I'll let you guys know & I will definitely give you a call back. Even when I'm busy! It only takes 2 minutes to give someone a call & atleast let them know that you're working on it or whatever.
Dave - you have a point, a lot of people are really misguided when it comes to financing. I think false advertising has a lot to do with it.
Jack- I actually liked your way better, I think it's always best to get preapproved 1st. Otherwise, you're just wasting your time & breaking your heart if you go out & find all these good deals & can't do anything with them. A good loan officer will always tell you exactly what to do in order to get qualified. If they don't offer, make sure you ask!
I have to agree with not being able to get to speak to alot of the people on the lenders tab it is very frustrating when all you here from people in this chat arena is go to the lenders tab for such and such. Funny thing is alot of the pleaces I look at it is the them same lender with bunch of different adds but they sure dont contact you back. Sooo im mho if someone asks a question about getting money for a project then someone should be able to respond back to them with a simple hey I know someone pm me for the details. instead of the old stand by use the lenders tab.
New here and was reading some older posts and this got my attention, I am looking for a hard money lender and did click the lenders tab. I was able to speak with a couple of them directly and they were actually quite informative.
But what i am looking for is some feedback from another investor that has actually USED a lender for a deal. I am new to hard money lenders and looking for some personal experiences that may help my first transaction go smooth. One i called chuckled when i said I needed about $72k. There site said they did single family homes but there minimum was $1Million and they only do commercial. I am running out of time to get this deal done but i want to make sure that the lender i choose is not going to take advantage of the fact that i have never used Hard Money financing. So ANY information on lenders would be greatly appreciated and welcomed.
Thank you in advance for any advice.
Scenario: 70% LTV After Rehab
673 mid score
Stated Income
State Michiagn
Quote:
On 2004-09-24 23:46, kfspropertymanagement wrote:
I have to agree with not being able to get to speak to alot of the people on the lenders tab it is very frustrating when all you here from people in this chat arena is go to the lenders tab for such and such. Funny thing is alot of the pleaces I look at it is the them same lender with bunch of different adds but they sure dont contact you back. Sooo im mho if someone asks a question about getting money for a project then someone should be able to respond back to them with a simple hey I know someone pm me for the details. instead of the old stand by use the lenders tab.