Need REI savvy mtg broker for MN deals. - Posted by LeAnn

Real Estate Investing Real Estate Financing
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Posted by LeAnn on January 08, 2003 at 11:07:53:

Thanks Lyal, for your post. I had considered whether or not to write a biz plan, and agree that it would be beneficial. I also believe that a good broker can benefit my business as well. Aside from finding financing, they can be a great source of t/b with cash that need time to qualify for loan, etc. But you are right, I will need to have a biz plan.

Thank you so much!
LeAnn

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Need REI savvy mtg broker for MN deals. - Posted by LeAnn

Posted by LeAnn on January 07, 2003 at 13:26:08:

Good Afternoon!

I am a newbie real estate investor looking for a mortgage broker licensed in MN to do my deals.

I have one that I worked with on a previous deal, but it doesnt seem that he has much experience with working out creative deals and getting them done. I have decent credit and have been pre-approved thru him for other purchases, but I need to keep my options open to get the best terms. I also want to pre-qualify my t/b thru this person, so I can get paid on my l/o deals.

Someone that understands from the get go that I want to get into a deal with as little out of pocket as possible. For example, I ran the idea of utilizing down payment assistance grant programs that allows n/o/o by my current broker and he didn’t know what I was talking about or how to present this to a lender.

If anyone is using or knows or IS a creative thinking broker, please email the referral. I want to establish a very good and profitable working realtionship with this person.

Have a GREAT day!

Thanks- LeAnn

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Don’t discount mtg brokers… - Posted by Barbara_NY

Posted by Barbara_NY on January 08, 2003 at 15:27:54:

I agree Lyal’s post is worth considering. Local bankers ARE the way to lean when looking for a biz loan or a line of credit. They are local… know you personally, and will often go the extra mile to assist. However, don’t dismiss morgtage brokers and mortgage bankers so quickly.

I’m not from MN but can tell you there are plenty of brokers and bankers who have private investment money and/or special accounts to assist investors. The majority of traditional banks have a limited portfolio of products to offer.

One example is that companies like Neighborhood Gold(www.neighborhoodgold.com) have relationships with lots of brokers (see list on their site) and when you need some extra help it’s always good to have a flexible broker or banker with lots of plans and programs available.

Good Luck to you.

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Re: Need REI savvy mtg broker for MN deals. - Posted by Lyal

Posted by Lyal on January 08, 2003 at 08:44:31:

LeAnn,
IMHO, the best person to work with is not a mortgage broker, who is commission based, but the loan officer of a small, local bank. Many of the managers of small branches are loan officers and also have a “Vice President” title which means they have some leeway in making lending decisions. You need to put together a business plan (you can get more details on that in the archives on the Financing Forum) and start knocking on doors. Explain to them what you want to do and how you plan to do it. It’s a tough process (I was thrown out of one such bank) but when you find one, it’ll be the biggest piece of your puzzle.
All the best, Lyal

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Re: Don’t discount mtg brokers… - Posted by LeAnn

Posted by LeAnn on January 09, 2003 at 24:44:01:

Thanks Barbara-

I believe that I should utilize as many methods of financing that are available to me. It’s always good to have choices. I appreciate your response.

Thanks again-
LeAnn