In nearly every city or town in America there are a
few different types of real estate agents and brokers. Some of these
professionals deal primarily in single family homes for individuals,
others deal with commercial real estate transactions, and yet a third
type deal primarily in investment real estate. If you are looking to
invest in the real estate market, you will want to find a real estate
agent or broker who deals with investment properties and the unique
needs of real estate investors on a day-to-day basis.
The Investment Real Estate Specialist
The
reason for dealing with a realtor who specializes in investment
properties and transactions specifically with investors is simple; they
understand what we do for a living and how we handle our transactions
differently than other real estate buyers.
For example, real
estate loan prequalification letters have become the norm these days
for anyone who wants a realtor to show them available property. And, if
you think about it, this does make sense for the realtors. Why should
they bother spending their valuable time with buyers who cannot
ultimately qualify for a loan? They don't want to. So, they pretty much
all require home loan prequalification before they will deal much with
a buyer these days.
The good news is that for those of us who are
investors, and who often use creative financing in one form or another
on our deals, we are able to do business with the investment real
estate agents without having to produce mortgage loan prequalification
letters and lots of other documentation. All we have to do is let them
know that if they can find us the deal, then we can get it financed one
way or another.
Hard Money Lenders and Real Estate Loan Prequalification Letters
If
you will be using hard money for your investment transaction, then it
is possible for you to get a hard money lender to write you a mortgage
loan prequalification letter. The hard money lenders deal with realtors
as well, and they understand that some of them can be pretty insistent
on mortgage loan prequalification.
Ultimately, if you deal with
an investment realtor and try to avoid those who do not thoroughly
understand our business, you should be able to minimize your document
and prequalification headaches.
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This topic is near and dear to my heart.
When I started my RE career, I heard about the necessity of finding private
lenders. In fact I even found two.
But then I stopped. For four years I PROCRASTINATED. I didn't get
it!!! For four years I continued to go to banks and jump through their hoops.
I also had used hard money lenders, but found them VERY expensive
When choosing a lender, whether you are buying or refinancing, the initial impulse for many people is to look for the lowest interest rate possible. Yes, the interest rate is very important, but the truth is that lenders these days offer very similar rates, so other factors may be even more significant. To pick the right lender, it’s not a bad idea to call up a few and quiz them a bit. Here’s what to look for…
