Lenders/Forum Recommendations
I feel that the lender tab is a waste. >
Most don't return calls and seem bogus. It would be nice if there was a section were forumers could share their financing info such as who they have had previous loans with in the past and give referrals. Ex. I just received a loan from Company Y doing a 95% LTV on a 4 unit . I have spent the past 3 months with brokers who could promise what they could do only to not return calls, quit the company or blame declines on their lenders after I told they what I needed, my personal stats and included FICO info "beforehand". Not to mention with identity theft so rampant it is best to be careful who we are actually giving our SS# to. All it would take is an unscrupulous person to insert their info above to instantly become a "lender" 
.
I do hope that this suggestion will honesty be considered.
To: Fmmp.
If you have a question that is a request for an "exact" You give the property information and where it is and what you are trying to do and what you have done to date. Then ask. Is there a better way to do this transaction? What lenders are available to fullfill my requirements? If my structure is incorrect how best to change it so I can complete? Etc. Etc.
With this displayed on posting. We will all chime in and lay it on you. Some of this information will be informative and spur you one. Some will be negative in content but will also spur you on to make the changes. Some will just be superfluous. Thats me. Are you ready?
Post away. Lucius
Quote:
On 2003-12-24 18:47, Lufos wrote:
To: Fmmp.
If you have a question that is a request for an "exact" You give the property information and where it is and what you are trying to do and what you have done to date. Then ask. Is there a better way to do this transaction? What lenders are available to fullfill my requirements? If my structure is incorrect how best to change it so I can complete? Etc. Etc.
With this displayed on posting. We will all chime in and lay it on you. Some of this information will be informative and spur you one. Some will be negative in content but will also spur you on to make the changes. Some will just be superfluous. Thats me. Are you ready?
Post away. Lucius
Lucius with all respect:
1. I am not the first person to suggest that the lender tab is a joke.
2. Believe me I have given the brokers all info such as property price, my d/i ratio, yearly earnings, FICO score, cost of loan(?), current lender prospects(?) etc. before allowing them to pull my credit.
3. When it all boils down to it the broker is in control of obtaining the loan for you. So if you know of one let me know.
4. I have seen previous posts where forums have requested financing info only to have the thread locked with the request to check the lender tab.
5. Referrals from forumers will save all alot of time and grief.
6. As for as the negative comments that may occur I really don't care, unfortunately my career has taught me to overlook stupidity (not that you are) so bring it on!
P. S. I thought we were all here to learn?
fmmp,
Glad to meet you.
I have seen your summary more than once from others so you were not out of line in your request.
The problem with your suggestion is that you would have some lenders, etc., board hustling or promoting themselves so you would probably not get accurate information unless you could get an unbiased opinion.
Maybe a "Lender Review" section as they have for the Partners here would be the answer. If they actually get the job done then they would have plenty of business.
John $Cash$ Locke
Thanks John, I agree!
it would be informative to have a lenders section for "how to-" because for me lending is the hardest part of the whole process. you can easily find the deals but the lenders can hold the deal out. ggod luck. kenmax
I created the Lenders tab a while back because we did have a lot of board hustlers wanting to do loans. From my past experiences with searching for loans, the lenders would only give me loans from a owner-occupied / conventional point of view. Not from an investors point of view.
As with any website, or process, it will be a matter of time before we have all the features you want in a REI website. A lender review area isn't a bad idea.
Lender Review Section......
So when does it start?
I second the lender review forum. It would give our posters a way to checks and balance the many different lenders that are out there. The only problem I see is wouldn't that create a new way of board hustling in that it would create an easy way for lenders themselves to badmouth the competition and praise their own services. But thats why you guys get paid the big bucks, to figure out these problems.
Hmm. You got a good point. Let's think about this for a while.
Quote:
On 2004-02-03 16:08, dajackhammer wrote:
I second the lender review forum. It would give our posters a way to checks and balance the many different lenders that are out there. The only problem I see is wouldn't that create a new way of board hustling in that it would create an easy way for lenders themselves to badmouth the competition and praise their own services. But thats why you guys get paid the big bucks, to figure out these problems. <IMG SRC="images/forum/smilies/icon_biggrin.gif">
I advertised on the lender lab and had several responses from borrowers. Most were cooperative but many gave me incomplete information and scoffed at the idea of pulling their credit. I also had a few shop their loans only to have their credit score fall below my limits. Borrowers need to take responsibilty for their actions and keep up their end of the transaction. Not all borrwers or brokers are created equal.
If you need help pm me and I'll see what I can do
Hi. My name is Charlie and I am not sure if this is the place to post this.
I am a newbie real estate investor. I am talking to a couple of mortgage brokers about working for them dealing exclusively with investors. I have a few questions.
1.Please tell me about the investor lab. If I accept the position with the company, they will help get me started (advertising cost included) I want to know how people feel about the lab and whether it is working. I only saw one lender in Maryland and was not impressed so far. I want to know that if I advertise that I will get a good response rate. I do return calls and am hungry for the business.
2. I would like some product recommendations from supporters of the sight. I saw Wendy Patton's article and a couple of her products on partnering with mortgage brokers. Are there others like that as well? (I am asking because I have spent too much money on products that are not helpful. I know the folks here have excellent reputations.)
Also any other advice would be welcome.
Thanks for reading and helping.
- Charlie[ Edited by CharlieG123 on Date 02/17/2004 ]