Vet Your Lender
Be able to vet a lender with the right questions:
a. When do you start using rental income to help me qualify? (the answer needs to be immediately)
b. When do you start using “After Repair Value” on my property? (also needs to be immediately)
c. How long do you need me to be on title to refinance? (this is important if you do need a short term loan to purchase then refinance out - and the answer should be 1 day...very important that it is 1 day on title is all that is needed to refinance)
d. What is my minimum down payment required? (if they only require 15% down on a single family home that is usually a good sign that you are working with a flexible lender)
e. How many loans can I have with you?
f. Can I change title to my LLC?
g. Do you sell your mortgages?
h. What is your loan minimum?
i. Can you explain to me what your reserve requirements are?