Our Top Tips for Finding and Vetting a Good Lender

In this episode Emil, Tom and Michael discuss the most important factors to consider when looking for financing. --- Emil: Hey, everyone. Welcome back for another episode of The Remote Real Estate Investor. My name is Emil shour, and today I'm joined by my cohost,   Michael: Michael Albaum,   Tom: Tom Schneider.   Emil: And we're going to be talking about how to find and vet lenders, a big part of your real estate investment team. We're going to be tackling each one of the key players in its own unique episode. And in this episode, we're going to be tackling the lender. So let's hop in.   Tom: Hey just want to let everybody know we're running a special deal with Roofstock Academy. If you want to talk to Michael and myself or any of the Roofstock Academy coaches, we are running this program right now where it's $101 off with the coupon code SEPTEMBER. This is Roofstock Academy. It is risk-free, includes coaching, over 50 hours of lectures, the Roofstock playbook. So we have our templates for interviewing vendors, all kinds of information, plus a lifetime satisfaction, full refund guarantee. And on top of that, Roofstock will pay you to invest If you invest on the Roofstock marketplace for every transaction on Roofstock, Roofstock Academy, we'll pay you $500 for the next five transactions, individual properties. So that's $2,500 worth of cash back. The coupon code that we're running is September. The coupon code is September, and that's going to be $101 off your purchase of Roofstock Academy to make the purchase go to Roofstock academy.com.   Emil: All right guys, before we get into the topic, some we always love to do what's going on in your world as it relates to real estate investing or not just what's going on, Tom, kick us off.   Tom: Oh boy. Having some issues with mail stuff. So I'm refinancing my primary and I took the advice of opening a HELOC then. Awesome, awesome. To have that line of credit, but I closed it out just because my lender wanted to close out the HELOC, uh, to do the refinance. And I'm waiting on the mail for the letter saying that the HELOC has been closed out and I'm like kinda concerned. It's been like two weeks. And I said, they sent the letter. So that has really put me on hold. Cause I plan to use that HELOC to go, uh, do some more rental property fishing. Cause I have to close the HELOC, open the new refinance and open the HELOC again. So just going through that rigmarole. So right now it's waiting on the snail mail.   Michael: They can't email you or fax you that letter.   Tom: I'm going to try it. You know, and another thing lenders will sometimes do is they have these third party, intermediary calls, I guess, is related to real estate investing. Also primary owning is they will have a third party company they'll call you. And then they'll loop in like a conference, call your bank and then they'll say, Hey, please confirm whatever your social, whatnot to confirm your you. And then they can get whatever answers they're looking for just over the phone. Cause they have you kind of authenticating for that third party confirm. So I'm trying to have them do that. And I'm trying to explain them that, Hey, can we do this? And might've kind of butchered my requests for them to do it. Hopefully can, but we'll see. I mean, that's a good question, Michael. I'm gonna knock down some doors trying to make it happen.   Michael: Yeah. When they ask you to confirm your social, how do you answer?   Tom: I, Oh boy. Get, get outta here, get outta here. I'm not getting my social.   Emil: Almost got him.   Michael: So close. So close. I could see you thinking about it? Like yeah, my social is.   Tom: Yeah.   Emil: That's never fun. All the like back and forth and forms and like   Michael: Just jumping through hoops, it seems like it's not a streamlined process.   Emil: Yeah. It never is. That's part of it. It's part of the game. So what about you Michael?   Michael: Yep. So do to close on that six unit I'm