Show me the money! – As you build your Real Estate Investing Power Team you may want to have several questions that you ask each potential member.
There is not an exact script to interview your Banker, but here are several questions you can consider asking your Banker:
1. What types of mortgages/loan products do you have for real estate investors?
2. Do you have a seasoning requirement? If so, how long is that requirement?
3. What percentage amount will you loan based on loan to value?
4. Will you base loans on the appraised after repaired value rather than the purchase price plus repairs?
5. What is the total loan aggregate amount you will loan to each investor?
6. How quickly can you above a mortgage, refinance, etc.?
7. Are you authorized to approve mortgages or does it go in front of a board or banking committee?
8. Do you retain your mortgages as in-house portfolio mortgages or sell them on the secondary market?
9. What are the current terms, conditions and rates for the various mortgages you offer to investors?
10. If I do business today, would the approval process be faster because you have a majority of the boilerplate paperwork already as we present other potential property transactions?
11. Are there any penalties for early payoff?
12. What are the application fees and loan processing fees?
13. Can I get an email and secondary number (either cell phone number or office phone) to contact you with further questions?
THIS IS MY BUSINESS!
Remember every day you need to say and repeat…THIS IS MY BUSINESS! Keep working on ways to make your business better. Each day do one thing to get you closer to your dreams because if you do today what others are not willing to do, then tomorrow you can do those things that others are only dreaming about doing! Follow your passion and make your dreams a reality! Follow your real estate passion and make a change to make it happen! Live your life in the moment with no regrets!
Building your Real Estate Power Team with the best members will make it easier for you to scale and operate your real estate business. The key is building a successful power team is to find the best qualified people available to help you build your real estate business. If you help your power team grow their business and make money by providing them with opportunities, then you will be working on building a successful business for yourself.
Real Estate Investing can be FUN and a Real Adventure! Live your life in the moment with no regrets! Believe and Achieve! – Joe Jurek
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