There are lots of good banks out there in which to purchase real estate investment properties, I very seldom use them
My first choice as an investor for an investment property is not the bank or lender as they have lots of silly rules that I don't have time to comply with.
Some say you cannot own more than 4 rentals at one time and other unreasonable stuff. You have to get a termite inspection, a roof certification or some other equally thing that is not really important.
Now if you are really looking for a great deal on an investment property let the owner carry the paper and act as the bank for you.
Find an escrow closing agent to make out the note with the interest rate, monthly, payment and due date and record it against the property.
A few sellers will understand this and will actually do it if you explain it to them and offer a decent down payment.
There are a few companies that will purchase the note off the tables as soon as the transaction close. You might want to locate a few of these type note buyers.
This will not work in all cases but should enough times so you will not have to fill out that stupid five (5) page loan application, wait for some Jr loan agent ask for your income tax and pay stub and get all into your personal business that they have no business being in, but if that is the way you want to go then you have to jump through their hoops.
Now the other way to purchase an investment property is to take the property subject to the existing loan. This means that you assume the sellers loan along with his current interest and payments.
Of course you have to figure out a way to give the seller the difference between the mortgage and the sales price. If they will take a second with a small down you are off and running again, some will and some won't.
The amateurs will start jumping up and down about some damn due-on-sales-clause which are in most mortgage contracts these days. Well as you know risk is apart of investing. I have never known a lender or bank to have someone come out to a property looking for the owner.
If they do catch you, now can pay a point or two and qualify for the loan with the same lender.
The worst that can happen is they catch you, call the note due, then you have to call jr on the phone do his little hoop jumping thing get a loan and pay the existing mortgage off.
The last resort for buying investment property is through banks or lenders. They haven't the faintest.
They are willing to give you a good rate on a 1-4 unit if you sign a piece of paper saying you are gonna reside in this property. If not then the rate goes up for you deciding not to live there. I thought that is why they called it an investment property.
I hope this has been of some use to you, good luck.
"FIGHT ON"
Wells fargo bank has an excellent 680 score and below program for 2 fam investments
Wells Fargo
Bank of America
Washington Mutual
Countrywide
These are some of the big name mortgage companies. Stick with a big name. Your life will be much easier.
You want to be a long distance land lord? Yikes, that sounds like a pain to manage.
