Posted by Joshua Blum on August 04, 2007 at 08:39:18:
Ed,
I agree whole heartedly with your responce. Attitude and Perception is the key to growing business no matter where you are.
How to really get lenders fight for you - Posted by Adrian
Posted by Adrian on July 26, 2007 at 21:43:27:
I always hear about it but if someone can please tell me that would be great.
Re: How to really get lenders fight for you - Posted by Tom
Posted by Tom on July 31, 2007 at 13:22:50:
Lenders will not be fighting for anyone. Watch CNBC
Re: How to really get lenders fight for you - Posted by Ed Garcia
Posted by Ed Garcia on July 31, 2007 at 06:57:38:
Adrian,
What is meant by the title â??How To Get Lenders Fighting To Give You Moneyâ??.
Is for us to become a desirable, preferred customer. Many investors have problems with their financing from time to time and donâ??t always know what lenders to choose or how to structure their deals for any particular lender.
They usually relay and depend on a Mortgage Broker to make life easy and find them selves in trouble if the broker doesnâ??t perform. Banks are a big factor in financing. They can do a better job with short term financing, give us fix-up money, better cost, and close faster, just to name a few.
Once we know how to make our deals bankable, the lenders will know that if they want our business, they will have to be willing to compete for it.
Ed Garcia
Re: How to really get lenders fight for you - Posted by karen
Posted by karen on July 29, 2007 at 08:11:46:
We have to refiance in three months because of a baloon . We could use any help yu could offer Thanks
Re: How to really get lenders fight for you - Posted by Ed Garcias
Posted by Ed Garcias on July 31, 2007 at 15:33:14:
Tom,
I saw your post and had a minute and thought Iâ??d respond.
I hope youâ??re joking when you said â??Lenders will not be fighting for anyone. Watch CNBCâ??
Tom, Lenders will always be fighting to give us money. When they stop they will be out of business.
Right now the way things are happening, I couldnâ??t be happier. I see nothing but OPPORTUNITY. Itâ??s all about Perception and Attitude.
Letâ??s talk about PERCEPTION and ATTITUDE:
Two-shoe salesman from competing companies in the early 1900’s were told they were going to the continent of Africa to open up a new market for their respective companies. They were to go with a few samples, and while there drumming up business, a steamer would be dispatched with an entire inventory to deliver on the orders.
The first salesman got off the plane, looked around and immediately telegraphed this company.
“Turn back the shipment! There is NO market here. NOBODY wears shoes!”
The second salesman got off the plane and looked around and immediately telegraphed his office.
"Double the shipment immediately! TONS of potential business here! NOBODY WEARS SHOES!!!
Lets talk about PERCEPTION and Donald Trump. Most people see things for what they are. Donald Trump sees thing for what they could be. When youâ??re in a hot market you need to take the Donald Trump perception or attitude and CHANGE THE RULES.
Donâ??t buy the way the market dictates, but create a market with in a market.
With the housing market on its side, we can buy them cheaper.
Before when we were having trouble finding good deals, theyâ??ll be everywhere now and we will even be able help our banker get out of those losers that they need to get out of.
Youâ??ve got to remember I did ton of business back in the 80â??s when the market bit the bullet. You remember the 20/20 loan. Maybe you donâ??t so let me tell you about it. It was 20% interest rate and 20 points. It would cost you 20% at the bank. Compared to those times, this is a cake walk.
There is no question that in this market there are going to be 3 investors.
- Those that make things happen.
- Those who watch things happen.
- And those who say, what happen?
Which one are you?
Ed Garcia
Re: How to really get lenders fight for you - Posted by Adrian
Posted by Adrian on July 31, 2007 at 12:37:47:
Hey Ed
Sorry for the misunderstanding, (and for not taking your seminar yet) What I meant was how do I really get lenders to fight about giving mortgages… My credit got dropped to 597 for missing a dam student loan payment, but I still want to do rehabs, and from what my mortgage broker told me was that nowadays lenders wanted stated incomes credit to be 700’s and up for 100% and if its lower I would need to put 5-10% down. I have some 60-70k that I use to rehab properties and 15-17k for 3-4 month reserve (mortgage/holding costs) . But what is the real story with getting mortgages with low credit…???
Re: How to really get lenders fight for you - Posted by Adrian
Posted by Adrian on July 31, 2007 at 12:42:22:
Karen, Go to a good mortgage broker, if your in illinois I can reccommend u one.
Re: How to really get lenders fight for you - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on July 30, 2007 at 05:47:27:
Simple. You will need a copy of your credit report, recent appraisal and income/employment/asset documentation. You then have a consultant run AU (automated underwriting) findings. If your loan comes back “Approve/Eligible” you will have no problem having brokers/lenders fighting for your business.
Re: How to really get lenders fight for you - Posted by Rick-in-Cali
Posted by Rick-in-Cali on August 04, 2007 at 20:01:47:
Mr. Garcia, you just (again) changed my outlook as to what I’m going to be focusing on as an investor in these “grim times.” I made the mistake of not following this board for a couple of years. I won’t do that again! Thank you for again reminding us just how tough it was in the 80s. I was just a kid then, but I remember. The current market, and arguably any market, really is about perception. The glass can be half full or half empty.
As a loan officer and relatively new investor, watching this subprime subslime unfold can get rather depressing. Many people we know are losing their homes and shirts. Some were greedy, some were naive, and some were taken advantage of, no doubt. We turn on CNBC and see Kramer making a desperate attempt to Mr. Bernanke to cut the Prime Rate to help alleviate the credit crunch. Should we blame Greenspan for “allowing” teaser rates and then raising short-term rates 17 times, AND blame Bernanke for doing nothing about it because of fear of inflation? I’m not going to worry about it, I’m going to start shopping for good deals!
Re: How to really get lenders fight for you - Posted by Thomas Walker
Posted by Thomas Walker on July 31, 2007 at 16:22:43:
Wouldn’t have anything to do with the course your selling would it?
Re: How to really get lenders fight for you - Posted by Adrian
Posted by Adrian on July 31, 2007 at 12:40:31:
Yeah but do you think brokers put u in programs that makes THEM more money instead of other programs that help you instead…?
Re: How to really get lenders fight for you - Posted by Ed Garcia
Posted by Ed Garcia on July 31, 2007 at 19:12:32:
Thomas,
The only thing it has to do with my workshop is that its a coincidence that it’s close to the title of my workshop.
You see " How To Get Lenders Fighting To Give You Money" is not only the title of my workshop, it’s an attitude.
Most Investors are intimidated by banks and lenders, and that’s the first thing we want to illiminate is intimidation.
I feel that Attitude and Perception is not only the key in our business, but is the key to success in any business.
Ed Garcia