Real estate investing is an activity that’s becoming popular by the day, but how do you get started? How do you make the leap from potential real estate investor to someone who’s walking out with a loan for a new soon-to-be money-making property?
In this episode of the His & Her Money Show, we talk with one of the experts that can get you started. Jarrod Greer is the VP of Mortgage Lending at Guaranteed Rate and a renovation specialist who can help you navigate the paperwork you need to start making a profit.
Many of us have been (understandably) scared to invest after the housing bubble during the Recession, so it can be hard to cut through the fear and start investing again. even if we had the money to invest, we might also have the fear that kept us from moving forward.
That’s why we turned to Jarrod to get an insider’s view of the lending process from the lender’s and investor’s perspective.
Jarrod shares what lenders look for and what investors should prepare for when they talk to a lender. Even with the changes in the real estate industry, there are plenty of profitable opportunities out there.
Jarrod shares what it takes to qualify for a loan, the different types of loans available, and the numbers you need to run before you go to a lender.
He breaks down the specific numbers lenders are looking for during the loan qualification process and what numbers (you, as an investor) should be looking to make a profitable real estate investment.
If you are a potential investor who wants to meet a loan officer prepared for the interview, be sure to check out this episode! Jarrod provides everything you need to know so you can walk in prepared to talk and walk out prepared to prosper.
Jarrod is a former accountant who got his start in the mortgage industry as a loan officer after looking for a career that would bring a more positive impact on his clients.
Currently, he is the branch manager and renovation specialist at Guaranteed Rate. To find out more about him, you can check him out on LinkedIn, by phone (708-250-3990), or on his website.
What You Will Learn
- What do I need to be a real estate investor?
- Buying and investing in real estate after the 2006-07 Recession…and possibly a future recession
- House hacking
- Why you need to plan more before we buy a home
- Your credit score: How does it impact real estate investing and how can I improve it?
- Difference between FHA (Federal Housing Authority) loans and commercial loans
- What’s the best credit score for an ideal rate?
- Renovation loans- What it is and how can I get one?
- Debt ratio-What is it and how does it impact my real estate investing
- How much money do I have to put down for an investment?
- ARV(After-repair value) and its impact on a renovation loan
- Why you need a team when you invest in real estate
- What you need to know before you meet a loan officer
- Why is it important to know all of the stuff (like loan requirements) when you’re investing?
Resources Mentioned
- How to Get Started with House Hacking
- Federal Housing Authority Loans (HUD)
- FHA vs Commercial Loan: Which One is Right for You? (NerdWallet)
- How to Get Started with House Hacking to Build Real Estate Wealth (College Investor)
Thanks For Listening!
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