u/NumerousPizza6764

Got a client that wants to buy a 4 unit in Boston, Mass.

Tried to go with Kiavi but they called at 80% on LTC.

Non experienced 680 mid.

475k: Purchase price
50k: rehab

ARV: 800k

Anything out there where we can go higher than 80%?

Really big spread to work with.

10 months in and I’m getting maybe 5-10 apps a week which is fine and dandy but wtf! Every freakin call I get is 450 scores, 480 scores, 520 scores, 550 scores…bankruptcies, repos, crap dti’s….i have zero cash in the bank and have a 560 mid.. tiring!! Time consuming!! Annoying. I don’t even know how many open apps I have in the system right now, probably 60+, yet maybe maybeeee have 2-4 decent possible deals. It’s like, call that LO if you have trash.
I’m completely self gen…10 months in, in a brand new state I moved to.. started off with zero connections. I’ve closed 8 units in my 10months so far. Hitting the pavement daily. Got a few realtors in this shop sending me this stuff but the majority is complete trash. Tell me it gets better. Or I just need better realtors 😂

Looking for general ltv and rates on a 5 unit incoming producing apt complex in Cleveland, OH.
>1.35 dscr ratio

680 mid score. Borrower is experienced. Has 25 properties in his portfolio. Issue I’m running into is it’s a small 300k purchase price

Soooo annoyed lately. 70% of the apps I send out after the initial conversation don’t get returned and then they go ghost. Another large percentage waste my time with calls of a “possible deal” that waste my freaking time looking up pricing and scenarios that don’t amount to squat. I’m closing deals but wasting so much of my time with idiots. sick of these first time home buyer calls and apps that are essentially figments of my imagination at the end of the day. Close to just focusing 90% of my time on niche investor deals and honest true referrals vs these garbage people. This first yr has been a lesson on hard work but patience.

I know you can look in the search and find tons of info so don’t blast me lol.

But I’ve been back in this industry for roughly 10 months now as an LO, immediately going to the broker side. Got my license and immediately went with a big online brokerage. The first 5-6 months were ROUGHHH! I moved 10 months ago to a brand new state (Orlando, Fl) without any connections whatsoever, so I pretty much hit the ground from scratch. The last 4 months I’ve been with a new brokerage that I’m pretty happy with. This Monday I’ll have closed my 8th unit. Not the greatest in 10months but I’m finally getting apps in daily, although 90% crap 🙈. But nonetheless, they are coming in. I’ve joined a BNI group last week as a mortgage seat finally opened up. Continually going to networking events, and doing some marketing with niche products. Also going after investors.

I’ve got this recruiter that CONSTANTLY blows up my phone. He had me in a zoom with Guaranteed Rate today. Though I’m happy with where I’m at now, I’m ALWAYS open to a call just to hear what’s out there. Nothing more. The guy at GR gave me a long presentation in regards to support and how retail is so much easier. Also said we’ll give 110 bps. Right now with my company, I get 175bps, w2, (once I hit 10mil, I’ll go to 200bps, up to 220.
I have access to a processor if I want for $950 that can be charged to borrower. And an LOA if I want as well for an additional fee that can be charged to borrower. My company also does non del. Corr. My only outgoing cost with my company is an $89/monthly fee for ARIVE.

We didn’t even talk rates yet at GR as I left that for another meeting next week.
But I did ask on the last question to the guy at GR, if you were me, what would be the advantage of going retail with GR vs staying broker channel? And his response was, yes you may get more bps going broker, but after all your outgoing costs with a processor/LOA, it’ll be well below that at GR. And the great support you get at GR since we don’t charge for your credit pulls, we don’t charge for your processing or loa and we give you a monthly spend account towards advertising.

I still don’t see the benefit of going retail. Because for one, I’d assume rates would be nowhere close to what I can find. Secondly, if I’m working niche products like doctor loans, investor fix and flips, brrrr’s, dscr’s, CDFI’s, and just a bunch of non QM products I have at my disposal, I doubt they can compete with.. plus the fact that, even with 175bps, if i need a processor/loa-im putting that cost into the client so I’m still way ahead of 110bps.

Am I missing the advantage of retail vs broker? Thoughts?!?

I’d figure the only way I’d go retail is if I’m being fed inbound leads all the time, which wouldn’t be the case. And I think 10 months in, I’ve already experienced the stress of not closing many deals as I’m now on the other side of the hard part, finally getting my footing in the self gen world.

Hello everyone,

I was wondering if there was a specific list that I could find of residents and fellows with public record of contact information (name/email/phone number)…I’m in the central Florida area and would love to set up a networking group together. A weeknight meet and unwind get together. With all the stress that we deal with in day to day life/work…figured this would be something that would be a fun little get together set up. I just don’t know how specifically to go about finding everyone in a particular area aside from our specific class

So I’ve been back in the business after a long long hiatus. About 10 months in and finally getting things moving a bit. Anyway, got a client on a purchase transaction that has been nothing short of a nightmare. Rude, nasty, hateful. I have thick skin and I don’t normally let anything get to me, but at this point, the cussing and yelling at me, I’m about done with it. I feel 10 months in, I gotta take anything at this point in the game, but man…about past that point. Anyone else have horrible clients they’ve dealt with?

Anyone?

Need to find an 80% cash out refi DSCR with no seasoning. Doing strictly brrrr strategy with a bunch of clients and need to find this product. Anyone u know out there? Was using deep haven, but they are now requiring 6 mo seasoning

Got a loan with a purchase price of 235k. Owner occ, 740+ score, sfr, in Florida…It’s a no doc loan. Plenty of assets. He is putting down 135k.
Champions or Change require me to go bpc. After underwriting fee, processing fees, etc I’m running into hpml where it’s not even doable. I figured, maybe boost the loan amount to 150k and it’s still looking like it fails the QM fees test.

Any thoughts on what to do?!?

Got a small loan amount here. Non QM, 100k and I’m trying to figure out after underwriting fees, etc…if 3rd party processing is included in APR, it being 3rd party affiliate. May run into HPML

So, I’ve got a client purchasing an owner occupied, sfr, 760 mid score.
240k purchase price, putting down 140k. Ltv would be a little over 40%. Had to go no income but the issue I run into with such a low loan amount is HPML when you had in underwriting, processing fee, and no ability to go lpc. So, I had an a/e tell me, why don’t u just do a standalone 1st heloc purchase or a closed end 1st?!.

Don’t mean to sound like an idiot but never knew u could get a heloc or closed end 1st on a purchase. Any ideas on this? He said hit up UWM, Brokers Advantage, REMN, or Figure. Is something like this out there?

Got a client looking to purchase an owner occupied, sfr, in Florida, 760 mid score…45% ltv. No doc. Well he has assets from the sale of his previous home. Need to find something with YSP or lender paid if possible.

So I was in this industry for over a decade in the early 2000’s. Took a 17 yr hiatus and now back as of 9 months ago. The first 6 months were awful as I went completely head first into the broker world. Literally stuck on an island, not knowing where to turn. Well, just recently I landed a realtor who has fed me a “lead” (if u can call it that), at least 1 a day. Have had I’d say 25+ and of those 25+, I’d say 23 have been complete complete trash. The other 2 have been deals but a train wreck to get them to close. All fthb off his signs be outs out on the rd (fire your landlord; tired of paying rent, blah blah). I’ve made it a point to be that guy that answers the phone IMMEDIATELY, to show he can always count on me being ready to take an app. The problem is, it’s like I’m running around like a chicken with my head cut off in calls, emails out, communication back to my realtor, yadda yadda yadda. With not much to show for it. Doing a big seminar for his team who is now sending me the same stuff. So I’m inundated with a ton of referrals but it’s like ratio would be a 1000 “leads per say” to talk to 100 in conversation, to get 10 actual apps, 3 back, and maybe 1-2 closings.. maybe exaggerating a bit but it’s like I’m trying to paddle upstream without getting anywhere. And not to mention, it’s not allowing me to hunt for new business because I’m so inundated with this. Hard to complain when I’m only 9 months in where I feel I should take anything right now. But I don’t want to continue, where 6 months from now, I’m working from 7am to 10pm dealing with this to close 1 here, 2 there, 3 here, 1 there.
I’d really like to start focusing more on niche type products. Investors dscr, fix and flip, doctor loans, etc etc..instead of sifting thru trash to find a shiny penny.

Has anyone else dealt with where I’m at just starting out. How did you deal with this?

So, I was in the industry for over a decade back in the early 2000’s. Been away for 17yrs. Just back into the game 9 months. First 6 months were awful just because going completely broker channel, I felt I was left on an island. The last few months I’ve finally got my bearings and I’ve gotten some closings. Moved to a new company a week and a half ago that I absolutely love. My issue is, now that leads are starting to come in (a lot of trash mixed in where it’s a numbers game), I feel like I’m running around like an absolute spazz. Spending way too much time to find exotic weird type deals that end up not working out, and taking a crazy amount of calls per day, as well as organizing a big vendor booth event, hitting up meta sub groups, etc etc etc..that my realtor cold calling falls by the way side cause I get so inundated with all this other stuff. It’s like I’m running around like a chicken with my head cut off and I don’t even technically have a full pipeline yet. A deal here, a deal there. I mean I’m working my ass off to try and generate business but then when all these calls come in where I try to be as accessible as possible so the few realtors that I do have know how good I am with constant communication…it’s like, I have to figure out how to utilize my time more.

Does anyone else feel this way when they first started out? And what have you done to combat this.

I’ve got a commercial acquisition for a 501(c)(3) nonprofit in Orlando. They’re purchasing a $700,000 property that’s estimated to be worth over $1 million. They’ll be putting 30% down minimum. Could put more if required through donors. The property is a single-family home but will be owner-occupied by the ministry as a discipleship residence and ministry facility housing staff and students. The nonprofit has been operating since 2021 with approximately $380,000 in annual revenue. Is this something a commercial group would consider?”

640 mid score. 50-60% ltv, dscr cash out refi…townhome in Florida. Borrower has an open judgement. (Not attached to property). Was a vehicle repo filed in 2023. Will any lenders navigate around this, if title company gives clear title to property?

Looking for a home for a client that has a 640 score cash out refi dscr. >1.25 rent in Florida. Appraised at 164k. Owns home free and clear. Needs 80k. Can go higher if minimum loan amount is 100k. Issue is client has an unpaid judgement from a car repo. It is not attached to subject property. If we get clear title, will lender allow?

So I’m trying to figure my way around RETR. I see where you can look at agents, buyer ct, seller ct, buyer volume, agent name, rank, etc. is there a way to search for their name and phone numbers as well or do I have to hit on each individual agent? I’m looking at filters and I don’t see that ability.

Help