Chad Emerson is THE man when it comes to real estate investment loans. Ever wondered about real estate investing lender basics? Here’s a preview of what to expect.
Transcript: Hi, my name is Chad Emerson, and I’m an investment properties specialist with Guild Mortgage. I’m Jeff’s lender, and I’m also the person who’s going to be assisting you with your upcoming investment purchase. A couple things I want to touch on first and foremost is there’s a lot of experts out there, “experts” who say that they understand investment property lending. But if you actually count the number of loans that they do in a single year, I think you’d be surprised if they actually did more than 20 or 30 percent investment loans. Investment makes up 95 percent of my book of business. Now, let’s say you’ve already gone through the interview with Jeff, and he has given you my number to contact me and see if we can get you to qualify for a mortgage. So plan on about 10 or 15 minutes’ conversation with me, because there’s 2 things I want to accomplish in this phone call. The first would be I want to find out your investment profile. I want to know if you’re a new investor or if you’re a seasoned vet. Do you have specific property that you’re interested in? What are your goals as an investor? The second thing, which is probably the most important, is we need to make sure that we can get you qualified with a verbal phone application. I’m going to ask you several questions about your personal profile, about your employment, about your income and your assets, and probably if you own other property, we need to make sure that we get a list of the types of properties that you own, the rents, et cetera. After we get done taking these questions down, I’m going to run your information through our underwriting system and see if we can actually get you qualified for the purchase. So within the next 30 minutes to an hour, I’ll be contacting you back, letting you know whether it’s good news or bad news. Hopefully, if it is bad news, then we’ll need to determine a blueprint so that we can get you in a position to buy. Now, the next step is going to be getting all your documentation gathered. Now, this may seem like we’re putting you through the wringer, or making more work for you for works’ sake; that’s not really the case. We’re asking you for this information so that we can get you qualified. And if you’re going to be coming back for more than one property – two, three, or four, so on and so forth – it will make it just that much easier the next time you buy. Some of the information we’re going to request from you is full tax returns for the past two years, your W2 statements if you’re a W2 employee, pay stubs, bank statements, other asset accounts that you may have, and a list of the properties that you currently own. If you do own properties, we’re probably going to ask for some mortgage statements as well. We’re going to ask you for property tax statements, homeowners’ insurance statements, et cetera. But this is all information that’s needed so that I can get you qualified for your investment purchase. So if you have any questions, any time, give me a call. I’m Chad Emerson. Looking forward to hearing from you.