“Investor Loans are Gone for Now”
What do we do now? As you well know, the lender pulled the plug on the non-QM loan that was scheduled to close. My immediate reaction was that I was pissed off at you, but now know that it was totally out of your control. Sorry, if I was an ass on the phone.
I still want to purchase the property, I did follow your recommendation and asked my Realtor to make a new offer with the seller holding the mortgage. So far, I didn’t get a no.
As you know, I still want to purchase additional investor properties, so can we discuss what possibilities may be out there for me.
On a positive note, I am thankful that you talked me into doing my investor loans as 30 year fixed rates, so the 6 properties that I have previously purchased are all making money.
I consider myself pretty lucky as my cash flow is pretty strong, so I really don’t have to worry about my next dollar. Let me know.
The problems are not as simple as this person thinks. True he owns 6 properties and a total of 19 tenants. Some, if not all these tenants work or at least they did and some will stop paying their rent, which means a domino effect.
I have been in the mortgage business a long time and have seen every imaginable chaos in this industry, most of which I could foresee when issues were going to happen, but I did not see this one coming.
For sure, we will get through this one as well, but many will be harmed along the way.
Conventional mortgages are available to purchase investment properties. What is most important right now is to BE SAFE and if you want to discuss mortgages, call or email me.
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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