Today we’re on our discussion about loans with special in-studio guest, Isaac Grant, and right now we’re going to talk about loan options for a new real estate investor.
Featuring:
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Isaac Grant, Eugene commercial lending officer
Marica Edwards: And I’m Marcia Edwards, Residential Broker with Windermere Real Estate. Joining us today is Isaac Grant, and Isaac is with Northwest Community Credit Union as Commercial Lending Officer. Isaac, you are here again and we’re appreciative of that. There’s so much to be learned about the wild, wild west of commercial lending.
Isaac Grant: Yes, it can be wild.
Bob Nelson: It can be exciting. Let’s assume just briefly that I’m starting out as an investor and I may be buying a house. Let’s say a second house. I live in one now I’m going to use as a rental or I’m going to be buying the second one, might be a house, duplex, fourplex, etc. As I come to you, what are my options?
Isaac Grant: Bob, I think it’s really important for folks out there to do some level of due diligence as to how they want to structure their first investment purchase. So there is financing available on 30 year fixed conventional financing if you’re to purchase it in just your personal name. However, if you’re wanting to have that extra level of protection using a real estate holding LLC for your own liability purposes and protection purposes, then you may have to go through commercial financing, to where 30 year fixes aren’t available. You just need to be educated on what it is that you’re trying to accomplish, how it is you’re trying to accomplish it, and make sure that you have a plan and a strategy as you go into it.
Bob Nelson: And that plan and strategy, Marcia is really good at that sort of thing on the residential end. I’m really good at it on the commercial end. Between the two of us, we could assist you with a strategy that would be a winner.
Marica Edwards: I think that a lot of people consider the realtors and lenders as a one event, single transaction relationship, and we don’t need to be at your dinner table every night, but you do need to have a phone call away from someone that knows your longterm, big picture. Haven’t you seen that people benefit from something like that, Isaac?
Isaac Grant: Absolutely, Marcia. I think keeping open communication and letting your lender, letting your broker, letting the folks that are going to help you accomplish your financial goals, letting them know what your strategy is, what it is that you’re trying to accomplish is so key, and it’ll help you through the entire process.
Bob Nelson: That process though certainly includes you, and it becomes wildly important, become familiar with a good, highly qualified commercial lender. Isaac is my recommendation.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30 on KPNW for the “Real Estate Today” radio show.
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