114: Rookie Reply: Should I Get Preapproved From Multiple Lenders?

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 18 September 2021

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week’s question comes from Roosevelt on the Real Estate Rookie Facebook Group. Roosevelt is asking: I’m currently preapproved with one lender but another lender has a loan option my current one isn't offering. Can you be preapproved with multiple lenders at once? And are there any issues I could run into with this? It’s commonplace in the real estate investing world to be preapproved by multiple lenders, that way, you’re never stuck without an option to finance a deal. Many investors also opt to use a mortgage broker that can help shop for loans on your behalf. If you’re worried about your credit score dropping because of preapprovals, try to apply for your loan applications within thirty days so credit bureaus count the multiple hard credit pulls as a singular instance. Here are some suggestions: Get preapproval from multiple banks (small, local, national, etc.) Apply within the same thirty day period to minimize effects on your credit Use a mortgage broker to save time when applying for loans Ask what the lender has to offer, they may have custom loans for investors And more in the episode… If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). Links from the Show Real Estate Rookie Rookie Facebook Group Real Estate Rookie Youtube Channel Airbnb BiggerPockets Calculator Check the full show notes here: https://www.biggerpockets.com/rookie114 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 114.
0:07.4	My name is Ashley Care and I'm here with Tony Robinson.
0:11.4	Tony, what is going on today?
0:13.6	What's going on with me, you know, the usual.
0:15.9	We got a bunch of properties in their contract trying to find some more,
0:19.2	but we actually had a pretty funny, we can laugh at it now.
0:23.4	Wasn't funny in the moment.
0:24.6	We had to call the cops on an Airbnb guest earlier this week two days ago.
0:29.8	Super sketchy guests.
0:31.2	They were supposed to check out at 11.
0:33.1	My cleaner showed up at 12.
0:34.5	They wouldn't let my cleaner in.
0:35.6	They weren't open in the door.
0:36.4	I'm calling them.
0:36.8	They're not picking up.
0:37.9	So then I'm saying the property until one o'clock.
0:39.7	And I think the only reason they left is because I texted them and said,
0:42.7	hey, I'm calling the police.
0:44.2	I'm calling the sheriff's apartment there to come over here and to squirt you out.
0:46.8	And then once I sent that, they found like packed out and left.
0:49.3	But they completely trashed the place.
0:51.0	Luckily, nothing was damaged.
	...

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