408: Fundamentals of Funding: How to Find the Right Lender for Your Next Rental w/Joe Coleman

Real Estate Rookie

BiggerPockets

Business, Education, How To, Entrepreneurship, Investing

4.7 • 1.8K Ratings

🗓️ 20 May 2024

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Financing rental properties is a common roadblock that prevents many rookies from investing in real estate, but finding a great lender doesn’t have to be difficult! We’ve got some timely tips, tricks, and tools that will make funding ALL of your real estate deals easier than ever! Welcome back to the Real Estate Rookie podcast! Today, we’re bringing you part one of a three-part miniseries on the fundamentals of funding. We’re joined by investor concierge at BiggerPockets, Joe Coleman, who shares some of his best advice for financing your first (or next!) rental property. In this episode, he peels back the curtain to reveal some of the nuances of financing—including when to start engaging lenders while analyzing rental properties and how to find an investor-friendly lender. Wish you could compare several loans at once? Joe shares a powerful tool that will help you do just that. He also talks about the differences between consumer-purpose and business-purpose loans and why you should be familiar with the different types of lenders and loan products that are available. Finally, stick around until the end to learn about the ONE question your lender doesn’t want you to ask—one that could help you save thousands of dollars on your investment property! In This Episode We Cover How to find funding for your first (or next!) real estate deal The ONE question you must ask your lender (that will save you a TON of money) The different types of lenders and loans you NEED to know about The easiest way to compare multiple lenders at the same time Why you should know a lender’s source of capital before borrowing from them Consumer-purpose versus business-purpose loans (and which one YOU need) And So Much More! (00:00) Intro (03:53) WHEN Do You Need a Lender? (07:26) Common Financing Misconceptions (11:50) Different Types of Lenders & Loans (20:08) Loan Requirements & Speaking with Lenders (28:26) The EASY Way to Compare Lenders (39:01) Lock In Your Interest Rate! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-408 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode 408.
0:05.0	Today we are actually starting a three-part mini series that is going to be discussing the fundamentals of funding.
0:14.8	And these are going to include the different things
0:16.9	that you need to know as a rookie investor
0:19.4	to find funding on your first or your next deal. My name is Ashley Care and I'm here with Tony
0:25.2	J Robinson. And welcome to the Real Estate Rookie podcast where every week, three times
0:30.5	a week we bring you the inspiration, motivation, and stories you need to hear to
0:34.6	kick start your investing journey. And today we're going to get into some of the misconceptions
0:40.3	and issues that Ricky's face when trying to fund a purchase.
0:44.0	We'll talk about why lenders might give you conflicting information.
0:47.0	When is the right time to even engage with that lender and so much more?
0:51.0	And today we've got none other than Joe Coleman joining us on the rookie podcast. so much for
0:57.0	for having this rather.
0:58.0	And today, Joe, thanks so much for having on with this brother.
0:57.0	Hey Tony and Ashley, it is an honor to be here.
1:00.0	I've learned so much from both of you and looking forward to getting to the show here.
1:05.2	So Joe, kind of tell us a little bit of your experience with lending and why you're on the show today.
1:12.3	Yeah, so in my job at Bigger Pockets,
1:15.3	I've spent the last three years,
1:18.1	really making sure that we have the best featured lenders
1:21.8	to go on Bigger Pockets, find a lender tool, which you can find
1:26.3	a bigger pocket at the very top. It says find a lender. So I have been managing the relationships with all of those lenders, spent a lot of phone calls with lenders go to a lot of conferences.
	...

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