Published April 12, 2012
Last week we covered why it is important to get a recession-proof strategy for acquiring apartment loans. In our challenging economic environment, quite a few loans are turned down because investors don’t qualify. But if you know what it takes to qualify, and have a good strategy that you follow to make sure you qualify, you can win at the game of getting an apartment loan.
This week we will go into the importance of gaining the knowledge needed to win the apartment loan of your dreams. The knowledge you have is pivotal to your success. I come across many people applying for apartment loans who know next to nothing about investing in apartment buildings and nothing about the apartment loan process.
Their chances of getting a loan from us is very small. Apartment loan investing, and understanding the loan process, is a serious business, just as running a retail store or a dental office is a serious business. Some people feel they can just buy an apartment building and start making lots of money, even though they know next to nothing about the industry. Not usually so.
On the other hand, there are people who are fairly knowledgeable about multifamily investing, and have some knowledge about the apartment loan process, who are still at a handicap. This is because they have not kept up with the times. The industry is continually changing. And quite possibly the biggest change is the tough economic loan climate that makes qualifying for a loan more difficult. Their knowledge about the loan climate is outdated.
Here are two suggestions for helping you get current with the current apartment loan climate.
1. Call a couple of top-notch apartment loan companies and ask to set up an appointment to learn about the current loan climate and requirements.
2. Find a couple of successful multifamily investors in your town who have gone through the process recently of acquiring apartment loans. Invite them to lunch (and offer to pay) in exchange for sharing their wisdom with you. This invitation has you appreciating and acknowledging them for their wisdom. This is likely to get their attention, and could quite possibly result in a beneficial meeting.
Give us a call at 866-811-9515 to learn how to succeed in getting an apartment loan, plus get a rate quote and ask any questions you may have. We are your A+ Better Business Bureau apartment loan provider.
By Bruce Painter, Marketing Director