selling at the slowest pace since 2012 (not including at the start of COVID), having an intelligent tool to help you stay focused can keep you more organized and ready to move faster than the competition when you find a property to invest in. Mortgage rates continue to rise. Higher 30-year fixed mortgage rates of more than 7% will keep many from selling through 2023, mainly when they may borrow at around 3% or even less. The good news? By the end of 2023, 44% of economists and housing experts say the housing market will shift and bring more inventory back to the market. CRITERIA HAVE CHANGED. Be prepared to prove your experience, credit, and liquidity quickly. To qualify for a loan from a reputable lender, you’ll need to meet a few essential criteria to be taken
No. 1 predictor to your success. That, along with a track record of financial capacity to take on a new investment, can go a long way. NO. 2 STABLE CREDIT. A history of good credit proves you can make timely payments on a loan and gives you a better chance at a lower interest rate. Make sure you’re regularly paying off any substantial debts, and steer clear of opening any new credit accounts for a while. NO. 3 LIQUID ASSETS. Being prepared to show proof of cash in your personal or business savings and checking accounts is imperative. Stock ownership and other liquid assets also help lenders see you have the financial wherewithal to sustain the project. NO. 4 INCOME/CASH FLOW. A few credible lenders offer lower down payment options if you are willing to file timely tax returns and prove out cash flow through bank statements. Although these are great options, the cost of 100% financing is proving you have
disposable income to support real estate investing. Start preparing to secure your real estate investment lending partner today. A true lending partner will not only understand your business goals but also want to do everything to help you navigate the process so you can realize your ROI. Create a solid business plan so you’ll have the checklists you need to itemize your costs, assign your milestones, and streamline your own house-flipping process. • John V. Santilli is the chief revenue officer for RFG. He joined the company in July 2019 and is responsible for all opportunities connected to its growth, including expanding the company’s sales channels to maintain its position as a leader in rehab financing. Before joining RFG, Santilli had 25 years of lending and marketing executive leadership experience across multiple private and public marketing- dependent companies. He managed companies from startup to maturity, ranging from $2.5 million to more than $50 million in annual revenue. Santilli earned a master’s degree in management from the University of Pennsylvania and a bachelor’s degree in business administration with a concentration in marketing from Drexel University.
seriously from the get-go. NO. 1 SOLID EXPERIENCE.
A reputable real estate lender will look at proof of experience as the
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