55: The Five Steps Needed to Get Any Lender to Say “Yes” with Jimmy Moncrief

Jan 30, 2014

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Simply put – this podcast could change your financial life.

You see, a banker can be your best friend or your worst enemy when trying to invest in real estate, as a great loan can mean the difference between long term success and failure. This is why we are super excited to introduce you to Jimmy Moncrief (your new best friend!) on the BiggerPockets Podcast today.

Jimmy is a commercial bank underwriter as well as a real estate investor, so he has a unique insight into the mind of a bank – especially involving real estate investing. . Jimmy is going to share some incredible, actionable tips that any investor can start using today to get your bank to say “Yes” to your next financing request. In addition, Jimmy offers some unique tips for finding great FSBO deals and getting into your first deal.

This show contains so many tips and ideas to help you do more deals, get better financing, and change your future – so grab your pen and paper and set aside the next hour for a truly remarkable show.

Read the transcript for episode 55 wth Jimmy Moncrief here.

In This Show, We Cover:

Turning your own home into a rental
Buying a cash flow crazy triplex
Jimmy’s “lucky” method of finding properties FSBO
How real estate investors do everything backwards
Jimmy’s awesome “Quick Tip” about interviewing a bank
An insider look at the Five “Cs” for getting a loan
Why Jimmy hates credit scores
How to turn around a loan denial
Getting commercial “HUD” loans
Tips for refinancing your investment properties
Using cross collateralization to secure financing
No money down… is it possible?
And LOTS more…

Books Mentioned in this Show

The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime by MJ DeMarco
The Four Hour Workweek by Timothy Ferriss
80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More by Perry Marshall

Links from the Show:

Tweetable Topics

HUD loans are like a pregnancy: fun at the beginning, painful at the end! (Click to Tweet!)
If you are serious about investing in real estate – you need to know the 5 Cs. (Click to Tweet!)
If you take a proactive approach to lending, everything works out better. (Click to Tweet!)
If you want to be a serious real estate investor – treat it like a business. (Click to Tweet!)

Connect with Jimmy

Learn more about your ad choices. Visit megaphone.fm/adchoices