The #1 Key to Getting a Loan
Know your personal financial position at all times. This sounds like an easy step…but think quickly…can you tell me your net worth right now? What about the net worth of your business? Do you even know how to figure out your net worth? (Email us at requests@investormortgagepro.com to get a simple form to figure this out)
Your net worth can have a big impact on your ability to get a loan. Over seventy (70%) of all declined loans for real estate investors today are a result of the applicant having a negative net worth.
Knowledge is the key to success or failure with getting a loan. You need to know whether or not you have a positive net worth, and you need to know what steps to take to insure that you have a positive net worth. There are some things that you can include in your calculations that the banks will allow, however it’s vital that you know exactly what they are.
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