#55: The Five Steps Needed to Get Any Lender to Say “Yes” with Jimmy Moncrief
Published January 30, 2014
73 min
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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 rentalBuying a cash flow crazy triplexJimmy’s “lucky” method of finding properties FSBOHow real estate investors do everything backwardsJimmy’s awesome “Quick Tip” about interviewing a bankAn insider look at the Five “Cs” for getting a loanWhy Jimmy hates credit scoresHow to turn around a loan denialGetting commercial “HUD” loansTips for refinancing your investment propertiesUsing cross collateralization to secure financingNo money down… is it possible?And LOTS more…Books Mentioned in this ShowThe Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime by MJ DeMarcoThe Four Hour Workweek by Timothy Ferriss80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More by Perry MarshallLinks from the Show: BP Podcast 052: Buying Apartment Complexes, Raising Millions, and Building a Profitable Business with Ken McElroyBP Podcast 014 : Cash Flow, Creative Finance, and Life with Ben LeybovichBlackstone B2R FinancingSmart Passive Income Podcast with Pat Flynn – Episode 18 with MJ DeMarcoPareto’s Principle- the 80/20 Rule – Wikipedia PostTweetable TopicsHUD 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 JimmyJimmy’s BiggerPockets ProfileJimmy’s BiggerPockets Blog PostsJimmy’s Blog: RealEstateFinanceHQ.com
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