A Simple Tool for Real Estate Investors: Compare Quotes — Henry Chien

Real estate investing: An incredibly manual, time-consuming, relationship-driven, multi-layered, and multi-fee process.

A proposed solution? Perhaps a simple tool to start. Compare quotes.

The real-estate investing process looks something like this:

Look for deals. Find property! Send mail to homes. Talk to wholesalers. Real estate agents. Network like crazy. Scan Zillow and Redfin always. Anything to find a deal!

Get under contract. You found a deal! Walk through the property with a contractor. Estimate your costs to flip or to hold the property. Make sure you have enough margin to turn a profit. Secure financing…

Where’s the money? Call 3–4 banks for a loan, some respond, most don’t. Realize that banks will take WEEKS when the deal needs to close NOW. Call around to your private network of lenders and individuals. That might work.

The only thing FAST? Private money. Call a few loan brokers. There’s thousands of lenders! Get a quote from a private lender. It’s fast and I pay up for that with a high rate and closing fees. Oh and the broker takes a few points.

Countless calls. Stressed ! You close the deal BUT the financing has taken a few points just to get things done (again). How can I do this better?

Perhaps a simple tool? Maybe the last part can be simplified. Get my deal out to a network of lenders at once. Instead of countless calls and emails — perhaps a table?

Now, I know the financing available directly from private lenders. Save myself a few more calls and emails! Make one part of this crazy process a little simpler.

Originally published at https://henrychien.com on March 4, 2021.