Recently, Sharad Mehta – Founder and CEO of REsimpli, engaged in a conversation with Nate Mack – Mortgage Loan Officer at Huntington National Bank, who is helping a lot of people deal with problematic mortgage processes due to his vast understanding and incredible expertise. In this valuable discussion, the speaker talks about the 5 lender strategies to maximize investor benefits, the best practices he’s noticing as a lender, and what would benefit us as investors to grow our portfolio.
He also emphasizes the significance of collaborating with an informed lender capable of streamlining the process. He underscores the potential advantages of engaging with lenders offering discounts for properties in low and moderate income areas. Additionally, it encourages transparent communication with lenders to explore potential credits or discounts applicable to property purchases.
Confused by the world of home loans and mortgages? We can help!
Many people may have a hard time getting a mortgage, and it’s quite natural. The mortgage process is complicated, but it becomes a piece of cake when we’ve experts like Nate Mack!
Nate Mack has been working as a skilled Mortgage Loan Officer at Huntington (a part of the Banking industry in Ohio) for the last 2 years. He also skillfully aided the speaker in maneuvering through a challenging mortgage procedure involving Wells Fargo. Nate’s proficiency and grasp of the speaker’s financial situation facilitated a swift and effective loan closure.
Want to know how Nate can help you, too? If so, bear with us!
Sharad Mehta 00:01
Very, very excited to have Nate on this call! I want to bring him on just to share some of the best practices that he’s noticing as a lender, what would be beneficial for us as investors to grow our portfolio. At the end of the day, whatever we’re doing, our goal is to, for most of us, is to build our rental portfolio. And that’s what Nate helps a lot of other investors that we refer to him grow their rental property portfolio.
Hi, guys! My name is Sharad. I am the owner and founder of REsimpli. Very excited about this call! It’s a very special call. We have Nate Mack from Huntington Bank on this call. He personally helped me with a mortgage on my personal residence. So very excited to have him on this call! We’ll get started in a minute, but if you guys are able to if you can have your camera on, that’ll be great. This way, you know, I can see all your beautiful faces, makes the call more interactive. If you’re able to if you’re not driving or anything, that would be great. Hey, Nate!
Nate Mack 01:02
Hi! How are you?
Sharad Mehta 01:04
I’m really good, man, really good, finally, really nice to meet you. We’ve talked so much on the phone, but so nice to meet you, man.
Nate Mack 01:12
Absolutely. I’m excited to be here.
Sharad Mehta 01:15
Yeah, super excited to have you on the call. So, guys, I just want to say, I think I’d mentioned on a couple of these calls, I live up in Toronto. I’m moving to Carlspad, California, north of San Diego area. I purchased a house last month, and it was probably one of the worst experiences I had working with Wells Fargo. It ended up costing me additional $50,000 working with Wells Fargo, and the loan just would not go through the underwriting process. Then I was talking to my project manager, Claudia, who lives in California, and I asked, said, hey, like, I am having really hard time working with just their underwriting process super slow, you know, with all the investors that we work with, who are they buying their properties with?
And she said, “Oh, you got to talk to Nate”. And I contacted Nate, and this was a week before the closing, and we hadn’t even started the process. And Nate said, he looked at my information, he said, hey, we can get it done, but we need one additional week. So we had to extend the closing by one week. So he ended up helping me close that house, the loan in two weeks, where Wells Fargo could not even get the underwriting done in four weeks.
So I told Nate that I’m forever grateful to him. He helped me buy my primary residence that we absolutely love. It’s in a perfect neighborhood, exactly the kind of house and neighborhood we wanted. Even the agent on the deal was shocked how quickly Nate was able to get done. And I kept calling him and texting. I would call him and text him every day. Hey, Nate, are we good? Are we good? Just because I couldn’t believe when Wells Fargo could not even get the loan through underwriting in four weeks, that we could close from start to finish in two weeks, which was absolutely shocking to me.
Even the agent on the deal mentioned that he’s been in business for a number of years. He had never seen anything like that. And then I talked to my project manager, Claudia, and she said so we had referred a lot of our investors, you know, we sell a lot of properties, turnkey to other investors. So we had referred a lot of our investor clients over to Nate and everyone had had nothing but great experience working with Nate.
So very, very excited to have Nate on this call. I want to bring him on just to share some of the best practices that he’s noticing as a lender. What would be beneficial for us as investors to grow our portfolio. At the end of the day, whatever we’re doing, our goal is for most of us is to build our rental portfolio. And that’s what Nate helps a lot of other investors that we refer to him grow their rental property portfolio. So with that welcome, Nate. How are you, man?
Nate Mack 04:06
I’m great. I’m great. Like I said, excited to be here. I appreciate the warm introduction and I really don’t have to take up too much of your time. There are a few things I wanted to touch on and I’m really curious to see if any of you have any questions for me that I might be able to help out with as well. Now, it’s funny that you mentioned that story because I wanted to start by talking about the role of a loan officer, the role that a loan officer should play and why you have these I always hear these stories of these types of discrepancies between experiences.
And the reason is largely because I like to use this analogy, that underwriters, their role has changed dramatically since 2008 with the introduction of truth and lending laws and things of that nature. They are tasked with making absolutely sure that a borrower can qualify for a home and that we’re not putting any undue financial pressures on them. And that’s where your debt to income ratios and things like that come into play. Now, the underwriter is effectively the prosecuting attorney.
They are there to find any perceived risk, any reason why a particular loan should not be approved or would be a risk to an institution that puts your loan officer in the position of your defense attorney and going to have a public defender and be particularly familiar with the law, keeping with the analogy in that case. And that’s where you sometimes have these hurdles, like in Sharad’s case, not something that could not be approved. But if you’re not familiar with what you’re looking at or you’re not understanding the underwriting guidelines and for instance, the way in which an underwriter might be calculating income or a guideline that might have a loan referred for denial. If your loan officer doesn’t understand that or know how to, for lack of a better term, combat that, a loan can be denied when it doesn’t necessarily need to be.
So it’s really important that you work with an experienced, knowledgeable loan officer because that can really be the difference between spending too much, making too little things of that nature, a loan not closing a loan being denied, so on and so forth. Now, I really feel strongly that there is value in partnering with the lender that you work well with. A portion of that is because of these sorts of issues, you would want someone who is familiar with your finances, familiar with how your income is calculated.
If you’re doing multiple loans, you know if you have X amount of deals a year. You do this year over year because you do not get to see necessarily your debt income calculation or what the underwriter perceived based on a particular document that was submitted. You won’t see that. So often, you won’t know the reason why a particular loan was not processed quickly or not approved. A loan officer that you’ve worked with that is very familiar with your finances will be able to spot those things earlier on because, I mean for lack of a better way to put it, I know your financial life pretty well. I’m pretty familiar with it because we’ve gone through this process before.
A partnership that way can help you help your loans to close quicker. Because of that familiarity, maybe a process that may have taken four weeks can be done in two because we’ve gone through this. I’m familiar with your properties, the income calculation from that properties. We might have done another deal in this same calendar year. So we’re using the same tax returns, things like that, that can help you to move quite a bit quicker. And that communication with your lender is also going to play a big factor in that.
There are also strategic partnerships for those of you that may run businesses and sell homes. There are discounts that you can offer to purchasers for working with you. That also infers some credibility by having that partnership with an institution that has already earned a potential buyer’s credibility. So that’s something worth taking into account as well. Just how that is perceived and being able to offer that really does speak well of any small business. Now, my goal as a lender is always to simplify and that’s keeping with the theme here.
But that said, by working with and keeping that strong relationship with a particular lender, it does simplify the process. You have an open line of communication. Deals sometimes fall through, deals may not move forward. There are varying costs across these deals. For instance, many properties what’s popular within the industry with my institution and with others are property discounts to your closing costs. Now, this isn’t wholly a, you know, goodwill effort. My institution offers discounts to closing costs for properties in low and moderate income areas.
So using census track data, all areas are separated into four categories low, moderate, middle, and upper. Lenders are judged on how they service low and moderate income areas where they operate. If you have a location within any particular county, you are judged on how you service low and moderate income areas. So it’s in the lender’s interest to incentivize business in those areas and that’s to your benefit because there are often closing cost discounts in those areas to incentivize those types of purchases. That’s something that you may not see advertised, you may not otherwise know about, but that can have a significant play, a significant factor in the actual out of pocket costs that you would see. And you should communicate with your lender about that as you’re considering a purchase, so you can take those things into account as well.
Sharad Mehta 11:56
Michael has a question. Michael, do you want to explain a little bit on that question?
Michael Wilson 12:01
Yeah. You said lenders are judged on how they service their low and moderate I’m just curious who’s judging you guys? I mean who are you talking about federally?
Nate Mack 12:18
Yeah. And this again goes to truth and lending. Many of those I mean….
Michael Wilson 12:25
Is there, like, a certain division in the fed that you’re talking about? I’m just curious. I mean, it’s obvious not a huge deal, but I’m just curious who handles that oversight, what departments you guys have to cater to, if you will.
Nate Mack 12:37
No, to be honest, I couldn’t tell you. I know the guidelines. I don’t know the oversight.
Michael Wilson 12:44
No worries. But I was just curious.
Nate Mack 12:47
No, I appreciate the question. I only mentioned it to speak to the reasoning. For these types of discounts, the difference can be significant for you. So I only mentioned that to say it’s worth exploring. When you’re considering a property with the lender that you’ve partnered with, if there are any discounts on a particular property, because you should take that into account in your decision making.
Sharad Mehta 13:12
So would it be something so, after I closed on my property with Nate, it’s funny that I referred my friend over. He’s buying two or three property, three multi units from us, and I referred him to Nate. And this is the friend who had referred Wells Fargo to me. So it’s interesting kind of he referred Wells Fargo to me. It didn’t work out for me. And then I said, hey, I work with Nate, and you know, Garopp mentioned that you had brought up some sort of credits in the city where he’s buying properties. Is that what you’re referring to? Like, he had no idea about that? Yes. Right? He had no idea. He owns about 35, 40 properties, but this was the first time he was hearing about some sort of like additional benefits he can get buying in the area where we’re selling properties. Right? He had no idea we’ve done close to 1000 deals and this was the first time I heard about that, that he’s able to qualify for some sort of credits.
Nate Mack 14:18
The guidelines, or I should say on the laws around this topic get kind of intricate. And I only mentioned that because they’re very specific around targeted marketing in lending. And for that reason you won’t see as much advertisements around these types of discount. Things can be skewed as predatory. People in low to moderate income areas can be a protected class in lending. So institutions are sensitive around that. Now every institution has a legal department that advises and they can be advised differently. But some of these discounts that are out there you may not know about unless you ask. So it’s really important to have an open line of communication with whatever lender that you choose to work with. So you know about these things as you go into a particular transaction.
Sharad Mehta 15:22
Any other questions? Should we be asking lender to see if we as buyers qualify for some sort of discounts or credit in the area where we’re buying property?
Nate Mack 15:34
If you’re reviewing a couple of different properties, I would send those property addresses to your lender and ask for car. They can tell you, or at least I could tell you, particularly if there were any significant differences in the payment cash to close things of that nature. It’s also to talk through loan to values. A lot of people don’t realize that while, for example, a single family investment property, you could put down as little as 15%, you’re going to have a hard time finding a company to give you a mortgage insurance policy if you only put down 15%.
So let’s set that aside, 20%, that’s doable. No mortgage insurance, that is fine. You’re going to see a significant difference in the points that you have to pay between 20 and 25%. So in most cases, if you have the capital to do it, 25% is going to be the way to go because you’re going to see probably one to one and a half points less due at closing based on that loan to value. Now your lender can calculate that. They can tell you exactly what you’re in for. Maybe a property has some of those closing cost discounts and that might offset the expense of those points. But you can explore those things before you go into contract and maybe that affects your decision making, especially if you’re weighing multiple properties.
Sharad Mehta 17:08
Another thing that I found out, which I didn’t even know was possible, was you know, so we had gone through the Wells Fargo process for my personal residence. We had only done appraisal. Appraisal came in okay. And then we started working with Nate. I didn’t even know. Nate said, hey, we can just transfer the appraisal over. You don’t have to go through another appraisal process and spend this money again, which I didn’t even know. So those sort of things. I think it’s always worth asking your lender. Like in this case, I didn’t even ask Nate. He mentioned it to me. Since he already had an appraisal done, we can just transfer it over from Wells Fargo.
We need, like, a specific type of file that Wells Fargo needs or whichever lender did the appraisal needs to send over so it’s in that specific format. And then we didn’t even have to do another appraisal when we went through Nate. So, Nate, what are some of the other questions or fees that you think an investor or buyer may not be negotiating right now, but they could negotiate with a lender with some of the fees or other costs and stuff that are incurred by their loan.
Nate Mack 18:16
It’s primarily those, because what is often not realized is that the lender fees are small amount of your closing costs. The lender typically it’s around $100, $1200. It’s going to be the lender fees. Everything else is third party, from your appraisal to the company pulling your credit report. And title is third party. That’s what makes some of these discount, these closing cost discount opportunities so valuable. Because even when you might see an advertisement for no origination fee, origination fees are significantly less in most cases than even title, title alone. So when a company does have the power to waive those origination fees, but a discount like this, a credit based on I know some other companies do something similar, so it’s not just Huntington. But a discount like this can have a greater impact on the cash that you’re actually spending at the closing table.
Sharad Mehta 19:27
So the question would be, like, you could straight up send a property address to your lender and just ask, hey, does this property qualify for any sort of credits based on where the property is located?
Nate Mack 19:40
Exactly, because the discount I’m referencing is entirely having to do with the property’s location, not the loan type. It has nothing to do with the individual purchasing it or the property use, which is a big distinguishing factor because many of the benefits out there don’t apply to investors. But in this case, it’s solely dependent on the location of the property being in one of those low or moderate income tracked areas. So definitely worth the conversation.
Sharad Mehta 20:20
Yeah, I didn’t even know that until my friend got off. He mentioned it to me that you had brought up some sort of a discount because where the property is located. So that was super helpful. Wes, you had a question?
Wes 20:32
Yeah. Thanks, Sharad. Hey, Nate, I’ve never heard of this before either, but is there a particular term that the property location criteria sits under? So, for example, I have several lenders in my network. If I were to go to them and say, hey, do you have any additional discounts based on the property location? I can already see where a lot of my lenders will ask, like, what are you talking about? So I guess my question to you is is there a particular phrase or language term kind of keyword that you would recommend using with lenders when we’re having that conversation?
Nate Mack 21:07
Absolutely. And that’s a good question. The way that I would phrase it is I would ask if you offer any discounts in low or moderate income areas because that is what it’s based on and it’s across values as well. I’ve seen this applied for million dollar homes that just happened to be I live in the city of Columbus and we have a lot of condominiums. So I know a particular area. I did a loan for the home was $900,000. But this little strip, this income tract was drawn along a road and the road was lined with condominiums. It’s just census track data.
So it fell into a moderate income tract and that individual saved probably some $5,000 on their closing costs for having been in that area. So these types of deals are across the board and consider them attached to the property. They’re not attached to anything else but the property itself. So yes, I would certainly ask about low and moderate income tracked areas and if there are any particular discounts that might apply.
Wes 22:35
Cool, thank you. One more quick question. Did you mention there’s a template or a form that you would recommend borrowers using when corresponding with specific lenders? Maybe it was you, Sharad, who mentioned that just kind of specific criteria that you would input into a form that way everything is kind of all spelled out when you’re going through that. I call it like the qualification process pre underwriting.
Nate Mack 23:02
Well, particularly yes and no. Particularly for your properties. If you have a good portfolio of residential properties, sending over a schedule of real estate owned can be really helpful for a lender. If you’re working with the lender that you’ve partnered with over multiple deals, they should pretty well have that established. So not necessarily anything that you would need to bring to the table in any particular form or format, but your lender should be really doing the legwork for you on that side, I did want to talk a little bit about the way that rental income is underwritten because I think that there are also some misconceptions about how lenders view that.
Because lenders are not looking if you’ve owned a property for more than a year, we’re not looking at the lease agreement. We’re looking at the tax return first. And I see some simple mistakes made on tax returns that actually lessen the amount of qualifying income that can be used so on that topic, something that — this is something that we could all be mindful of a property’s net income on your schedule. Each property we look at the net income and there are certain things that we can add back to the cash flow of that property. Those things would be taxes, insurance, interest paid on mortgages and depreciation. What is noticeably missing from that list is repairs.
I often see people investing in their properties and putting large expenses under repairs. And there are some cases where they can be if they’re well documented and they’re types of repairs that would not be likely to recur. A client of mine, a home, was hit by a car. We were able to document that some $18,000 in repairs were added back to the cash flow for that particular property, but without that documentation it would not have been.
Well, I was just referencing depreciation and of course I would strongly suggest you all talk with your tax preparers about this particular issue. But depreciation is added back to your cash flow of any given property and it’s important that you claim that depreciation because well, you claim the maximum depreciation that you can because not only does it lower the tax liability that you have, you can add all of that back to your cash flow. And there is a recapture that can be done by the IRS when the property is sold.
So if you have not maximized the depreciation that you could have claimed, you can sometimes leave money on the table. And now I’ll leave your tax preparer to tell you more about that. But that’s important for you to know and that’s important for you to ask your tax preparer about when you are having your taxes prepared and looking over that net income cash flow because that is wholly what we lean on when we’re assessing your income from your properties.
The only cases where we use lease agreements is if a property was only recently acquired and the tax return would not accurately reflect the income generated from that property. Even in that case, the income from the lease agreement is lowered by 25% and that’s what’s used to qualify, which is then offset by any mortgages on the property. Are there any questions about that?
Sharad Mehta 27:16
No. I mean, I was going to say what you mentioned about having well documented a good documentation for expenses that you have on your tax return because it happened with me. So when I submitted my tax return, I had some large expenses against my rental properties, but if they’re like one off expenses, then they get added back to qualify towards your loan. So that’s very important to keep good documentation about the one off expenses that you have.
And Nate, if you can also, before we move, does anybody have any questions related to this? One other question I had was I think it’s also important for people on the call to know difference between a portfolio loan and loan that’s going to be sold off. So can you just speak to that a little bit? Because the loan that I had was a portfolio loan, so where the lender has a little bit more control on the loan versus the one that is not a portfolio loan, is that correct?
Nate Mack 28:15
Absolutely. So portfolio loans, essentially it’s a lender going in their own pocket to lend to you directly, as opposed to conventional loan types through Fannie Mae, Freddie Mac that have these third party investors that purchase the loan essentially immediately after funding. That said, portfolio loans come into play in some specialty circumstances. So any jumbo loans are portfolio loans. That means loans above the conventional loan limit. There are also portfolio loans for non-warrantable condominiums. That’s something that you will run into relatively often with condominiums that are attached to multi use constructions or newly constructed that have not reached a certain Occupancy level.
So that can be really helpful. That’s something that I see people bumping their heads with often. I often have people referred to me because of that. They went into contract not realizing that a property was non warrantable, and now they cannot qualify for conventional financing. So that is a great tool. It’s good to have a partnership with a lender that has a good amount of portfolio loan types that they can offer. Also, land purchases typically would be a portfolio loan type, conventional Fannie Mae, Freddie Mac, they don’t really care for those things of that nature. Arms you tend to see more of that on the portfolio. The rates are much higher with conventional loan types.
Sharad Mehta 30:10
Yeah, because that’s kind of what happened, like, a couple of days before the closing, or like a few days before the closing, you said, our loan got picked for what’s it called, like RFA or something?
Nate Mack 30:24
Pre funding audit.
Sharad Mehta 30:26
Pre funding audit (PFA). And I was like, oh, shoot, we’re like a few days away from closing. And then of all the like, it’s a very random thing where your loan gets picked up for an audit. But Nate mentioned that normally, even if something were to come back, it’s a portfolio loan, so we can override that. But we didn’t need to do that. Everything came back okay. But, yeah. So it’s really important to know if you’re working with the lender, if it’s going to be a portfolio loan or if it’s a loan that’s going to be sold off to Freddie Mac or, you know, with a portfolio loan. The lenders have a little bit more influence on the loan versus the one that are being sold off to Freddie Mac, Fannie Mae.
Nate Mack 31:09
And Sharad, I’d add something to that as well.
Sharad Mehta 30:12
Sure.
Nate Mack 31:13
It matters, the institution’s profit model. And what I mean by that is some institutions, especially these smaller shops, they write loans to sell. They do not plan to service these loans, and they are not built to service a large amount of loans. So you can almost count on your loan being sold, typically in short order. And when I say sold, I mean not just the debt, which is what all institutions do with Fannie Mae, Freddie Mac, but selling the servicing.
So that’s when you get that letter in the mail that says you have a new mortgage company, you know, off somewhere in Arizona. That happens quite often with some of the smaller companies. When you partner with a larger institution, they tend to have a different profit model. I can speak for my own in saying that we view our mortgages not as a very large income generator. It actually is more so a lead generator in that it expands our customer base because the likelihood statistically of you doing business with an institution is much higher when they hold your mortgage.
So we have larger banks, banks like this one and others have an interest in servicing those mortgages. So you’re not going to see while they still are an asset and conventional mortgages are saleable. That term is actually used synonymously with conventional and saleable. While there still are saleable mortgages and viewed as an asset that can be sold in case of a merger or things of that nature, it is not within the profit model.
So it is not a company like this one’s intention to sell your mortgage. So for that reason you have a little bit more stability. I think a lot of times someone finds a mortgage and it’s an 8th of a point lower in the interest rate and then they have just a terrible time with the company because the company never had that intention to service your loan. That’s not what they were built to do.
Sharad Mehta 33:40
I see. Yeah, that’s very useful. Anybody else has any questions about lending mortgages for Nate? One last question I have for you is with the way the market is right now, what are some of the things that you’re noticing other successful investors doing for building their portfolio? Like what have you noticed that’s worked for based on your experience working with other investors, buying properties all over the country to help build their rental property portfolio?
Nate Mack 34:15
Just understanding the guidelines limitations or at least working with someone who does. I often see investors bumping their heads with this ten property. The guidelines around ten properties you can have no more than ten mortgage properties. Many don’t realize that there’s a credit score limitation that comes into play when you have more than six. So that is even a number to keep in mind because I’ve had people go into contract and they couldn’t qualify for property number seven.
So just understanding those things prior to taking the step of going under contract, having that relationship with a lender can be helpful. A tip about that ten property rule that you should know is it’s ten properties, ten mortgage properties. So you can have twelve properties if only nine of them have mortgages. Mortgage also spouses. This is trick spouses. So for instance, a husband and wife purchase a property together, only one is on title, but both are on the mortgage. That individual that holds a mortgage but is not on title does not have to count that property if that’s the other way around. Both parties are on title. But only one is on the mortgage. The individual who is not on the mortgage will have the entirety of that net income included in their income calculation despite that property being mortgaged, because they do not hold that mortgage.
So there are some ins and outs, some tricks. When you get higher in your portfolio, there are some tricks. It’s helpful to work with someone who is familiar with working with investors to help you navigate that. That is usually when we begin to talk about consolidation, maybe consolidating a couple of properties together in order to free up another space, things of that nature.
If there’s one other thing on my list, one other tip that I wanted to mention that I just noticed, that is not common knowledge. That is form 1007 and 1025. When you are purchasing a property that is not currently rented you can ask of the appraiser or your lender can to fill out a form 1007 for single family properties or 1025 for multifamily and they will do a fair rental calculation and that can be used in your qualification essentially including rental income from a property that is not yet rented. That can be make or break for some people in their debt to income ratios. And it’s something worth mentioning to your lender if your lender has not mentioned it to you. That’s the only other thing on my list. But if you have any questions, I would love to help.
Sharad Mehta 38:01
Also we’ll send your contact information out to our email list. But what’s the best way? Is it email? Is it like — what’s the best way for someone to get in touch with you?
Nate Mack 38:16
Oh, email of course. But I will include my cell phone number. You’re welcome to text or call me directly, especially if it’s time sensitive around purchases, things of that nature. I want to make sure I don’t keep you waiting, so feel free to give me a call. Any emailed inquiries will always be addressed within 24 hours.
Sharad Mehta 38:39
Yeah and guys, I can say from my personal experience, Nate was absolutely amazing to work with. I’ve already referred a couple of other investors who work with Nate and they’re closing on some properties this month or next month. And I’ll drop Nate’s information right here in the chat. And then we’ll also email this out to everyone. If you guys have any questions, definitely reach out to Nate about that. Any other questions guys, before we let go? I want to respect his time.
Jeremy 39:11
Hey, Sharad, this is Jeremy. Quick question.
Sharad Mehta 39:13
Hey Jeremy.
Jeremy 39:14
Hey. I jumped in a couple of minutes late. Nate, what markets are you pretty much in? Every market or is it particular markets? I don’t know if I heard that part.
Nate Mack 39:26
No, I’m actually glad you asked because I didn’t mention that. I lend in all 50 states. Also one of the benefits of sometimes working with larger companies is that you do have those licenses. So yes, I can lend all over the country.
Jeremy 39:43
Awesome!
Sharad Mehta 39:44
So all our investors that are buying Turnkey properties from us, we definitely put them in touch with Nate. And even though Nate is based in Ohio, the property that I purchased for my personal thing in California, Nate helped me with that without any issues.
Jeremy 40:04
Okay.
Nate Mack 40:05
Yeah. Just for a little bit more context. For the majority of my career, I’ve worked as a national lender. So I’m actually familiar with some of the more nuanced laws, really across the country, transfer fees that are higher than average in maybe Florida or Pennsylvania, little things like that. So it is helpful. Again, it’s all about who you’re working with and your comfort level. Not necessarily myself, but whoever you decide to work with, it’s in your best interest to make sure that they are knowledgeable. And once you have established a strong relationship with them, continue to work with them because it will make your life a little easier. And I know REsimpli is all about simplifying this process for you all, and that’s just another way to do it.
Sharad Mehta 41:01
Jeremy 41:02
Cool. Appreciate that.
Nate Mack 41:05
Absolutely. Sharad, I really appreciate you having me.
Sharad Mehta 41:07
Yeah, thank you Nate. I mean,you know, once as we were getting closer to the loan process, I reached out to Nate and I told Nate, you would be great to come on this call. And then we’re also going to be launching on our website like a list of preferred vendors. I would love to kind of put you on that just so that people that companies that we’ve worked with or referred to us or companies that we’ve had great experience, they definitely want to make sure we add value to other investors because I had amazing experience working with you.
And I know other investors, my friends that I’ve referred over, other investors that were selling Turnkey properties to everyone has had nothing but great things to say about you. And then just working with you, they’ve been able to close loans on time and save money. Like some of the things they didn’t even know about, like the property that Gaurav has, a couple of properties that he’s buying, he didn’t even know about that. And then you were able to educate him on that, but he’s going to save some money on closing costs. So he was super excited about that.
Nate Mack 42:12
Yes, I’m a better lender than a public speaker.
Sharad Mehta 42:16
No, you’re great. And I love how you’re always very calm. I would call you, text you like, hey, Nate, what’s going on? Are we going to close on time because we have a tight deadline. You are like don’t worry, everything is under control. So I appreciated that.
Nate Mack 42:30
Absolutely, my pleasure.
Sharad Mehta 42:35
Yeah. Nate, I put your information in the chat. We’re also going to email it out to our email list and let them know. And then this recording will be available on our Facebook group and we’ll put it on our YouTube channel also. So again, I want to thank you so much for personally helping me close on my home and then coming on this call and answering some of the questions and just educating our users a little bit about the mortgage process.
Nate Mack 43:02
My pleasure. Thank you again.
Sharad Mehta 43:04
Cool.
Nate Mack 43:04
You have a good one.
Sharad Mehta 43:05
Thank you. All right, cool. Thank you guys, everyone, for jumping on the call. I appreciate it, and I’ll see you guys next week on the call. Thank you so much. Have a great rest of the week. Thank you!
