When They Say No

I called Patrick Boston this morning, the mortgage broker recommended to me by my now FORMER real estate agent Lola. He said that he only does commercial loans, so he referred me to someone who does residential loans. The referral calls me up and asks for information about the property, then goes into this long diatribe about how difficult it’s gonna be for both he and I to get this loan approved. He said that it’s especially difficult because many banks see those loans as a high risk for foreclosure. The way he was talking depressed the hell out of me, but then I remembered something.

When I first wanted to buy property Alpha in 2007 (or 2006, I can’t remember), I used a broker named Dan Gaber. I was new to the whole process of buying real estate and he made it worse by taking forever to get back to me about what I needed and was just an all around douche. He knew that I was new to it and still ignored almost all my calls when I needed help understanding something. As time went on, he said that he could no longer help me and that there was “no way I was going to get approved for the loan”. Those were his exact words and I even asked him to repeat it. So I called Sha and he asked Sonya to try and get the loan done. Sonya was just his girlfriend at the time, and was working at a mortgage company in NYC. She had helped Sha close many of his properties. So she got all the information, did whatever she had to and got the loan approved. Maybe she worked harder on the loan because it was a friend of her boyfriend I dunno, but the point is that she got it done. But what I do know is that, in the real estate world, anytime someone tells you it can’t be done or it’s too difficult, what they’re really saying is that they don’t want to help you or they don’t know how. So fuck Dan Gaber, and fuck Patrick Boston’s referral as well.

So I called another broker, CFB Mortgage. The lady asked for the same information as the other guy and I asked her whether it’s difficult to get this loan approved due to the high rate of foreclosure for these kinds of properties. She said no, and that it happens in other places but not too much in Smalltown. But that was the only good news she gave me. She went through my credit report and it showed that I still owe Dell Financial Services $1,200. She said that I have to pay them off before she can get me pre-approved. I told DFS off last year thinking I didn’t have to pay them if they are the only debt on my credit report. I was wrong. Fuck! So I’m screwed until I can pay the DFS bill and get a receipt stating it was paid.

Paying the DFS bill will suck, but at least I know the process won’t be the impossible task that Patrick Boston’s referral made it out to be. I have to understand at some point that the only ones that want me to succeed in this scenario is Marvin, but only because I’m paying him. (Also, I think it would be a feather in his cap to say that he helped get an idiot like me approved for an income property.) The banks are looking for every reason not to approve loans so that they don’t have egg on their faces like they did during the fiscal crisis. Guys like Dan Gaber and Patrick Boston's referral will only help you when it's convenient for them and can make the most money, and I understand that. So I have to stay focused and forget what anyone says. Everything that I want to get done can get done if I'm persistent enough. Now it's time for my meeting with Marvin Wassle.





P.S.: I would have alot more respect for guys like Dan Gaber if they would just come out and say that they're not willing to help people that aren't too familiar with the process of buying real estate. Trying to tear them down and waste their time is such an asshole thing to do.