Banker rant

[wdfifteen]

Trying to buy an investment property. I sent a stack of records six inches thick to the underwriters and they want more! My employees only have to show their tax returns and pay stubs from my company to get car loans and mortgages. One of them just closed a mortgage six months ago. But I own the company and I have to empty my underwear drawer for the bank to examine. Where do they think all those employees' pay stubs came from? The irony is, I've run a successful business and made money for 20 years to pay taxes that go to bailing out banks who are too stupid to be as successful as I've been. Instead of asking me to prove I know how to run a business they should be asking me for advice. Then they wouldn't need to be begging the government for welfare.

I had to get a private loan for a property I bought five years ago and after 3 weeks of shoveling pounds of records to them I thoroughly expect the banks to turn me down again. The lender and I made money on the last deal and the banks ended up asking for government handouts. I thought I would try again, but it doesn't look like they've gotten any smarter. It's no wonder the banks are living on welfare.

[Dantilla]

Banks seem scared of real estate right now, even though this is the time to "Buy low". Really silly, isn't it. A couple years ago, "We'll loan you 125% of your home!".

When every home that was listed got full-price offers on the first day is when I stopped looking to flip houses. Too many people that don't understand real estate (or a simple thing I like to call math) jumped in the market, screwing it up. Now that they are fleeing, it's time for the normal guys like me to step back in and take advantage of low prices.