Do lenders require Landlord Course?

Asked by David, Brooklyn, NY Fri Jul 5, 2013

I am looking to get prequalified for a multifamily property. Do lenders require I take a course on landlord(ing). Does the City of New York offer a couse?

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Kelly Pessis, Agent, Malibu, CA
Fri May 29, 2015
No, not unless it is some sort of government program. I do suggest that you join an apartment owners association in your town. They usually offer advise, documents and legal questions. I belong to the AOA, but that is specific to my area... you will want one versed on your specific areas rent stabilization laws (if any), state laws, etc.

I am a realtor with 15 rental properties in three counties and I can tell you, keeping all of the ever changing rules straight is tough. Having an assistance "hotline" such as provided with a rental organization, has helped tremendously!

The final word of advise: screen your tenants well! Check references inside and out and know that people make up rental histories, employment and everything under the sun. Do your homework, maintain control over your property (rather than give it to management company if it is small enough) and learn to trust your instincts. Most of all, buy more - it is a great retirement plan!

Best of luck and i you found this useful, I would appreciate a vote for "most helpful"
Thanks!
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George Capel…, , Brooklyn, NY
Sat Jul 6, 2013
There is no requirement but some non-profit organizations do offer some first time buyers courses. These classes offer down payment assistance, getting you ready for the mortgage process by helping you prepare for the mortgage application and advise what they look for. The more prepared you are, the smoother your search for a property is and the closing process. Good luck and I hope this helped you... George
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Madeline Pad…, Agent, Brooklyn, NY
Fri Jul 5, 2013
Hi David
No they do not all they care about is that you qualify.

Of course taking some courses and reading up on all the laws would be very helpful
to you. Because usually the tenant knows their rights better than you do.

Check out the buildings department website or google various topics relating to this subject
and I am sure you can find some helpful classes that you can take.

good luck
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Jul 5, 2013
David, mortgage lenders do not require isn't sort of classes, even if it was your first investment property.

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Javier Meneses
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STERLING NATIONAL BANK
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Woodbury, NY 11797
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(516) 606-9648 Cell
(516) 740-4478 Office
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Anthony Drigo, , Brooklyn, NY
Fri Jul 5, 2013
David

Different lenders have varying requirements. However, if you are going to be new to landlording, then it may a good idea to educate yourself about what it means to be a landlord and to familiarize yourself with the relevant laws and regulations as well as the various potential pitfalls to avoid.

I am a real estate agent but mortgage brokers make presentations at our offices (located in Bay Ridge) all the time. Not as an endorement of their service in anyway, if you are interested, I could pass on their contact info to you as the first stages in your exploration to find a mortgage broker that you feel comfortable with.

When you are ready to look at possible houses to purchase, I would welcome the opportunity to work with you to find a property that best suits your requirements. Call me 617 372 0107 or email at antdrig@gmail.com. I have guided several first time home buyers through the process of purchasing multi-family homes.

Many persons have made a success of purchasing and renting multi family homes. So I wish you all the best. Just get as much information as you can about the process.
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