ABOUT MIKE MAIER
Michael Maier a.k.a. “Mike” is a Branch manager at Fairway Independent Mortgage. He is also a local mortgage advisor based in Portland. He is authorized to conduct business in the state of California, Oregon and Washington and licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. Mike has been in the mortgage industry for 17 years now and he believes that a home is a platform to build a better life. It's a stepping stone to create generational wealth.
THIS TOPIC IN A NUTSHELL
[01:23] How Mike started in the mortgage industry
[04:52] Difference between self-employed vs. person with W2 job
[05:30] Income analysis for self-employed
[07:32] How to qualify for a loan
[09:00] Sample computation for a certain scenario
[11:07] Capitalizing and Expensing repair items
[12:40] Ways to reduce your qualifying income
[16:06] Understanding Cash-out refinance, Loan to Value, and Debt-to-Income ratio
[19:46] On getting low-interest rates
[22:53] Knowing your long-term goals to the property
[25:12] Guidelines to multiple units
[27:38] Owner-occupied vs. Non-occupied properties
[29:45] How FHA Financing is used?
[30:32] Conventional vs. FHA financing
[33:34] Using LLC for a loan
[36:01] His advice to 25-year-old self
[38:04] First Entrepreneurial endeavor
[39:28] Formal and Informal training that shaped his journey
[40:45] His biggest mistake and what he learned from it
[43:10] Best way to reach out to Mike
KEY QUOTES
[07:58] Ultimately, the best strategy is, make sure to talk to a good home loan consultant early. If you're self-employed and a real estate investor, you want to be having these conversations before you're going to file your tax returns. If you know, we're looking at getting you pre-approved to accomplish something, and you're not where you need to be, it's your opportunity to change that equation. I'd say go through that pre-approval process early, let's identify where you need to be from a net income standpoint.
[12:47] In theory, when I'm doing that rental income analysis, as long as we can document that this was a one-time extraordinary expense. I can add that back to the equation. So, you have to keep some good records and some documentation. What my underwriters’ need is some ammunition to say that all right, these expenses here were a one-time expense. So, I'd love to see invoices or stuff that you're not replacing every year or every couple of years. You know, presumably, you put a new roof on, that is something that potentially we can add back to your qualifying income. But painting, handyman stuff, appliances, you know, the stuff that you're going to kind of encourage yearly, so we're gonna hit you with it.
[25:06] Ultimately, duplexes are going to have different guidelines and rates, and costs compared to single-family residences and triplexes. There's lots of nuance to all those guidelines. But just in general, more units are gonna be more expensive, and you're gonna have more restrictive guidelines. And so those are certain things we want to get out in front of and get out early when you're getting ready to do a project.
[36:38] The advice I would give to myself is that I should have jumped to the next step of my career sooner. As I think of each step that I made from a home loan consultant to a branch manager and building a team and all of these steps that ultimately advanced my career, I should have done them sooner. Don't be afraid to take the leap to that next step, have some confidence and go for it. Ultimately, if you take that next step, you're going to learn a lot about that next role and realize that you can do it.
SUMMARY OF BUSINESS
Fairway Independent Mortgage Corp. - We are dedicated to finding great rates and loan options for our customers while offering some of the fastest turn times in the industry. Our goal is to act as a trusted advisor, providing highly personalized service and helping you through every step of the loan process, from application to closing and beyond. It’s all designed to exceed expectations, provide satisfaction and earn trust.
ABOUT THE WESTSIDE INVESTORS NETWORK
The Westside Investors Network, is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication.
The Westside Investors Network strives to bring knowledge and education to the real estate professional that is seeking to gain more freedom in their life. The host's AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com.
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CONNECT WITH MIKE:
Phone No: 503-545-9879
Email: Mike.Maier@FairwayMC.com
Website: https://www.mikemaiermortgage.com/
LinkedIn: https://www.linkedin.com/in/mikemaiermortgage/
Facebook: https://www.facebook.com/mikemaiermortgage
Instagram: https://www.instagram.com/mikemaiermortgage/
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