Business plan & financing
I am ready to start shopping for my first buy and hold property. I have a solid fico score, solid level of financial assets, and cash for up to 20-25% down if needed. I would like to put together a solid business plan that includes projected NOI, cash flow, cap rates, etc. I would also know what type of financing I have available to me before I do serious shopping. I am curious how to get pre-approval without having a specific property in mind, and thus, not having the specific metrics needed to present a business plan? Do most of you have a more general business plan to take to lenders or do you ususally find a specific property before seeking out financing?