Have the down payment - should I get pre-approved?

[Ryan C.]

I have analyzed a bunch of deals now, and now I will be ready to make my first purchase in the next 6 months when I see something that fits what I am looking for. 

When I have the down payment, should I reach out to lenders so I can pre-approved for a certain amount, or will that depend on the P&L from the property? I want to be able to pounce when I see something, but maybe that's what an LOI is for?

My goal is to buy several units until have enough equity to be able to purchase larger property, with larger cash flow, that's under management. 

[Stephanie P.]

Originally posted by @Yenika M.:

@Stephanie P. Before you get pre- approved should you tell the broker that its going to be a investment property?

Of course.  They should ask you the purpose of the loan and a hundred other questions.  They should be asking you about your plans and how you want this whole real estate investing career to go. It shouldn't be just a one off type  conversation.  Planning for the first one is important to have the next few properties ready to go.