FIND THE DEAL or FIND THE MONEY!

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FIND THE DEAL or FIND THE MONEY!

Angela Beers
Real Estate Agent · Delaware County, PA · Member since 2022 · 15 posts · 3 votes

Hi,

I have hit a road block to pulling the trigger on my first BRRRR. Should I find the deal and the money will follow?? OR Should I procure a hard money pre-approval and go hunt for the deal?

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Stephanie P.Pro Member
Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
3y
Quote from @Angela Beers:

Hi,

I have hit a road block to pulling the trigger on my first BRRRR. Should I find the deal and the money will follow?? OR Should I procure a hard money pre-approval and go hunt for the deal?

Start going to REIA's and Meetups and getting to know lenders and investors that go there.  Find a few lenders/brokers that you like and then have them look at your financials.  As a Realtor, you wouldn't drive around looking at properties for a buyer without knowing they were qualified to buy right?  Once you have an idea of what you can do, then define the area you want to be in and start shopping.  See what works and what doesn't using your lenders as sounding boards.
Welcome to BP.  Hope that helps.  Feel free to reach out with questions.
Stephanie
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  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    3y

    You need financing lined up first. You don't want to waste anyone's time without getting that squared away

    0Reply
  • Stephanie P.Pro Member
    Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
    3y
    Quote from @Angela Beers:

    Hi,

    I have hit a road block to pulling the trigger on my first BRRRR. Should I find the deal and the money will follow?? OR Should I procure a hard money pre-approval and go hunt for the deal?

    Start going to REIA's and Meetups and getting to know lenders and investors that go there.  Find a few lenders/brokers that you like and then have them look at your financials.  As a Realtor, you wouldn't drive around looking at properties for a buyer without knowing they were qualified to buy right?  Once you have an idea of what you can do, then define the area you want to be in and start shopping.  See what works and what doesn't using your lenders as sounding boards.
    Welcome to BP.  Hope that helps.  Feel free to reach out with questions.
    Stephanie
    1Reply
  • Angela Beers
    OP
    Real Estate Agent · Delaware County, PA · Member since 2022 · 15 posts · 3 votes
    3y

    Thanks! I appreciate the feedback!

    0Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    3y

    Find the deal, the money will come 

    0Reply
  • Polo VazquezPro Member
    Real Estate Agent · McAllen, TX · Member since 2017 · 382 posts · 281 votes
    3y

    If it's a good deal, the money will come. You can literally just post in on a RE investors group or facebook marketplace and you will probably find a buyer and you can wholesell it. If it's not a good deal then you might end up in a small pickle and have to drop out of contract and lose money (consider it the cost of doing business) and try again.

    0Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y

    Many will tell you to find the deal first, then the money will come. However, that's a more experienced move. If you are a beginner, you should have your finances lined up first.

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