Hello everyone, Just wanted to know should I seek financing to know the numbers on what I can purchase before looking for the property or vice versa??
@David McEwan - That depends. For buy and hold - Yes. you will need to know how much you can afford since the loan is based off your income. For fix and Flips - No. You will be in the hard money space which is loaned off of the deal
@David McEwan you should listen to the BP Podcast I was on - I discussed this at length.
Okay great and thanks @Brianna!
I second @Brianna Schmidt . Having financing in place will also help you act quickly if you find a property you like. No need to put the cart before the horse!
Thanks @Jimmy Moncrief and @Christopher L.
I would secure financing prior to shopping, however just ran into a deal where I was 'Preapproved" for financing, signed a contract & was sidelined due to a garage apartment & forced to seek cash from another source. If your shopping for money make sure your clear about your intentions. Good luck
I also second the idea of securing financing before shopping. It will also help to use multiple exit strategies should circumstances change.
Thanks guys!! It only makes sense!
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