First Loan + Other Questions!
Hi there! I have a few questions.
I've found a few cheap properties that I would have seriously considered flipping had I been ready. I kinda like to practice before the time comes to actually buy. As evidence of my rookieness - how does the buying process work exactly? Can I have a loan ready to go and then go look for houses so I can present an offer quickly? Would this be pre-qualifying? Or do I find a house then go get apply for the loan? I'm pretty sure I know the answer but wanted to see what the community says.
Further, if the home is 70k and needs about 30k in repairs - do I get a loan for 100k or do the repairs have to come out of pocket? Would a bank approve a loan above the purchase price?
Finally, would I benefit from using a realtor that specializes in investment properties or will I be okay using analysis based off advice on here + various books to determine whether to flip (or buy + hold) a home.
Thank's everyone in advance.