I just got pre-approved today

7 Replies

I just got pre-approved today for my first property. I'm looking to get a multi-unit property using a FHA loan. I've already figured out what price range I'm trying to stay in based on debt service, taxes, pmi etc. Other than actually getting out here looking whats next?!

@Shawn Crawley

Here's a general overview of the deal process:

  1. Find a Prospective Rehab Property
  2. Perform Quick Analysis to Determine if #'s Make Sense to Walk the Property
  3. Perform Initial Property Walkthrough & Inspection
  4. Create a Detailed Estimate of Repairs
  5. Analyze the Maximum Purchase Price you should offer for the Property
  6. Make an Offer / Negotiate Offer with Seller

After Deal Acceptance

  1. Develop detailed Scope of Work for contractor proposals
  2. Establish Inspection/Contractor Walkthrough Date - Try to have everyone show up on one date & time if possible
  3. Solicit contractor proposals
  4. Receive contractor proposals
  5. Make go/no-go decision to purchase the property
I would suggest the very first thing to do is to research your market so you know what rents go for and what properties sell for. This will be crucial in analyzing your first deal.

Congrats man! I literally just finished talking to my potential lenders to wrap up my pre-approval paperwork. I'm looking to do the exact same thing as you; FHA loan..maybe a 203K to be exact and a multi-unit (4) property in the DMV area. I'm assuming you've figured out your price based on what the market is telling you multi-units are going for? If so, my next steps would be to research your county's future development plans. This will be a good way to analyze potential market trends in your area.

@Mark Dusseau

Did you find a house yet? If not, I can refer you to a good Realtor in Eastern Market that specializes in multi-family properties. BP monitors. This is not a solicitation. We don't do FHA at US Commercial.

Mark, PM me.

Stephanie

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