I've got some funds secured for buying my first rental property! However, I have a couple of newbie questions. I feel like some of these small details get left out in the podcasts.
I'm assuming I should get pre-approved before I start making offers. How did y'all most easily complete this step? I've also heard that you should only get your pre-approval letter for the exact amount that you're offering, otherwise the seller will assume you could raise your offer.
How did y'all complete this step? Form a relationship with a local credit union and get them to write a different letter for each offer? Or just get a pre-approval letter for as high as your niche budget is?
Step 1 - Get pre-approval from your source (no letter yet). This tells you what your maximum is.
Step 2 - Make offers based on your maximum
Step 3 - Get approval letters as needed for each accepted offer. Approval letter should not give a number. Approval letter should refer to the accepted offer and state you have sufficient funds to cover.