I’ve been thinking about investing in real estate for quite some time now. Now I’m ready to give this a try even though I still have a whole lot to learn. Well there is this multi family investment property 2bd 2ba asking price is 99,900. There are tenants living in it already.1 bd 1ba per unit. Rent is 700 for both units. Mortgage payment is 593. I call to inquire about it. The agent Angela said she will do a showing I just need to show her a pre-approval letter from the bank. The thing is I haven’t done this yet. I’m not even a homeowner myself, my income is probably below average my credit score sucks. If I apply won’t my credit score go down even more. Am I in over my head. I’ve heard of hard money lenders and things like that. What’s the next step or what are my options.
Rosalyn - get the pre approval process underway to determine if you are able to obtain financing options ..the process is easy and free ..this will allow you to understand the numbers more and also get a current / accurate idea of what your credit scores are and what steps you might take to work on the credit