New to investing and homeownership

1 Reply

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