Updated over 5 years ago on . Most recent reply
What to do first? LLC? Pre-approval?
So..I’m ready to plunge in head first. Will have to do conventional financing with 20% down as I’m looking for a MFP (4 plex) and will not live in it.
What would be your first step? Establish an LLC? Can you get pre-approved up to a specific amount without having a specific MFP in mind? Obviously you don't want to write an offer without being approved for a loan, but MFP can move quick and be under contract within a few days. An offer can't come before the financing…
if you've found a ‘good deal', what's next? LLC? Financing? Offer??
Thanks!
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@Dustin Dumbravo definitely get pre approved first as the rest is just conjecture. After that, find a great team on the ground where you want to invest. Get an investor friendly agent, lender, attorney, inspector, contractors, etc. This all takes time, but you build your team organically one piece at a time. Probably the first move is to find a great realtor who also invests.
As to your LLC question, you should lean on an attorney for that. You probably won't be able to buy in the name of the LLC as it will force you into commercial financing.