I am thinking of buying a house in Florida, preferably Jacksonville. I am thinking about renting it out. I am new to relax estate and I am still learning. What is my first step?
i was told to find a lender and see what I will get approved for. I was also advised to use about 5-6 lenders and and use in the course of 30 days because my credit will take a hit. Now how many times do I have to use a lender? Do I have to use them again when I decide to buy the house? Is this a one time thing?
What should my first move be? I have great credit. I have a steady job and I've saved enough money and still saving.
If someone can help, it will be great. Thank you
Not sure what was meant by use 5-6 lenders. Maybe they meant get in touch with 5-6 lenders and shop around, witch is advisable. Find one that is reputable and has good rates. Something to consider is using FHA or conventional loan. Bad lender can ruin a deal, they are not all the same. Get preapproved then find a good agent. again, shop around. And ask them questions like....
have you helped someone find a househack before? make sure they are familiar with the general terms of real estate investing and not just looking to put you up anywhere for a check. Remember location is important and be sure about your rent numbers.
Hope this helps!
@Aisha Sa Congrats on getting started! I do think you should get quotes from multiple lenders, but you don't necessarily need to go as far as having your credit pulled by each of them. You should be able to discuss what your credit range is and what you're looking for and they should be able to provide their general rates. It won't be finalized but that will allow you to weed some of them out.
Also, the hit to your credit score will be temporary. It should bounce back within a few months.
You aren't ready to buy a house yet based on what you were asking so just slow it down a little and yes, get pre-approved first so you know what price range you should be looking at. When you say you want to house hack, do you want to do that in a multi and become a landlord? Do you know what landlording is like? You only need one lender, people meant shop for rates and trust, but don't get your numbers pulled by them all. Why Jacksonville? Do you live there? Once you find a lender, you will need if and where you qualify and then you take that value into the field to see if what you want to spend matches what you will be comfortable living in.
Thank you everyone! I appreciate you all.