Updated over 10 years ago on . Most recent reply
First Home loan
Hello,
I will be buying my first house this summer as my wife and I will be moving away from her college town.
I am thinking of getting preapproved, so I know what my criteria can be. But will banks be interested in sitting down with me when my purchase is 4 or more months away?
Will knowing I will turning the property into a rental in two years affect their decision? If my first house cash flows at 200 a month,(when I move) how will that affect the preapproval on my second house. Especially since I will be living in it until I have the new house and I will only have Comps to show what I can get for rent.
When I begin looking for the house with a preapproval and an real estate agent is there anyone else I need to talk to before I settle on a property? (obviously I will post the #'s on here to get feedback on how sound the investment is)
I've read books and read a lot of forum posts here on bigger pockets but I had to ask because sometimes you don't know what you don't know.
Thank you for any and all input!
Cheers, Steve