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Updated over 9 years ago on . Most recent reply

User Stats

50
Posts
17
Votes
Derek Rocco
  • McMurray, PA
17
Votes |
50
Posts

First deal/ first loan

Derek Rocco
  • McMurray, PA
Posted
Hi, all. My wife and I are in the research phrase of making our first deal. The deal would be for a duplex in a college down with 3 units. Comparable comps rent for $700 a unit. The duplex is 50k My question though is how should I go about my first loan? My wife and I own a house, do we go to a bank?

Most Popular Reply

User Stats

86
Posts
21
Votes
Fatima Champagne
  • Philadelphia, PA
21
Votes |
86
Posts
Fatima Champagne
  • Philadelphia, PA
Replied

Thank you @Peter Mckernan 

 I actually work in a community bank - in the Electronic Banking Dept. I don't have any contact with those in the Lending group, but it may be worth a shot to start here as well. I don't want to have a number of hard pulls on my credit so how would you recommend I proceed? Would the loan amount I'm approved for vary from bank to bank? Or do they generally use the same system? 

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