Harlem, NY · Member since 2015 · 27 posts · 10 votes
Hi BP,
I decided to finally take that step and actually look for a property to evaluate and house hack.
Quick background. I live in Rockland County, NY area but I grew up in Yonkers, NY. I know the area well and stumbled upon a fairly run down duplex that I'm thinking I can fix up and rent out the other unit.
Should I find pre approval loan before I call the number to ask about the property?
Does any one have any suggestions on what should be my first couple of steps?
Great decision on moving ahead and starting the process of investing in real estate. I suggest you go ahead and get pre-approved first. You want to know where you're at financially to be able to make the right decisions and know what areas you can afford to buy in. Also another thing that has become more popular is some sellers are now requesting buyers to provide preapprovals or proof of funds before viewing a property.
Harlem, NY · Member since 2015 · 27 posts · 10 votes
9y
Ceasar Rosas I see, thank you for that. Do you suggest a Wells Fargo who I've held a long time account with or maybe a lender more geared toward real estate investors? I have a good credit and decent job (Big 4 Accounting firm), but I assume lenders are more worried about experience in investing.
The big banks, when it comes to financing, are not usually the best to get it done. Although Wells Fargo has gotten better, and has some good loan programs, I would still look for smaller bankers/brokers that specialize in the areas you are looking in. With that being said get approved with Wells Fargo and a couple of other places and compare.