Buena Park, CA · Member since 2016 · 31 posts · 12 votes
Hi everyone,
I've been around this site for almost 2 years now and I feel ready to make a purchase. Before I do however, I am wondering if someone can answer a few questions for me, it would be greatly appreciated.
1) Once I've identified a property, what's the process for financing? As in, do I need to talk to a lender first before I make an offer on the property? Or do I make an offer first then get the financing?
2) Does this process in question 1 change whether or not if it's a SFR or a commercial property?
3) I'll be investing out of state and I know property management is key, what type of questions should i ask the property management company? What specific red flags should I look out for?
I'm sure I'll have more questions as I continue/explore this. Thanks in advance for those who answer and of course any advice/insights/personal experience stories are welcome.
I've been around this site for almost 2 years now and I feel ready to make a purchase. Before I do however, I am wondering if someone can answer a few questions for me, it would be greatly appreciated.
1) Once I've identified a property, what's the process for financing? As in, do I need to talk to a lender first before I make an offer on the property? Or do I make an offer first then get the financing?
2) Does this process in question 1 change whether or not if it's a SFR or a commercial property?
3) I'll be investing out of state and I know property management is key, what type of questions should i ask the property management company? What specific red flags should I look out for?
I'm sure I'll have more questions as I continue/explore this. Thanks in advance for those who answer and of course any advice/insights/personal experience stories are welcome.
1) Contact a Mortgage Broker (not a bank), tell them what you are trying to accomplish and ask then to pre-qualify you. They will have more options than a bank has.
2) SFR & Commercial are very, very different. Most people think it is not a good market for Commercial right now. Prices are too high.
3) Someone here provided wither a list of questions or a blog post, I can't remember which, on what to ask a property manager. Do a search at the top in the search box.