Lennox McAfee Rental Property Investor from Nashville, TN posted over 1 year ago I’m new to investing so I have a very basic question! Are we suppose to get the deal under contract first, then get funding, or vis versa?
Taylor L. Real Estate Syndicator from Richmond, VA replied over 1 year ago Know where your money is coming from first. Have your investors and lenders lined up. You want transactions to go smoothly. Running around to find money after you have a deal under contract isn't exactly the smoothest way to go.
Chris Svendsen from Front Royal, Virginia replied over 1 year ago agree with @Taylor L have your money lined up so can make offer when find right property. If financing get the preappproval letter and then put in offer. If doing cash offers better have it available. I put in 2 cash offers tonight and have to send proof of funds with offer or nobody take your offer.
Jill F. Investor from Akron, Ohio replied over 1 year ago You can't have financing completely lined up until you find a property to buy but what you can do is find a lender that will loan you the money assuming that you find an acceptable property. For commercial lenders, this will mean filling out a personal financial statement and talking to a loan officer. For residential investment loans you will apply for pre-approved for financing just like you would for a home loan.