10 Replies

Hello Bigger Pocket Family! I have a quick and beginners question regarding working with RE Agents/Brokers. I'm new to investing and looking to purchase my first Mobile Home to either flip or hold. Honestly, I have no idea what I'm doing yet but I'm well past the 'get educated" stage. I contacted a broker who has sent me 22 listing of MHs for sale and asked her when can we take a look at them. Her short answer was, once you have pre-approval for lending we can schedule some appointments. I responded with: 

"Anything is possible on my end! If I find a place that works for me, whether I want to flip it or hold it, if the place is right I can find the funding. My funding may be from another investor or maybe from a traditional lender. But I can only do that if I can look at as many mobile homes as possible. Can you make that happen?"

Am I working with the right Agent? I've read over and over again if you find the right home and create the right deal you can find a way to get funding. Is that true in my case? I feel handicapped if I can only look at places if I have pre-approval for lending, something I may not obtain before hand. Where am I going wrong in my thinking?

Thanks and much appreciated for any and all replies!

Why are you waiting to get preapproved? Show the Realtor that you're a serious buyer and get preapproved. Look at it from her point of view, she shows you 22 mobile homes and then you find out you can't get funding. She just wasted a bunch of her time. 

Any Realtor worth their salt really doesn't work with someone unless they are qualified. 

I agree with Jonathan. And it’s really just as much of a benefit and peace of mind for you as it is your agent. Establish your budget and go get that deal. 


@Tatiana Conta , no question is a dumb question. The only dumb question is the question that is never asked.

Once you know you’re pre-approved, shop around.

This will ensure several things.

1) you’re working with a lender that you have synergy with.

2) you’re getting the best rates and terms.

3) you know for sure that you’re qualified for an amount that the first lender you spoke to said you are. 

You have a 30 day window from your first initial credit pull to shop with several lenders, by having them pull your credit and not taking a second hit to your credit. If you’d like to shop rates without having them pull your credit again, give them your overall loan profile.

1)property type

2)primary or investment purpose 

3)purchase price 

4)down payment amount 

5)Middle fico credit score

I hope this helps!