Best plan to pre-qualify as an investor
I plan on sitting down with my local, or maybe not local, banker / mortage company and sharing my business plan in an attempt to get pre qualified before I go property hunting. Just like purchasing a primary residence, it only makes sense to know how much you can spend before you go shopping.
With solid credit scores but not much cash am I going to have problem getting a commercial loan for my newly established S-corp. (I have one rental house) I'm not looking to spend $500k on my first attempt - looking more in the $50-75k range. Where I live the average 3/2 is about $150k. So we are talking small house to start - something I can swallow the note on for a few months if need be until it sells.
Can anyone offer some advise and definate "Do's' and "Don'ts" when talking with the bank. I'm not talking obvious stuff like "look professional" etc etc. but points to make, questions to ask.