So I’m sure this question has been asked before but here I’ll go:
I was looking into buying a property that didn’t go through, but it left me a couple of questions:
1)At what point in the process should I be reaching out about a mortgage and trying to get numbers
2)Where do people get their first loan? I reached out to a bank and they said that the loan would have to be recourse and would need someone to sign with real estate ownership experience and the net worth in leverage.
I reached out to an agency broker, and he told me that they can do non recourse , but would need someone with the net worth in leverage and real estate experience as well.
So the questions becomes, what’s the best and easiest way to get your first mortgage to build up that experience ?
@Harrison Wolpoe The first and easiest way is to buy owner occupied, as that has the lowest downpayment and credit score requirements. Then expand out to investment properties.