Updated almost 6 years ago on . Most recent reply
Looking for advice, about HARD MONEY LENDING
Hello everyone who will see this post.
Do I have to first find a "potential deal for a flip" in order to apply for the loan with them ?
or Do I have to first put an offer in a property at the auction then apply and tell them about my plan with property ?
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Ronald G. you should 100% EVERY TIME get prequalified BEFORE making your offer. Absolutely 100% without fail, GET PREQUALIFIED. What you can get qualified for can absolutely affect your offer. You need to know those details BEFORE you make the offer so you know if you have flexibility to have a higher offer...which will get you more deals...or sometimes that you have to make a LOWER offer to limit your out of pocket costs. Usually being prequalified is like a 15 minute conversation. Maybe 30 minutes. After you have your offer under contract, then you officially "apply" for the loan. I hope this makes sense how I am describing this but feel free to ask anything additional if you need. Thanks!