Any tips on preparing for my first real estate deal? Ideal credit score or capital on hand? Any step by step guides for BRRRR Investing?
@Timothy Edwards Jr get your credit score up to at least 650. best to be in the 700 plus range. Figure out the average price of a property you want to own and figure out what your down payment and closing costs will be so you can have your target capital number ready. You can check with your mortgage specialist and they can lead you down the right path. You may be able to buy with 3.5% down and as much as 25% down.
If you haven't already, I'd start meeting with lenders, at least three different ones. They're the ones that will be making the calls / answering the questions you asked, unless you go to private lenders or hard money.
@Alex Deacon do you think conventional financing is better than private money or hard money? Or is it a personal preference thing?
@Timothy Edwards Jr whichever is less expensive. If you are short on cash and have a hard money lender lined up then make sure your exit strategy is set up. in this case make sure you will be able to refinance out of the hard money loan into a conventional loan.