Hello! I'm a newbie investor, and this is my first post! I live in DC but I want to start investing in South Florida because my dad is a GC here and is going to do my rehab. I'm looking to either BRRRR or flip a couple homes until I have the cash for a BRRRR.
I understand that it is beneficial to have a loan pre approval letter before starting this process and making offers. I was wondering if anyone had any good tips for getting a pre-approval letters in south florida?
@Veronica Joubert , nice to meet you, fellow local here to the state of Florida, particularly South Florida. Welcome to Biggerpockets!
When you say pre-approval letter, what type of financing are you seeking?
@Raymond J. Rodrigues thanks! I’m seeking local lender hard money financing.
Dear Veronica: feel free to message (know lots of HMLs down here).
@Veronica Joubert let’s tackle some Real Estate together :)
@Veronica Joubert Hi Veronica as a lender we require proof of assets (recent bank statement) and we verify credit and experience. Based on these three factors we can pre approve and or prequalify you for funding. Any good lender would verify these points. Depending on the program (like our 100% financing option) you may need to verify income but that is rare.
Beyond a pre approval letter you want to know the program, term, rate, ltv, and costs.