New to Real Estate · Miami, FL · Member since 2024 · 1k+ posts · 478 votes
Some investors won’t write an offer without a lender ready. Others lock the deal first and figure out funding later. Which approach has worked better for you?
I use a lender that keeps a preapproval letter for me after I've done a few deals and have built trust. They usually keep me with about a quarter million to half 1 million in approval and can send proof of funds immediately after that they of course wanna analyze the deal and then possible other funding sources might be necessary.
love the chat to see what you have in the works or show you where I find the money for these deals
Having the ability to provide a prequal letter is often the difference between getting a deal or missing out on one. When we were starting out we found a killer deal on a cash flowing duplex. Then we started to look for the financing and in the 2 days it took us to find it, someone with a prequal swept in and got the deal. Lesson learned - we do not make an offer unless we have the cash or financing to lock in the deal.