[Calc Review] Help me analyze this deal

[Robert English]

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[Patrick Menefee]

@Robert English Yes, you should get in touch with a lender to get a pre-approval, understand their requirements, make sure you can get a mortgage, and figure out what their minimums are. You won't get a conventional mortgage on a $20k house, you'd need to get short term funding. Even $50k will be cutting it close, so you'll need to check with them

The way that banks work is that you get a pre-approval to know what you qualify for, then you get under contract for a property. Once you're under contract, you lock in the funding