ok!!! you’ve read & read until your eyes r sore. took some classes, been to some seminars but where is the initial 1st step? the bank, or the real esate agent ?
Howdy Kimesa:
You can not put the cart before the horse here. A lot of sellers and agents want you to be pre-qualified with a mortgage company or other lender before they will show you property or submit an offer to purchase a property. You can do one or the other first or do both at the same time it makes no difference.
LOL
kimesha,
I will assume you are a noobie like me and have never bought or tried to buy a house before.
The bank side of things might be very important if you are planning on looking at house listings because you will more than likely need to have some cash or financing to complete the deal since most good deals in the listings are either bank owned or owner occupied and they want to have SOME money at closing. Other good deals CAN be had at no money down, however they are HUD and VA type listings and in such case you will still need to know if you can qualify for their loans.
I say check the bank first cuz if you can’t afford a house then it will dictate whether you should just wholesale properties or flip/wholesale them.
Tell us a little about what you are working with or where you are headed. Do you have ANY cash? Do you know your credit score or how good your credit is? Are you familiar with flipping/wholesaling properties without worry of having to have either of the above?
Getting your finances set up is not a bad idea since one way or the other, you will need money to buy your first home. It doesnt really matter whether it is a borrowed money from the bank or private individual.
But one thing that you make sure you know is the “market” of the particular neighborhood of the home youre planning to buy. Plain and simple, if you don’t know value…how would you know if you had such a great deal. You should be able to know that neighborhood that you could price any house in that area. And you’ll be able to figure out quickly if a house is such a bargain or not.
Kemesha,
I posted in response to LUNA under the heading:How do I start?? PLEASE ADVICE! Check it out. Its a very similar question. My answer might help you too. I wish you the best of luck and please let me know if there is anything I can do to help.
Mark Saenz
tell you the truth find a mentor in your area that will let you learn as you go with them through a project. because the ONLY thing stopping a newbee is actually doing it.
Good luck on finding a mentor for free though.