I’m new to REI. I’m about ready to start looking for my first purchase. I have decent credit about 675 and only have about $4,000 cash. Not enough to make a real difference.
How should I approach getting financing? I understand that I should go through a mortgage broker for to get pre-approved, but I have the following questions about it.
Do I tell them that its for a real estate investment?
Doesn’t it usually take about 30 days to close on the loan? Isn’t this a little too long? Won’t the competition be able to close a lot sooner? What if the seller is going into foreclosure in a couple of weeks?
Does anyone have any lenders they suggest? I’m in Texas
I also have a LLC. How do I go about getting the loan and property under the LLC?
Feel free to give me any pieces of adive that you might have…I’m like a sponge right now wanting to soak up as much knowledge as I can.
Thanks ahead of time for any help you can give me.
I have one more question. Since I don’t have much of my own money to use, would it be better to look for a property to flip to try and get some capital to use or some type of rental property?
So many questions…so little time ;D
When looking for financing you need to be as up front and honest as possible. Shop around for a Broker/Lender that you feel comfortable with.
Explain to him/her what it is that you are trying to accomplish and they will help shepherd you through the process.
DO NOT let everyone that you talk to pull your credit. :-X Every pull will effect your score…negatively.
A good broker will know which lender’s to take the loan to for quick turn around. Most of the loans that I work with are closed in 2 to 3 weeks. Depending on the support that I get from the client.
I am not licensed in TX. But I am sure that there are others that are viewing this posting that can help you out.
Hello, Mdhaas is correct. That is a great explaination.
Thanks Mdhaas. I appreciate ur help
Not a problem and good luck!