As A Newbie In REI, At What Point Do You Line Up Lenders?
I have read on several posts that it is important to locate and line up possible lenders before finding a property. Is this correct? What do I tell them if I don't have a property in mind?
Any input for me about this phase of the game would be appreciated!
Thanks!
What is your game of play? Do you have a plan of what type of properties and deals you want to invest in?
Answering the above questions will determine what course of action you need to take.
If you plan to obtain traditional financing it makes sense to arrange financing before you find a property. That way you know what you can buy and what you can't.
If you are doing sub2 deals or lease option deals they don't require much qualifications. It just takes a good cashflow to feed them when times get tough.
I am very interested in wholesaling properties. How does this affect the timing of lining up lenders?
you should always be working with a lender/broker. They'll have information for you and can answer your questions as far as financing is concerned.