Which should I find first?

[Anna Smith]

I am looking at investing in rentals but of course am scared! :) I am not sure if I should go to a lender first or if I should find the property first. My husband and I won't have a lot of money for down payment. We are thinking about starting with a condo to get our feet wet and not to buy anything big. We would like to be wise in our strategy. What should be our first step? Condo or lender? Plus, are mobile homes a bad idea in Maricopa County? There seem to be a lot of mobile home parks that are being used and these homes are super cheap. Any thoughts?

[Andy Collins]

I would find a mortgage broker that deals with investors, many of the 'regular" mortgage brokers just don't have the experience in dealing with multiple properties (which is why some will tell you that you can only have 4 conforming mortgages when you can actually have 10). You don't need them to pull your credit at this time, you can pull it at myfico.com and it won't count as a hard inquiry.

Also find a real estate investors club in your area, you need to be learning at this point.

I don't deal in condos because in my area they are way too hard to sell, other areas are different, which is why you need to learn from someone in your area

Good Luck! It's a great path to start down.

andy