Starting out: Need Step by steps

[Shay Kent]

Hey all,

I'm still a little confused about the order in  which things happen.

First I find a deal, get it under contract, then take the deal to the hard money lender? Here's my hang up: If I put it under contract and say that i have the cash (lying?), then I go to the get the loan from the lenders- how long does it take for them to get me the cash? Or do they pay the seller directly? goes into escrow? Do I have to have my title attorney already in place before making a deal?  In what order do I need to do this all in??

Am I over thinking this? 

[Eric H.]

@Shay Kent Hey, at least you ARE thinking. Smile...

Get your ducks in a row first. Get pre approved from HML and have title company lined up. In my contract with private sellers I include all of the title company's contact information. This lets your seller know you are the real deal. With a pre approval from HML you will know what your budget is as well. No need to shop in areas you can't afford. You also will find out what kind of reserves HML is requiring, points, interest rates, and payback options.

Hope this helps!

Sincerely,

E. Harris