Where to get pre-approved? Don't know where I'm investing yet.

Question

In my experience, I've come to the realization that I need to get pre-approved, rather than pre-qualified, in order to get someone (real estate agent) to show me around an area and start helping me find a property I'd like to invest in.

The problem is that I don't know where I want to invest in yet. I live/work in South Orange County California and with only ~$40k to put as a down payment, I don't have a lot of options to buy. Ideally, I would like to buy something in my area to house hack, but that's still hard. I was looking at Las Vegas for investing, but want to keep my options open.

Is there a "best thing" I should do in terms of where I go to get pre-approved? I want to avoid having to go to different places in different areas to get pre-approved, each time getting a small mark on my credit history. I don't want to limit myself by getting pre-approved at a bank in my area and not being able to use that pre-approval in another area, or vice versa.

Dan Noci · Answer

I can get some realtors to show you some chepos in Vegas with 40k down i can finance you the balance Not sure what house hacking means . I can get you  3 bed 2 bth $110,000 you can rent for *$800 a mo or more  Till you get bank finances i can give you a 70k loan 12% I-O 3 mos. 3 pts no prepay.

Thanks

Dan

Christopher Brainard · Answer

David,

If you're just wanting to view some stuff on the MLS, I'd be happy to show it to you when you're in town.  I enjoy looking at real estate and I can also provide a second opinion from an investor's point of view.

-Christopher

David Soria · Answer

I'm having difficulty deciding what my primary game plan is, because I'm in a situation where I don't think I can afford the area I live in, but I still want to keep my options open. If I invest out of this area, it would be for the goal of helping me afford something here within the next year or two. I have contacted a few people after wanting to invest in the Las Vegas area, but they required that I get pre-approved in order to even meet. This is what brought me here.

If I can afford something here now, then I would prefer to house hack. I just don't see the opportunity for that in an area close to where I am, given my current income.

@Joseph Chiavatti I'll reach out to you to talk more.

Joseph Chiavatti · Answer

Hi David!  Depending on your circumstances $40K could be plenty of money to put into your investment- especially if you're going to be house hacking.  The loan originator I work with is TOP NOTCH and if there is a way to get you into a property, he will find it.  If you would like, I'd be happy to sit down with you and help you go over the numbers and your investment aspirations, or at the very least I could give you the loan guy's info.  PM me if you're interested!

Phillip Dwyer · Answer

I mostly agree with the first post.  However, the area you choose may depend on how much you can finance.

Christopher Brainard · Answer

@David Soria

Pre-approval should be Step #2. Step #1 is figuring out what your game plan is, and where to invest is probably the most important part of the game plan. To answer your question, there are several nationwide lenders you can pick from, but what is the point of having a banker when you don't know what you'll be using the money for?

-Christopher