Preapproval for a new investor

[Gershom Lewis]

Good Day to all,

I am starting out, and need to start my preapproval process. I rather not go to every bank under the sun, and would like to know how to choose a good broker, or do anyone know of a bank I can start with. I live in Brooklyn NY where prices are very high and may need to take this preapproval out of state. If I don't find a property in Brooklyn or Queens, my next step is to start looking in the Atlanta Georgia area to start my journey as an investor. Does anyone have any suggestions?

[Marc Brenner]

Hey @Gershom Lewis! I moved to Atl from NY about 10 years ago. I have to tell you up front - there are no legit deli's or bagels here :) But other than that Atl is hard to beat for cost of living, climate, and investment opportunity. 

There are so many variables to consider with regards to your questions that it's hard to give very specific advice. A good rule of thumb is to compare rates and terms between a big bank, local bank and mortgage broker. You can pull multiple hard credit inquires within a 14 day time frame from the first inquiry and your credit will only get "dinged" once.

Good duplex deals can be tough to find in Atl in this market - maybe you find a home with a finished basement and separate access to start house hacking? Once you get to know the area you can decide if you want to flip or brrrr or wholesale or whatever. Depending on what you want to pursue, a hard money loan might be best? It all depends. 

Feel free to reach out to me with any questions! I live in the downtown area and am always looking to connect with investors.