First time investor with some questions

[R S]

Brand new member and hopeful first time real estate investor here. I'm very happy to have found this forum!

Because I only have around $15,000 liquid to invest, I'm looking to purchase a single family condo/townhouse as my first rental property. I'm hoping to put $15,000 down and leverage an additional $50,000-60,000 through a mortgage. I have a few basic questions about which steps to take first.

After forming an LLC, should I go and get pre-qualified for a mortgage first? Or should I begin looking for a property first and then get pre-qualified?

Speaking of getting pre-qualified, is it better to contact banks directly, or to go through a mortgage broker?

Should I work with a buyer's agent, or should I check listings on websites and then contact the individual agents when I see properties I think would be suitable? Is there a benefit to using a buyer's agent and doing everything through him or her?

Thanks very much for the help!

[Ned Carey]

If you are buying with an LLC you will most likely need to talk to the commercial loan dept. Very few traditional residential investor/homeowner loans are available to LLCs. So yes I would get pre-qualified. Find out what type of financing you can actually get.

It is different in various markets but in general you will find small community banks will be more flexible. Most mortgage brokers are not familiar with investor loans especially for LLCs

Regrading agents, either is appropriate however I would not want to get locked into only working with one Buyers agent. Keep in mind the vast majority of agents don't have a clue what makes a good investment deal. Most are good at helping homeowners find homes. Investor deals are a very different animal.