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Updated over 4 years ago,
Loan Process for Buying Properties
Hello Biggerpockets,
Forgive me if the question I'm about to present was similar to a previous post. I'm shopping around for financial backing for my next investment property. I currently have a rental and my primary with a HELOC to help fund my next project. I reached out so far to HMLs and local banks for additional financing. Only to be told I need to have a property in mind, which brings me to my question—going this direction, how does one accomplish finding a property, getting a GC quote or an inspection for rehab numbers, and applying for a loan in time to submit an offer? My initial strategy was BRRRR, but with potentially having to go through the seasoned period unless I have cash, I decided to do a few flips first to generate some cash. Any suggestions or shared experiences would be greatly appreciated.
Thanks!