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Updated over 17 years ago on . Most recent reply

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find financing or property first? multiple questions!

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Posted

Hi folks,

I'm totally new to this forum. I'm 32, a practicing lawyer, and seriously wanting to get into this business in some shape or form. I have no idea where to begin and no capital to start investing. After reading these forums, it appears that the "no capital to invest" issue isn't a problem as there is money out there ifyou know where to look for it (?)

My question is, do you start with the financing, or the property?

When I bought my home, which I just recently sold, 7 years ago, I went to the bank first, got preapproved for my loan, and then went out and found my house. Is this how REI works? Or do you find the property, then sell the deal to the lender?

I actually have an appointment with a local banker this afternoon because I want to find out more about how conventional financing works. After reading some of the posts here, it looks like that is often not the way forward for someone with no start up capital (?) Am I better off talking to a mortgage broker?

Or should I go out learn more about the market and properties (I know I need to do that too, but is that the first step?)

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