Closing a Deal when using a FHA or 203K loan

[Edward Encinas]

I am new to real estate investing and feel am testing the idea of using a FHA or 203k loan to purchase my first property. One problem I see is that due to the red tape involved with these loans I may miss out on a deal while waiting for approval on one of these loans.

I would appreciate any tips on using these loans effectively to purchase a property that might want to close quickly.