First time borrowers

[Michael Lindsay]

What key factors should first-time borrowers consider when securing funding for their initial real estate investment?

[Katie Smith]

Hi Michael! 

First-time borrowers should consider their creditworthiness, as it directly impacts loan terms and interest rates. It's also important to evaluate different loan options, such as conventional, FHA, or hard money loans, to find the best fit for your investment strategy. Ensure you have enough reserves for unexpected expenses, and understand the property's projected cash flow to avoid overleveraging. It's also crucial to have a clear exit strategy, whether that's flipping, renting, or selling. Lastly, choose a lender who is experienced with real estate investments and can offer advice tailored to your needs.