Find the property & get the loan or vice versa?

[Siva N.]

Hi all, 

Newbie question.  I am actively looking for a rental property and would like to know if I should get the mortgate pre-approved or find the right property and get the loan.  Looks like some of the sellers are interested only if the buyer has a pre-approved loan.  

Locking the loan for 2 or 3 months has a downside if I am not able to buy any properties in that time period.  If I keep applying for pre-approvals every 60 or 90 days, it may ding my credit score.  So, I am wondering what is a good way to handle this situation?

Thanks,

Siva