Steps to take in order to be financially ready to purchase

[Brittany Villamil]

Hello!

I am wondering how some would advise me to go about financing an investment home. 

Theoretically speaking.. if I drive past a run down home which I see to be foreclosed ..what would I need to have ready to go in order to be able to make an offer. Lets say I was using a conventional loan.

Do I need to be preapproved? Do I need to have something set up with the bank already?? Or do I do that process after I make an offer?