Pre-Approval for Financing

[Logan Splinter]

Hey BP! Thanks in advanced for all the responses! I greatly appreciate everyone's insight and help. It is ultimately going to be a big factor whether or not i am successful or not.

I'm looking to get pre-approved for financing so i can actively start searching for my first BRRRR deal. I'm leaning towards using a hard money lender to start for i don't have enough cash to fully invest in a property, (I could cover the rehab portion if need be) and i do not have enough connections yet to start raising private capital. So i ask,

Hard Money Lenders

1. How does the pre-approval process work for hard money lenders? What do they need, what should i look into before i get pre-approved, what should i watch out for if anything, and how will this process impact ones credit score? Lets say i do not have a property i'm actively looking to buy yet, but i am looking to get pre-approved to see my budget.

Refinancing the BRRRR

1. Can you get pre-approved for the refinancing part even if you don't have a deal yet? If so, how would one go about doing this? Whether you can or can not, when should you look into completing this step of the process. 

Bare with me i am new and i have a lot to learn lol. I have never been through getting a loan like this before so i have questions!