Chicken or the Egg, Financing or the Deal?

[Nathan Braithwaite]

New investor here. I want to find a fixer upper and finance it via private lending. I will then fix it up and refinance through a Credit Union.

Quick question, do I find and set up financing first, or search for a great deal first? I know that you usually have to act fast on a good deal, but I also dont want to leave a lender hanging until I find said deal.

[Shaun Weekes]

Originally posted by @Nathan Braithwaite:

New investor here. I want to find a fixer upper and finance it via private lending. I will then fix it up and refinance through a Credit Union.

Quick question, do I find and set up financing first, or search for a great deal first? I know that you usually have to act fast on a good deal, but I also dont want to leave a lender hanging until I find said deal.

 Get approved so that you know what you qualify for. This is key because if you get a loan with a private money lender that doesn't mean you'll be able to refinance out of it. So, getting pre-approved from the bank or broker or credit union is crucial to cash flowing and telling you that your max loan amount is 200K for example.

I hope this helps and have a great day.