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Updated 8 months ago, 05/04/2024
How to go about buying first-property? Found one but have never purchased before
Hello,
As the title says, I have found some properties that look to work in terms of cashflow and rate of return but I've never actually purchased a property before. The math works out online and tenants already live in these buildings so I know they are liveable; that said, I have not visited the homes or made contact with the sellers.
How do I go about starting the process of buying a property?
How do I get pre-qualified for a mortgage?
How do I get official approval for a mortgage? (Can I use the estimated cash flow of the house as proof of income for mortgage applications?)
One property said they would consider seller-financing to a buyer, do I contact the seller and ask?
Thank you for any replies.