All Forum Posts by: Tom Pignatello

Hello all,

I have a question regarding getting my first loan through a portfolio lender to finance my first flip.

I hear a lot of people say that you should have your financing in place and be pre-approved before looking for deals and securing a deal. I have also heard when going to a local bank to get a portfolio loan you should have a business plan to show the lender and convince them that your investment will produce positive returns resulting in a low possibility of defaulting on the loan. 

So what comes first? Do I find a deal, run the numbers, and put together a business plan before going to the lender trying to get a loan? If the lender approves the requested loan, then do I go make an offer? My concern is that if I do it this way, the deal will likely no longer be available by the time I have the financing in place. 

Any advice will be greatly appreciated! Thank you!

It sounds like you made an offer before you had the financing in place? Once you found the deal and made the offer, you brought the numbers to the bank to show them it will cash flow?

Hi All,

I graduated from Rutgers University this past May and made the move from New Jersey to Austin in June to take a job in supply chain role with one of the big tech companies out here. I am have been listening to the Bigger Pockets podcast for a little over six months and now I am really looking to begin my real estate investing career. I am looking to network with individuals in the real estate investing community in Austin and the surrounding areas to learn about their investing careers, the Austin market, and what has enabled them to be successful. I previously interned at a big bank in New York City in an operations role and also at a medium size private wealth management firm in New Jersey. These opportunities have allowed me to build a savings and along with my current 9-5, I am looking to eventually partner in on deals once I feel that I have the foundational knowledge to succeed in REI and find the right partners. I am interested in buy and holds as well as fix and flips but am open to all opportunities.

I am determined to be a successful real estate investor and I will not stop until I succeed. Being new to Austin, I want to surround myself with like-minded individuals and I feel that the Bigger Pockets community is where I can find that. If anyone has recommendations for local meet ups to attend, resources to utilize to get my REI career started, or is interested in grabbing a coffee please reach out! I would love to meet some of you in person.