But if you're determined to buy this specific one, you'll probably be disappointed.As far as the proof of funds, get a pre-approval letter (not pre-qualification letter) from your lender.

May not be as strict with qualifications.

I'm starting to inquire about some of these loans and I'm curious as to what's more powerful when placing offers on houses that are on the MLS.Is it better to have proof of funds or is it better to have a pre-qualification from a HML?

Inbox me if you'd like to see it)I contact employers, current landlord & past landlords I make my decision based on all information collected and my qualification standards (Brandon Turner talks about Qualification Standards in "The book on Managing Rental Properties"It's good to have a standard practice of evaluating every applicant the exact same way, so I wouldn't say that you necessarily have to run a background check / income verification on every prospect, just make sure that if you don't, it's because something disqualified them before they made it to that point in your screening process.As for the adverse action letter...

Have applications on hand and a pamphlet with your qualifications so people can weed themselves out.

I have not yet closed on my house but now I am having buyer's remorse and thinking about the fact that buying this house on the upper end of my qualification will limit my ability to invest.

. $30,000 in the bank is plenty enough reserves for a lender to give you a pre-qualification to purchase and rehab a property.

The property managers I've worked with tend to have prospects read through the qualifications and answer a few questions and then host a group showing once or twice per week.

I tell people to start with pre-qualification at a credit union so you can see what you can afford.

If it's a larger organization, feel free to inquire about their different staff qualifications.2.