I know of a mobile home that wasn't selling well and it was a matter of wording.

We like the fha loan because of the 3% down payment, but I don't mind looking at something cheaper that needs some cosmetic work, but the banker is saying that we won't get approved if the property needs work...I'm confused

I just closed on a san antoino property with Sam SharpSam SharpSenior Vice President of Mortgage [email protected]/SamSharpo: 773.290.0455 - m: 312.217.4030 - f: 773.516.6056I finished 3 deals with Steve (1 texas, 1 Indiana, 1 tennessee)Steve Bighaus | Senior Loan OfficerNMLS 112825SecurityNationalMortgage Company Co NMLS 31161604 Hewitt Avenue, Suite 703Everett, Washington, 98201(206) 930-1801 mobile(425) 903-5647 direct(888)409-0489 [email protected]://www.teambighaus.com/

Welcome to the site @Preston MorrisonThe 1st step to take towards that first property is going to be solid w2 income and a good credit score. that will help you get approved for a mortgage.Business courses and the real estate licensure courses would also help to give you a handle on the industry.

Just know that if they don't plan on making your a educational real estate website that is local optimized and mobile friendly then don't bother. 

We just got pre-approval for a home loan but that would require tens of thousands of dollars down for a rental property. 

Make sure you ask them for a copy of the underwriting approval conditions so you can see for yourself what has to be done, since they're flaky.If you need a bridge of hard money, expect to put at least 30% down and pay a couple of points to close. it should only take a week or so to close if you have to.

So after being pre-approved i find my self here.

In addition, they can contain rules around properties being used as investment and tenant approvals.  

Do we have to use the approved contracts (Colorado has the longest), orCan I use my own contract to buy and sell?