Here's what I do: Once someone is approved, they have 24 hours to sign the lease and pay the security deposit.

Hello Everyone,I'm new to investing, I just been soaking up all the great information on the BP site and listening to the podcasts just trying to learn as much as I can.Well now I just got a Pre Approval for an $120,000 in Orlando,FL.

This is awesome that you want to start doing RE at such a young age.While you wait for the next REIA meeting, you can start getting pre-approved with a few lenders.

The third loan was approved before the first house had even closed.

Kerry,They are brokers that will shop you everywhere to try to get you approve.

Chicago, Fidelity, First American, Commonwealth, etc. all require using their approved notaries for all transactions.

One other obstacle is that you need to find a willing donee, and they have to be an approved IRS organization.

You should be pre approved for the amounts you are seeking before making offers.

Client #1 came to me and asked to get pre-approved so I submitted all docs.

I am approved for a $415K loan either conventional or 203K renovation style.