Posted by Ed Garcia on January 25, 2001 at 14:25:56:
You’re a Newbie, I think for starters, it wouldn’t hurt to get yourself pre-qualified with a Mortgage Broker to get a ball park of what size of deal you can do. I would also caution you to be aware of profit structure and game plan of what you’re intentions are with the property you’re purchasing. For example, are you buying it to fix it up increasing the value for resale, or to hold as a rental?
I would look at other options of ways to do deals other than lender financing in the event you have a minimum profit margin. The profit may not warrant taking the risk of putting financing in your name. I think it will be important to find a good broker to work with that you can trust and count on.