Posted by Ed Garcia on December 24, 2000 at 13:18:52:
Richard,
Congratulations on your first deal. I think it’s a wonderful way to start out the new year.
Merry Christmas to you and your family,
Ed Garcia
Where do you start with financing? - Posted by george from raleigh
Posted by george from raleigh on December 23, 2000 at 14:11:35:
With all the bewildering amount of info here and in other places, the question occurs to me: for a person starting out in REI, what is the logical first step in terms of finding a good source of funding? Do you approach local brokers? Look online? I think that it is a no-no to have too many inquiries on your credit, so I want to be cautious. Any suggestions?
george
Re: Where do you start with financing? - Posted by Ed Garcia
Posted by Ed Garcia on December 24, 2000 at 13:27:03:
George,
Your point is a good one.
One way you can minimize your inquires, is to go to a mortgage company to get pre-qualified for a loan, with the understanding that they will provide you with a copy of your credit report, including your credit scores.
First of all if the lender or broker treats you right, of course you should use them. But if their costing sounds unreasonable, then you can shop the loan. At the same token you have been pre-qualified for a loan so there is no need to muddy up your credit report with excessive inquires.
George, I would like to wish you and your family a Merry Christmas,
Ed Garcia
Re: Where do you start with financing? - Posted by Richard
Posted by Richard on December 23, 2000 at 21:14:33:
I’m new to REI and my approach was to find a good deal 1st and then worry about the financing. I already knew I didn’t have a problem with credit or income so I focused on the 1st deal. I will be making about 18k when I close and about $200-$300 positive cash flow from the lease.
I will be closing on my 1st deal in Jan 2001.
Be very cautious, you don’t want too many inquiries in your credit file. It will reduce your score.
Good luck!!
Richard