Erathel's blog

I am looking for a partner to partner up with me on a SUPER deal in Oregon. 4bedrooms, 3bathrooms, single family home. Purchase price $219k, rehab $25k, ARV $375k. Message me for more info

Hello Everyone,
I am working on negotiating a super deal with the bank I just got a message saying they have accepted my offer but want me to get a pre-approval letter from any other bank just in case my hard money deal doesn't go thru. What do I do at this point please? I can't get pre-approved for the loan because this is my first deal and being a real estate investor that means am self- employed so they don't count that. In other words I have the credit (I hope) but not the income. This is a great deal, The deal is here in Oregon it's a 4 bedroom 3bathroom with 12ft ceilings thru out the house built in 2001 on a good size flag lot. Getting it for $219k rehab $25k ARV is $375k.
I need all the advice I can get please, thanks in advance.