Getting prequalified for a loan will save you time and not waste other people’s time— and then you will know how much of a loan you can qualify for before you start looking at property. If you’re bringing in partners, know how much money you can put together and then start selecting property based on that total.
No sense looking at a property for a million dollars if you can only qualify for a $300K loan or gather less than what’s required for a down payment of a million dollar home. Stay with in a range of properties that you feel comfortable with. It’s also not necessarily the loan you can get but how much you can pay each month on the mortgage (or a tenant will pay), the down payment, insurance, and other unforeseen costs.
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