If you’re a new real estate investor looking to buy your first property, you might be wondering “what documents do I need to be qualified for a mortgage loan?” or “what is the best place to find off-market multifamily property in Long Beach?” Thankfully, we have outlined the required documents and steps to take to ensure that you get a fair chance at acquiring multifamily properties in Long Beach, CA.
The four things you need to quickly submit an offer:
- Join our Sage VIP Investor Group
- Have Proof of Funds
- Pre-Approval Letter
- Copy of Your FICO Credit Score
At Sage Real Estate, our goal is to bring you maximum value in the form of off-market opportunities, resources, and updates. As the fourplex market leaders in Long Beach, we are able to provide our VIP members with first dibs at multifamily investment properties.
Step One: Join our VIP Group Community
By opting in to our VIP Investor Group, you will receive weekly emails with off-market opportunities to purchase apartment buildings and occasionally other asset types. In addition, we also provide the resources you need to succeed as a real estate investor. Our goal is to give you top-notch service when we represent you on these deals that you otherwise might not know about.
Step Two: Have Proof of Funds
Now that you have become a VIP, you will now get the first look at any off-market opportunities we have and will have a better chance at acquiring your ideal investment property.
The first step needed to be ready to buy at a moment’s notice is to have Proof of Funds. Proof of Funds is simply a document or bank statement proving that a person has the financial ability to execute the transaction. Proof of funds is an essential document letting your lender and the Seller know that you are qualified to purchase the property. This proof can come in many forms but typically include an easily-accessible file such as a simple bank statement.
Step Three: Pre-Approval Letter
After reviewing your mortgage application, a mortgage lender will usually give you one of three decisions: Pre-approved, denied outright, or pre-approved with conditions.
Once you have received your pre-approval letter and have satisfied the lenders conditions, this will indicate to sellers that you’re a serious buyer and verifies that you have the financial means to make good on an offer to purchase their property.
Pre-approval letters typically include the purchase price, loan program, interest rate, loan amount, down payment amount, expiration date, and the property address.
Step Four: Copy of FICO score
A FICO Credit Score is a three-digit number based on the information in your credit report. The FICO score helps lenders determine how likely you are to be able to make payments when repaying a loan. This affects how much you can borrow and at what interest rate. FICO score helps lenders make better decisions about who to lend to and how quickly they can access credit when you need it.
To recap, once you have your proof of funds, pre-approval letter and a copy of your FICO score, you are ready to take advantage of the Deal of the Week and all the VIP group has to offer.
Have these files in a ready-to-go folder that can quickly be emailed when you are ready to submit an offer.
Please give us a call to submit an offer or if you have any questions.