does anyone recommend a certain bank or credit union to open an account in for their real estate investment entity? Thanks!
yes, Central National Bank in Enid, Oklahoma.
Just kidding. Use what ever bank you want to do business with or one that wants your business.
If you are going to be eventually growing your portfolio over 10 properties then I would recommend trying to develop a relationship with a local bank.
I agree with @Phil Zofrea
A local bank or credit union is the best lace to start a business banking relationship if you want to grow a substantial portfolio
When they say local bank... check before hand to see if they do portfolio lending (i.e. they hold the loans, don't sell them). Those are the banks you want relationships with as they can do more creative financing and aren't subject to all sorts of rules in order to sell them.
Beyond that, check on the fee structures. Several banks offer free business checking. Oh yeah, don't buy your checks directly from the bank. I got mine from Sams Club (no, you don't need to be a member).
Thank you everyone!! This was very helpful. Right now my partner and I have narrowed it down between a local credit union and Wells Fargo. My partner is concerned that doing business out of state or holding properties outside of CA would be complicated with a local credit union versus a larger bank for our business. Any advice or personal experience from this? Thank you again!!
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