When to wear a suit?

Question

I am new to real estate investing but am meeting with a lender for the first time Friday about taking out a loan to buy my second investment property.  Should I wear a suit to this meeting or is it ok to dress a little less formal?  What other real estate investing situations do you guys wear suits to?  Signing a lease with a tenant?  REIA meetups?  Meeting with contractors?

Robert Horton · Answer

There's a saying in Texas....."he's all hat and no cattle".

You'll need some cattle to get the loan no matter what you are wearing.

Jeff B. · Answer

LOOK THE PART - - Bankers are business men, look like a business man.

Contractors are workers - - look like a worker.

Basically fit into the environment of the person you are meeting.

Sean Kremer · Answer

Heck, I'm not a huge fan of pants either, shorts all the way.  ;)

JD Martin · Answer

I would say be yourself, unless yourself is a tank top and flip flops. In that case be someone else. Personally, I think if you try too hard, anyone with 5 cents of perception will pick up on it and it can backfire. I've hired a lot of people in my working career, and I've had plenty of guys with suits that didn't know enough about the job to fill a thimble. Besides, loan officers are usually not executives - the ones I have worked with are mid-level employees at the banking institution. Sometimes they'll have fancy titles like "VP of Mortgage Origination" but are just as apt to be taking money at the teller counter on a slow day as they are to be wheeling and dealing 9 figure bonanzas.

Most important thing is to have your shit together. Show up with information and a plan, and the biggest part of that plan should be how you plan to pay the bank back, because most of what they're going to want to know is three things:

• Are you using the money for legal, worthwhile purposes?
• Is there a solid plan for the bank to be repaid?
• Is there any chance the bank will have to collect on your collateral?

So before you step foot in there you should have a good understanding of your market, a reasonable expectation of cash flow, a decent background - in other words, be a professional. Part of that is looking like a professional, but most of the real estate professionals I know spend a lot of time in business casual, sans tie, or polo shirts and a clean pair of jeans. This is especially true if they might be on a job site. The first time you tear a $300 pair of italian suit trousers at a work site, you'll learn the value of presentable, durable clothing :)

Matt McCourry · Answer

I tend to go business casual on 95% of occasions.  One of the wealthiest investors in my area wears a cowboy hat, has long white hair, wears ratty jeans and a Harley Davidson T shirt, and generally looks like a bum.... BUT he climbs into a brand new G wagon and rolls out....

Confidence should be your main outfit.

Alex Franks · Answer

Man I used to wear suits and ties.  I guess in this business appearance does count at first. My first bank deal I wore the suit and tie. Was so nervous could not speak. I went back week later in tank top , shorts , and flip flops. Guess being me , regardless of what I was wearing. I felt better and received financing on two deals.  It was a local bank ( south Carolina Bank and Trust )

Be confident , know what your asking for. Be considerate of his or her time as well as yours. I'm in this business, to not wear suits. Actually I barely wear shoes.  I do keep a pair of flip flops, and bed room slippers in my truck.

Jean Bolger · Answer

I don't think of REI as a very "suit" oriented sort of business, but if you feel good wearing one then do it. If you're more comfortable in something a little less formal then do that. For some guys, wearing a suit makes them feel sharp and businesslike - some just feel uncomfortable. Do whatever helps you feel more assured.

Account Closed · Answer

It is more important to be relaxed and confident of your numbers for your project. it is also good to come prepared with any financial information that a lender is looking for Good luck

Scott Carder · Answer

I wear jeans and boots. They way I see they are not looking at my clothes, they are looking at my net worth vs. what I am asking for.

Kay Kay Singh · Answer

What a big deal in dress ,the bank is not hiring you but giving you financing so i think the better you are are prepared to present your case matters not your dress.It matters what you have in your pocket not how big is your pocket.Good Luck.

When to wear a suit?

Most Popular Reply