Real Estate Agent · Orlando, FL · Member since 2018 · 53 posts · 26 votes
I am an investor from the Los Angeles area that is interested in purchasing investment properties in the Memphis, TN area. Does any one have any preferred lenders that they work with that offer ideal rates for out of town investors? Do you find it best to go with local banks or national banks?
I also may be in the market for good local property managers depending on how the deal shakes out so if anyone knows of any please let me know.
Real Estate Agent · Memphis, TN · Member since 2019 · 261 posts · 253 votes
6y
Hey, John: I just sent you an email with our preferred vendors! For others that see this, our clients love John Phillips over at Brighton Bank (he can be picky with areas, though, but I think that helps to safeguard OoS investors more than hinder them) and Chuck Jackson at Guaranty Bank. Zac West at Supreme Lending just started taking on investment loans and I've heard they have great service and really nice terms. Hope that helps! Feel free to reach out for their contact info, also!
Real Estate Agent · Memphis, TN · Member since 2019 · 261 posts · 253 votes
6y
Hey, John: I just sent you an email with our preferred vendors! For others that see this, our clients love John Phillips over at Brighton Bank (he can be picky with areas, though, but I think that helps to safeguard OoS investors more than hinder them) and Chuck Jackson at Guaranty Bank. Zac West at Supreme Lending just started taking on investment loans and I've heard they have great service and really nice terms. Hope that helps! Feel free to reach out for their contact info, also!
Lender · CA · Member since 2015 · 9k+ posts · 10k+ votes
6y
Heh, smaller loan amounts actually get higher interest rates, not lower. Part of why California has lower interest rates than the national average.
I'd suggest sticking to someone local to the real estate, in the same state. It's not plausible that a "licensed in all 50 states!" guy is going to be familiar with the norms and typical practices in all 50 states. In my area, even NorCal v SoCal, there's variance. That's not a big deal b/c there's only two sets of norms to keep track of. But keeping track of 50? Not likely.
Rental Property Investor · Memphis, TN · Member since 2019 · 17 posts · 13 votes
6y
Hey John,
As @Randall Weatherall said, Chuck Jackson is a go to guy for me. One of the best guys I know. Good luck in your journey. If you need any boots on the ground here, give me a shout.
I am an investor from the Los Angeles area that is interested in purchasing investment properties in the Memphis, TN area. Does any one have any preferred lenders that they work with that offer ideal rates for out of town investors? Do you find it best to go with local banks or national banks?
I also may be in the market for good local property managers depending on how the deal shakes out so if anyone knows of any please let me know.
Thank you
John.
I live in Los Angeles as well and would love to help you invest in Memphis. I have been investing there for the past 5 years.