Cincinnati, OH · Member since 2015 · 69 posts · 6 votes
I heard a lot of benefits about portfolio loan and the importance of establishing good relationship with local banks. I wonder if moving one's everyday banking business (e.g., checking, savings, etc) to a local bank would be a good first step toward establishing that good relationship down the road. Any thoughts on this?
Flipper/Rehabber · Mechanicsburg, PA · Member since 2013 · 189 posts · 84 votes
10y
I think this really has more to do with establishing a relationship with an individual at a local bank or credit union that is in a position to make decisions.
I've applied for loans at banks I use personally and some that I don't. It seems to me that they are more interested in the overall health of your personal finances and not necessarily which bank you have your cash in.
I was able to find a good lender for my investments simply by calling several banks and asking specific questions about the type of loan I was seeking. I talked to several clueless people until I found one who was able to help me and it's been profitable for both of us since.
Good luck, financing investments is difficult especially if you are using the BRRR strategy like myself.