I am a beginner investor (no deals yet) and looking to invest in a different state than where I live (but not far). I am trying to be prepared from a financial standpoint for doing that first deal. I understand that credit unions are better lending partners than banks (rates, terms etc) and it helps to have an credit union account if you are asking them for a loan. My questions are:
1) Should I open an account with the credit union in the state I want to invest, or the state I live in? Does it make a difference?
2) When I open the account, should I have an up front conversation with a credit union representative about my investing aspirations and desire to get a future loan?
I am not sure what the best option is, but my loan is held at a bank in the state that I invest in (Arkansas). I would add to make sure your lender is friendly to rental property investors.
You can have the conversation with the loan officer, but I doubt that it will help. Your personal credit, income, etc is what matters. They want to make sure you can pay the loan back.