I live in Denver and have a lot of interest in the Cleveland Area. Does anyone have any good suggestions for a bank/credit union/lender in the Cleveland area? I am a first time home buyer (Denver is way too expensive and inflated right now). Not sure if this makes a difference. Anyone have any suggestions??
Rental Property Investor · Denver, CO · Member since 2013 · 4k+ posts · 2k+ votes
7y
@Tanner Westerheid are you moving to Cleveland and buying a personal residence there? If not then it's tough sledding to be out of the area, looking to borrow money for an investment property with little to no experience. Your best bet would be to hunt down some turnkey providers in the area and see if they will share their lenders with you. After that, it's all leg work. Hit google and then pick up the phone and start calling until you get a yes.
Cleveland is a strong cash flow market, lesser appreciation. Someone in your shoes will need a good a lender to start, along with trusted agents, property managers, contractors, inspectors, and more.
Many lenders here will lend to you with little requirements, most have a minimum price point. Multiple lenders I can refer over, feel free to DM for direct contact information.
I live in Denver and have a lot of interest in the Cleveland Area. Does anyone have any good suggestions for a bank/credit union/lender in the Cleveland area? I am a first time home buyer (Denver is way too expensive and inflated right now). Not sure if this makes a difference. Anyone have any suggestions??
Welcome to the site Tanner. If you're buying residential properties you don't need your bank to be local to Cleveland. Many of my clients have used their own lender that is local to them or other national firms such as Wells Fargo & NLC loans.
While you're looking into the Cleveland market take a look at The Ultimate Guide to Grading Cleveland Neighborhoods as well. Tons of info there to help you really understand the type of assets your looking at when you are seeing Cleveland properties on Zillow or some other site like that. The prices are so cheap compared to your home market it's hard not to get confused or look at things with "out of state eyes"
Investor · Lakewood, OH · Member since 2016 · 158 posts · 49 votes
7y
@Tanner Westerheid def make sure you check out James Wise guide to Grading Cleveland Markets. Cleveland is a midwestern rust belt city so the numbers can look incredibly amazing only to find out you are in the heart of the ghetto. There are tons of great areas much cheaper than Colorado that wont be a money pit. Make sure you do your due diligence before you pull the trigger.
As for banks you can use national banks. I am not sure because I am a local but I would give First Federal Lakewood a shot. Also I would highly recommend you come see our lovely city and see what areas call out to you.
Rental Property Investor · Lakewood, OH · Member since 2016 · 69 posts · 50 votes
7y
I second the recommendation of @Mitchell Litam with First Federal lakewood for MF props. They know the area well, and common things that larger institutions would indicate as "problems" they tend to look past. Another place I'm very fond of for first and 2nd liens is Firefighters Community Credit Union.
Lots of opportunity in Lakewood for the right investors.