Updated almost 6 years ago on . Most recent reply
National bank or credit union better for out of state investing?
I am working on my first deal, hopefully it will close in December. I'm getting my property management company in place, so I'll ask the ones I'm interviewing this question, but I"m wondering where the best place to bank would be. I want to keep my real estate expenses/income in a separate account. I bank at a local to me credit union. The property I'm purchasing is in Kansas City MO. National banks charge fees for a lot of things my credit union doesn't, but is it easier for property managers to deposit to those banks or does it matter?
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It really shouldn't matter where the management company sends the checks to. What I would consider is that some local (to the market you are investing in) banks or credit unions may offer more favorable financing options than the national banks. I have yet to see a national bank compete with the local lenders on financing options.