Rental Property Investor · Englewood, CO · Member since 2017 · 4 posts · 2 votes
Greetings all,
I recently started listening to the BiggerPockets podcast and have begun thinking about investing in my first single family home in the Denver market. I plan on purchasing a single family house within the next year, living in it for a year, then turning it into a long-term rental property after finding and purchasing a new house.
I've heard working with local banks or credit unions can be helpful to the small real estate investor as opposed to national bank chains. I currently bank with Chase. Could anyone recommend any local banks or credit unions with an office in the DTC area that maybe helpful for someone looking to purchase multiple investment properties in the coming years?
Lender · Denver, CO · Member since 2015 · 404 posts · 227 votes
9y
@Nathanael Shook I think the reference to local banks is typically if you are looking for something outside of the Conventional realm that a small bank will hold in their own loan portfolio. If you don't have DTI issues or need to bypass seasoning requirements, then generally going the portfolio route isn't going to be your best option until you exhaust your access to Conventional mortgages. That's not to say you can't do a conventional mortgage with them. It just may not be your best option for somebody going the REI route.
Realtor · Denver, CO · Member since 2016 · 499 posts · 129 votes
9y
Hi Nathanael, Personally, I have had the best luck with my clients dealing with some really good mortgage brokers that are about to shop your loan to get you some good deals. I have an investor friendly mortgage broker that has been able to help me structure several deals for my client. He has rarely told me it can't be done and instead has done everything to find a way to get it done.
Realtor · Denver, CO · Member since 2013 · 2k+ posts · 1k+ votes
9y
If you have a W-2, then I'd look at a broker like @Jared Bouzek. Forget Chase. If you need to be more creative due to income, etc, then look to someone like 1stBank, Bank of the West, or Elevations CU.
Littleton, CO · Member since 2012 · 29 posts · 22 votes
9y
+1 for 1stBank. have had great experience with them at over 10 single family mortgages at one point. They tend to be conservative, but look at your overall picture rather than just a W-2.
Investor · Denver, CO · Member since 2014 · 17 posts · 5 votes
9y
1st National Bank also has really good rates and they don't sell any of their loans, which is a good thing for you if decide to build a large portfolio of assets. They are also open to creative strategies such as BRRR if you decide to go that route on a fix, refinance and rent type of project.