What kind of loan do I get specifically?

Question

Hello everyone I have currently been buying rental homes since I was young and I have 5 fully paid off rentals and I’m wondering if anyone had a recommendation on what bank I could go to for loans on the houses ? I’ve mostly used cash and a heloc before so I’m just looking on where to start or what kind of loan specifically to ask for and wanted recommendations from the best place I know ! Thank you so much

Jonathan Styer · Answer

@Jordan Garcia has a good recommendation here. You most likely will have many options and it will be in your best interest to discuss with a banker your situation and goals and then let them steer you.

Jordan Garcia · Answer

Hey Joel,

I would try a private local bank, they might  have options to combine your properties into a package loan.

Ivonne H. Magdaleno · Answer

Hi Joel. That's awesome that you have been able to pay off all your rental properties. Are you looking to get cash out of those already paid homes or are you asking where you should look for new loans to purchase new rental properties? It seems to me you are in a very good situation (based off what you stated) because you have equity in all 5 properties. Have you thought of developing relationships with local community banks and credit unions? Maybe it's a good time for you to visit a few local community banks in your area and speak to an experienced senior loan officer or banker. If I were you I would talk to several.  BTW, I don't mean big national banks. You have to seek out banks that are local in your community or area where you invest. You could also open equity lines of credit on each of your properties to use as quick cash source when needed. You don't have to draw on these unless you need to. You may want to look at First National Bank of South Florida. They have been around for a long time and have a good reputation in the area.

Lien Vuong · Answer

You should aim for a local lender that will understand the areas that your properties are in and can give you the best rates. Perhaps you should speak to a commercial lender who will give you a line of credit for all of them if they're cash flowing well and you have 0 debt on them.

What kind of loan do I get specifically?

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