OH Bank Recommendation?

[Andrew K.]

Any recommendation on a local OH bank (I'm an out of state investor) to open a checking account with?  My first property will be in Cleveland.  Any specific reason why you are choosing that specific bank?

Ultimately I'd love to pick a bank that I can then refinance with in the future so I can form a relationship with them.

Thanks!

Andrew

[Darrin Carey]

I don't have a specific bank in Cleveland. However, here are some things to look for. You have two choices with a bank, and the right answer may be a combination of both.

Regardless of which bank you pick, your best refinance options will always be after 12 months ownership. Loans under 30,000 are hard (almost impossible) to get. Loans over 50,000 are much easier.

Banks also limit their loan exposure with any one customer. At some point you will have to add additional lenders.

1. A large national bank with locations where you live, and also branches where you invest.

- Starting out, your best rental financing options will likely be Fannie or Freddie type products. These are available almost everywhere.

- Being able to walk into a local branch will help

2. A Small local or regional bank with good online services.

- You'll need a Cleveland investor to help with specific banks, or you need to be ready to make 50 or 60 calls to smaller banks.

- Ask about Real Estate investors loans first. Different banks have a different appetite for real estate, and, it will change over time.

- They'll have Fannie or Freddie loan products also

- Look for a free checking option, usually with online statements

- Remote Deposit or Cell Phone App deposit options.