Hello - newbie long distance investor here looking to expand!
I currently own one 2 unit property in South City of St. Louis. I’m looking for advice to help finance my next building. My next investment will likely be a multiplex between 2-6 units, in the same area around $80-100k. I am looking to get financing by possibly leveraging my building that is bringing in positive cash flow. Some questions for you experts out there. Im very new to loan and bank language, so forgive me. I bought my building with cash.
- Do Small banks (in STL) offer out of state investors loans? What kind of loan would I ask for, if so, and do you have any recommendations for STL banks?
-Should I just focus on getting a private lender to help financing instead? Any recommendations?
-Do I need to have a property in mind in order to even approach a private lender or bank for loans? Or can we figure out a plan before the perfect property is available?
I truly appreciate any advice given and will always give back what I learn in the process to future curious investors out there!
I have three larger multifamily buildings in Dutchtown, and I live in Idaho. I get my financing from US Bank. You'll need at least 6 weeks to close, but they are very easy to work with over the phone and email. Rates are competitive.
These are "commercial" loans, meaning 5 units or larger. I don't have any advice for "residential" loans, 4 units or smaller.
Great, thank you so much for that information and your quick reply. I will inquire with them ASAP. Much appreciated Jacob!
@Peter MacKercher thanks! I will get in touch with your contact and I will also love to hear the local banks. I’ll PM you.
hey Joelle Raymond i am a newbie here in stl. mike the name- is the south side 2-4 family all around $80-$100? i'm looking for my 1st. Hope you can help and i can help you out.