Hello everyone! I bought our first rental property last year out in Crowley and I am looking to acquire up to 5 more properties this year in the HEB area. My goal is to use the BRRRR method and have at least 11 rental units (either SF or small multi-family).
We have great credit and a comfortable sum that we can use for either the down payment or reno on the 1st (and MAYBE 2nd) property. For our first deal I just scoured the internet, found the lowest rate out there, and got a conventional mortgage. (Had to put like 30% down to get the best rate. I would like to NOT do that again.)
Listening to the BP podcasts, they are constantly urging you to create relationships with local banks. Do you have any local banks/portfolio lenders you'd recommend in this area? I bank at Frost and plan on meeting with them next week. But, other than that i've got nothing. I'd love any suggestions and recommendations. Thank you!
I don’t think Frost lends on real estate, according to a friend who works there. I would check with Southwest Bank and Worthington for local Fort Worth bankers who may be more flexible with what you need.
Thanks @Carl Richter You're right. I popped in this morning and that's basically the answer that i got. Thank you so much for the 2 suggestions. I'll reach out to them next week.
I've done a deal or two with Worthington and I would definitely refer them.
Have you considered a hard money loan? There are several companies that offer multiple solutions such as rolling in the down payment, transitioning to a rental loan after rehab, etc. in the DFW area. I've worked with several. I know the interest rates can be high but if you consider the out of pocket savings and flexibility, it can be worth it!
I haven't personally worked with them, but I met with a banker at a BB&T Bank in Arlington Highlands that I thoroughly enjoyed. I've got to clean up alot and save more to work within the banking system and will go along the route of private lending, but hope that helps! @Rose Nielsen
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@Rose Nielsen are you looking to get conventional loans or portfolio loans?
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