Hello Bigger Pockets,
I found my deal and am ready to find a bank to start my investing journey with. What criteria should I be looking for when choosing a bank. I’ve read to go with a local community bank but am wondering what I should be specifically looking/asking for/about when deciding. Anything I should definitely stay away from?
It doesn't matter what bank you use. As far as the term on the loan they offer fits your criteria and your deal. Let's say if a big bank offers 30years fixed rate at 3% and local offers 20 years amortization with 12 years balloon and 4%, I'd go with the big bank. But again, it all depends on your plan and the deal you're looking at.
@Account Closed It depends what your future goals are. If you're likely lookin for this purchase and nothing additionally, any bank will do. If you're interested in building a rental portfolio, then bank selection is critical. The best advice I could give on this topic is to talk with local investors, ideally from your local REI group. I found the bank I work with through a referral from a guy I happen to sit next to at a random REI meeting. It turned out that this bank offers loans for remod's and doesn't require a 12Mo seasonality to refi out. This is the best case scenario because I'm able to BRRR these houses as fast as I can find them.
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