All Forum Posts by: Bryce Cutler

Sounds great!

 We meet at the Century House in Latham. Meeting starts around 6 and dinner is an option if you want. This month we meet on the 21st. 

Let me know if you plan to attend and I'll look for you. 

Bryce

welcome @Reevs Courtney, I am also here in the capital region and a buy and hold investor. I regularly attend our local REI group meetings on the third Monday of every month. They are hosted by @Glenn Schworm who was a featured speaker on one of the early podcasts. Pretty good group of people. 

Welcome @Timothy Cole! I am also here in the capital region and working in the buy and hold world. We have a REIA association called AIN that meets on the third Monday of each month if you are interested? It is run by @Glenn Schworm who was a speaker on one of the early podcasts. It's a good group!

Charles, 

I am a banker in the market and have worked with Amy Johnson from CMN, she's great. Depending upon what you're looking for I might be able to help guide you to some other options as well. 

Let me know,

Bryce

he's a great guy and is good about returning calls. 

He handles my stuff for both personal and within a partnership. 

Bryce

Rick Mulvey in North Greenbush is who I use. He has been great for my business and has been very helpful in guiding my business as well.

Good luck on your search.

Bryce

Kendall, 

First, welcome to BP, this is an incredible community with resources for every topic.

Second, I am an investor who is also a commercial banker by day. One thing to remember when talking about traditional banks is that they are all similar but they each have different policies. It is always good to build a relationship with the banker to discuss what loans they do and which ones they don't do. What their policies are and what they have for expectations also varies. 

An LLC puts you into commercial banking department in most institutions but not all. Some smaller banks handle these loans differently. If you do transfer deed to an LLC the bank will expect you to also finance on the commercial side. They may or may not catch it if you don't disclose this, but you should be prepared to deal with the consequences of the change if they do find out that you have switched from a personal name to an LLC.

Most banks will only do commercial funding for 20 years max but again there are some smaller banks who may do 30.

The partnership piece is good to consider if you have a money partner. I have done this on a few of my deals. Most banks will expect that money partner to own a 20% share in the "business" in order to consider them as a guarantor on the loan application. Again, there are some banks that are looser on this policy.

Best advice I can give is to shop around for your bank and banker. You want a banker who will look out for your best interests and can provide you with all details and what-if's so that you don't have any hiccups along the way in the financing process. 

Hope this helps, 

Bryce

thanks for all of the feedback everyone. 

@Yavor Tomov  I didn't have problems, my tenants struggled with set up. 

Bryce

I have tried a couple of different websites and have not had great luck. I used Dwolla with technical problems on both my end and my tenants side and I have tried sparkrent and have had tenants struggle with use and say that it is not user friendly. 

I'm looking for suggestions for other websites or ways to collect rent without driving to multiple properties multiple times.

Thanks in advance for the insight.

Bryce