All Forum Posts by: Brad Stuteville

Personally, I would recommend a traditional loan product simply because it will typically cost you less (interest rate and fees).    What kind of % down are you talking about.  If you can do the 15-20% down id just go see a community banker and explain what you are looking to do.  They can set you up with an interest only purchase loan knowing you intend to just hold for a short time.

Great to hear @Rich Vogel!!  Thanks for the update!

@Jesse Tegtmeier  First off Thank you for your service to this country.

2nd:  When you were turned down for this loan was it a traditional mortgage?  Have you tried talking to a local bank?  Often they can get around this timeing issue that you are running into.

@Chad Kagen  Welcome to BP!!

@DJ Stewart I've found that the best way to get to know the local market is through individuals in the business. Try joining local organizations where realtors will be like the Apartment Association or a REIA group. Use craigslist or the paper to track rental rates. befriend local investors, bankers, realtors, brokers... ect.

Best of LUCK!

@Rich Vogel I'm excited to hear how your meeting goes!

Also @Jay Hinrichs 's advice is spot on.  The smaller the bank the more likely you are to get someone to take a chance on you and the more THEY need to put loans on the books.

@James Tran It sounds like you are starting off the right way.  How big of a line are you looking to get to start off with & what are you looking to do with it?  In my experience if you start small and manage it properly they banker will allow you to grow this over time once the trust is established.

I like @David Dachtera 's advice about managing the trade accounts to establish the business credit.

I've seen many people in my office that have spent tons of money on these seminars with very little to show for it. In fact they would have done better if that had just come to me first or read the forums here. Based on my experience id stay clear of them.

Darren is exactly right. Go with a local lender! They typically have more flexibility.