Business Plan or grow rentals?

[Alex Buffone]

I just purchased my first rental last month and am looking to purchase a second in the coming months, I want to turn my rentals into a business, I'm not sure where to start, I know I need a business plan, should I start with that or try and develop systems and processes for my one rental. There is so many things to do not sure where to start. Thanks

[Shiloh Lundahl]

@Alex Buffone Yes. I always suggest to investors to work with multiple banks in order to build relationships and complete loans. Sometimes, one bank might get you all the way to the finish line just to stop a few feet short and tell you, "sorry, we can't get this loan done for you." So it is always good to work with multiple banks.  But make sure each bank isn't pulling your credit until the very end to avoid multiple unnecessary credit pulls.

When it comes to telling a bank what your real estate goals are, they don't really care; unless you have developed a specific relationship with a specific banker who will go to bat for you with the underwriters.  Because the decision makers are the underwriters who live in dungeons below the bank and only get 1 hour of sunlight a week. They live off of baby seal flesh and the heart ache and tears of investors.