Meeting a Banker, What are some good questions to ask?

[John Clark]

Monday I'm meeting with a banker who is investment friendly and an investor himself.  I want to make sure I get as much out of this meeting as I can.  Here is my plan for investing to help guide some questions.

• Planning on investing in long term rentals with BRRR method with my parents as a business partner
• We want to have two properties within our first year
• Looking for both myself and my parents to get HELOC loans and then refinance to a 30 year fixed. They own their house outright and I've paid a large chunk off my loan and have increased the value through remodeling
• Although I have a wholesaler contact I'm also considering direct mail as well to find properties.
• I work a full time corporate job as well as my Dad.  My Mom runs their small business.

That's the important stuff I can think of that is relevant to get a loan, but if I left off anything just ask.

Thanks!

[William Price]

@John Clark  - I would approach the meeting almost as a job interview.   Even though you are not applying for a loan at this time, I would put together a folder of information that you can leave behind.  Pretend like you are going to prequalify for a loan.  This will set you apart from every other investor who wants to go meet him and talk about loans, etc. This shows you are serious and you have your stuff together!

I would prepare a personal financial statement for yourself (assets and liabilities) and include the following in the folder:  1) W-2s for the last 2 years, 2) Tax returns for the last 2 years, 3) Your current house value, purchase price, mortgage statement, etc., 4) Your business plan of acquiring 2 properties and using your parents as partners, 5) Your current resume - this shows you are in the corporate world, have a good education, career, etc.  I would put a table of contents summary sheet on top of all of this and hand it to him.

I'm guessing he will immediately take you seriously and know that you are not just a tire kicker.  Good luck!