Developing relationships with community banks

[Bridgette Smith]

Hello! I am a new investor (I'm sure this is the beginning to a lot of posts here) looking to get started in both wholesaling and buy and holds (rentals). For the latter, one of the items I've come across is of course how to finance deals, in particular, the good ole fashioned way of securing a loan. I've also read that it's a good idea to possibly look to do so through community banks. Other than a general Google search, how do you go about finding REI friendly banks? Does anyone out there have recommendations if investing in Texas?

[Elizabeth Klingseisen]

@Bridgette Smith Definitely. Contacting community smaller banks and credit unions (also called portfolio lenders,) is the best way to secure line of credit and also build a rental portfolio without the restrictions and caps imposed by larger banks and lenders, which are government regulated.

Google Search is the easiest way. Also there is a list that comes out twice a year of banks, which are blacklisted because of too many foreclosed properties on their books. These are also smaller banks and credit unions. These are good to approach to get some of their properties and establish a relationship to fund future deals.

https://cr4re.com/PBLAugust202...