US Bank for BRRRR Investing

[Account Closed]

The local US Bank in my area has a commercial banker that I really like and get along with (Currently working on a deal of mine)... But it takes so long to hear back and the communication seems so delayed....

I am going to start buying a lot more properties, is US Bank a good bank to partner with BRRRR?

Thanks in advance! 

[Mike McCarthy]

I haven’t worked with them specifically, but if it’s taking him a while to get back to you, go somewhere else.

I’m not certain my mortgage guy has voicemail. He always picks up and talks. Emails are returned within hours.

Find someone who wants your business!

[Kevin Allen]

My mortgage guy either answers when I call or calls back immediately.

[Account Closed]

Sounds like I need a new mortgage guy- thanks fellas 👍

[Chris Purcell]

@Account Closed keep looking

[Account Closed]

Chris Purcell Yep- going to get on it Monday.

[Chris Purcell]

Originally posted by @Account Closed:

Chris Purcell Yep- going to get on it Monday.

I use hard money for purchase and rehab

Then either Fannie or a credit union/commercial lender in my area

Google and you should be able to find both

[Account Closed]

Chris Purcell I have the upfront cash for my market, but looking to really building my business and get it to 40 units (I have 9 now). And BRRRR seems like the best way to go- curious to hear your thoughts?

[Pat Jackson]

Benjamin Maciel
Glad you’re on BP!

I know a very investment friendly guy I can set you up with. Do you have mortgages on your 9 properties? If so, you’ve about maxed out your options. Is your wife on the mortgages? She can get 10 too....

[Account Closed]

@patjackson Yep- mortgages on all of them! And I know- looking to get my wife involved on a portfolio as well moving forward.

[Nicholas Lohr]

I used US Bank for my first BRRRR deal. I would not use them again. I can't remember the specifics but I do remember being frustrated and the process took forever.

[Account Closed]

@Nicholas Lohr Yes I will not be using them again. 

[Andrew Syrios]

Big banks are very hard. I've never had any luck with them when it comes to investor financing (although we did get an unsecured credit line from US Bank, but it was for cash flow management, not real estate). Small, community banks have always been our best bet.

[Carson Wilcox]

I dont expect quick ACTION all the time... loans take time, lots of people involved, lots of moving parts... But if you cant get back to me with a 3 second text or email... SEE YA.

[Account Closed]

Update: I finally closed on the loan with US Bank—- it was a process but I had my loan transferred to a higher up and the loan process went seamless from then on. Now even talking credit line—- the new guy is turning out to be the man.

[Caleb Heimsoth]

Benjamin Maciel I am happy with US bank. I’m doing my second mortgage with them now. Granted this is residential, but I had two other residential banks I used before and I didn’t like it. So they’re good for me for residential but they only go up to 5 loans so I’ll have to find a new bank again soon.