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Updated about 9 years ago,
looking for a local bank in Salt Lake City, Utah
I am looking to jump in to real estate investing here in my local market of Salt Lake City. I have recently paid off all my loans and cards and have an outstanding credit score. I work full time and make a fairly decent wage, recently obtained my real estate sales agent license, and just started my own company doing what I do for a living on the side (electrical contractor). All of this in anticipation of fueling my investment career.
My problem... Major Lack of capital hahaha. I spent all of everything I had on getting out of debt and obtaining all my education and licenses.
My solution... (or working theory) I currently own 2 single family rental properties that are both sitting around 80% LTV. I am thinking that I can possibly take out HELOC on both properties to leverage my way in to and fund rehab on a quick flip or three. With the end goal of using the capital raised from said flips to land in a house hacking multi-family scenario before end of 2016.
Does anybody know a good investor friendly local bank in Utah???
Is this line of thinking even reasonable and attainable?
I don't have a large sphere of influence yet so I am thinking private money may be out of the question for the near future. I am not afraid of HML given the right scenarios of course and will definitely use it if need be, but I would like to establish a working relationship with a bank so any info on that area would be much appreciated. Or any other advice on how I can get off the ground and running for that matter :)
Thank you for your help BP!!!