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Updated about 9 years ago on . Most recent reply

User Stats

32
Posts
15
Votes
Curtis Fergus
  • Investor
  • Salt Lake City, UT
15
Votes |
32
Posts

looking for a local bank in Salt Lake City, Utah

Curtis Fergus
  • Investor
  • Salt Lake City, UT
Posted

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!!!

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