Banking options for new investors starting a REI company

[Elliot Tan]

Hi everybody! My partners and I are starting a RE investing company in the DFW area. We will be doing flips and buy and hold investing, with plans to scale to mid-size apartment complexes. We're in the baby stages of this and haven't come across much information concerning what type of bank account to open for our company!

We will create an LLC this year, and were wondering what type of bank account to open for this company? Would a typical small business account suffice? Is a big bank or smaller bank better for what we are trying to do? Any recommendations for banks in the DFW area that service small businesses like what we are going to start?

Would LOVE to hear about anyone's experience in starting an LLC with partners and what you all did well, and not so well, in the beginning! And any tips and advice in regards to banking would be much appreciated! Thanks to those who take the time to read this post!

[Cindy Carriger]

First of all, @Elliot Tan, congrats on getting off the sidelines and into a very challenging but profitable area of investing!
I would certainly agree with @Andrew Syrios on his recommendations.  Local community banks do offer great products at great rates for many reasons. 

Using a local investor training group (REIA as he referred to it) is a great way to learn who uses what banks or lenders for which kind of loans, etc. You can also find other resources such as attorneys to set up your LLC, RE Agents friendly to investors, Hard Money Lenders, Long Term Mtg. Lenders, Technicians such as HVAC, Roofer, Foundation etc., CPA's and more.  

Our Tarrant County group meets in Hurst, Tx at the local Hampton Inn just about every Saturday morning of the year.  You can find many of the resources you need through our website or coming to our meetings either in person or via ZOOM if you are not local or prefer to do so from home.  Coming in person is the best if you are local so you can meet folks in person, grab business cards and share your business cards too, and make valuable connections with the locals. 

     Every meeting we have we try to post it on BP in the "REAL ESTATE EVENTS AND HAPPENINGS" under "FORUMS".