What is the Best All-in-One bank for rental property management?

Question

Good Afternoon BP!

As the title says, I'm in the market for a new bank; hopefully one that can do it ALL efficiently and with great user-friendliness.

I've tried to keep it "local" and support my community, but it's just not working out. The bank I've have been using, is stuck in the 20th century e.g. no automatic payments, very basic online features, doesn't link to QBs. Still require wet signatures on most documents (even though they can't tell me why a "wet" signature is still required), difficult to transfer money out of the account etc. Since I recently moved 4,000 miles away from the local branch, every banking task no matter how easy and trivial has turned into a time consuming inefficient process. Venting over.

So, I'm looking for a bank specializes in small businesses and that has three main features:

- Great online/mobile platform that has all of the latest features: wire/transfer funds, auto-pay, invoicing, no or limited fees, links with Quick Books, categorizing transactions, etc.

- Offers competitive-rate/feature lines of credit and/or credit cards to Real Estate investment and management companies

- Specializes in small (100K-2M) CRE financing that can: refinance, fund acquisition, umbrella, blanket, portfolio loans.

I've done a couple searches and it looks like Wells Fargo and Capital One are the front runners.

What are you using?

What do you like or don't like about your bank?

Vince Gethings · Answer

I'll call a few more local banks and CU's next week, but in my market I've tried the bigger ones recommened to me...all have not delivered for what I needed. Thanks for input

Chase Gochnauer · Answer

I have a relationship with 4 different banks, all local or state wide at most. Two have LOCs against buildings, others do cash out refis using the BRRR method. Or will cash out refi one property to use the funds for downpayment on another. Mine will allow me to deposit checks via mobile app also which is great. I have not yet found one that will let me wire via mobile/internet. That would concern me a bit, though, due to the amount of fraud with wire transfers. Once it's gone from your account, it's gone, so strong security is important with wires. My bank will let me email them all details then they call for security code.

They all do a great job on loans, but honestly do not give much feedback on best way to structure/refi for growth. I put together the strategy and tell them what I need to do, and they get it done. Example, I'm the one that tells them I want to refi properties A&B to cash out enough for down payment on C, and they put together those loans.

Matt K. · Answer

I'm dumping WF.... to much hassle and they keep messing up my accounts. I've gotten probably 8 new debit cards in a year and I don't even use my debit card so it's unlikely it's fraud. They can't tell me why, in fact the first 2 (that started all this) they didn't even know where they shipped it.

Then I had the time they lost my account... basically it was linked to a state I've never been and they had no answer other then well it happens sometimes sir. Or the time they wrote the wrong wire info (recently) and shrugged it off like oh opps. Their customer service is a joke too, the call center people offer products that won't even work in CA, and the local bankers only sometimes call me back.

I'm switching to chase, more locations and much better process overall. Granted I only have credit cards w/ them but the customer service on the all the cards has been amazing. Also... if you can their private banking is supposed to be pretty awesome. I believe your local banker has to help w/ that, but it's not impossible to get. No idea though how they play into your goals w/ investing as I use local banks for those loans but national bank for everything else.

Vince Gethings · Answer

@Chase Gochnauer My biggest issue is that my REI market and bank are in Michigan, and I now live in Hawaii. So, going in to sign anything just isn't an option. I need everything to be done via online/mobile. Like check cashing for example, with my USAA app (personal account) I can deposit checks very easily with my phone and the funds are available instantly...that's the level of service I need. I can also wire funds with my USAA phone app pretty easily as well.

Also, since I still work a full-time job and have my hands full with three kids (all <5 yrs old); I need to be able to automate transactions like bill pay, and transfers so I have the efficiency and peace of mind I need to grow.

As for customer service and relationships...my bank agents are nice and easily accessible, however, those relationships have yet to be fruitful in terms of lending. I've brought them 6 deals that were all great (had no problem finding lending elsewhere at good rates) and every time they found something wrong with it to were they couldn't fund no matter if it was conventional, commercial or portfolio. For invoicing and categorizing these are functions of quick books, however, most modern business checking accounts have these functions and I find them useful and convenient.

Does your bank offer business LOC's backed by RE and good CRE financing options and strategies? I need efficiency, convenience, and a bank that does it all...it's nice calling Jenny and chatting about the family, but I need a bank can close deals and help me structure and refinance my properties for growth.

Chase Gochnauer · Answer

There are lots of local banks with these options. I have one that will do wire transfers via a phone call, QB syncs, auto pay, and I can call and chat with my banker with no problems. I'm unsure what you mean by invoicing/categorizing transactions. Those are both Quickbooks functions, not bank functions. Mine even put a mobile deposit machine at my office so I can deposit checks without going to the bank since I'm 25-30 min away. I go into the branch to sign closing docs on loans or get cashiers checks, that's about it.

If you go with a large bank, you may get more amenities but you will be just a number as opposed to building a relationship with a local bank that may make financing much easier to get.

Vince Gethings · Answer

@Matt K. thanks for the input, I have a Chase Slate card on the personal side. I'll look into their business accounts too.

Brian Pinckard · Answer

Great question @Vince Gethings.  Getting the popcorn for this one.

What is the Best All-in-One bank for rental property management?

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