Straight from the podcast

[David Itman]

Tomorrow I am heading into a bank to refinance a rental property that I own on a contract for deed.  Thanks to the podcast, it occurred to me to put together a nice organizational binder complete with a bigger pockets rental calculation/financial projections.  Nice added layer of confidence walking in the door.  Thanks BP!

[David Itman]

Update: That meeting went better than could have expected.  Went to a small local bank and sat down with the VP of commercial lending.  Handed him my "Portfolio" and he immediately looked at my financial projections (from BP) and was very impressed.  Said "I really appreciate you bringing this in; It's amazing how many people come in here with no financial projections and no plan."  

They do underwriting in house, so they sit at a boardroom table and look over the file and make a decision. He told me that this should be a slam-dunk. This is HUGE because it allows me to build credit for my LLC that is not backed by me personally.

He also asked that I send over the numbers on another apartment building that I am working on.  This is with a different partner and is a whole other story, but the banker was very excited to hear more.

On the way out he walked me around the bank and introduced me to everyone, including the President of the bank.  

Super excited and feeling ready to blow up!