All Forum Posts by: Adam Ward

Gina - Feel free to set up your business checking account with anyone.  You will still be free to another bank as a lender.

Regarding lenders, it seems that smaller local banks have more lending flexibility.  Try googling "local bank greensboro bank fox" for a list.  I was in your shoes looking for local banks in the triangle and found that bank fox had a nice condensed list.  Make a list of the banks and their phone numbers, then dial away and ask to speak with a loan officer.  While I learned quite a bit using this approach, I learned that it makes more sense to have the deal first.  Evidently lenders are not crazy about dealing with hypotheticals.

It's possible to purchase as an individual and use a quitclaim deed to transfer ownership to your LLC. Most banks have a due on sale clause that gives them the right to call the loan. Based on my understanding, it's rarely enforced but always possible.

Note, I'm a newbie so take this info with a grain of salt.

By the way, I'm from Greensboro and familiar with the area. Keep me in mind as a possibility if you and your partner ever want to JV on a flip. I can bring cash to the table as well.

Good luck!

James,

Thanks for putting this together.  Hope this is a sign of many meetings to come.

With a full time job, I will need to log some PTO or cut out early to make it at 4.  It's possible there are others in the same boat.  Nevertheless, I plan to see you out there.

Looking forward to meeting other triangle investors!

Adam

@Anthony Fleming  - Welcome out of the shadows.  Unfortunately I too am familiar with undercover research in lieu of taking action.  Best of luck to you!

@Mike Hepburn - I am in Raleigh and happy to help if you need anything.