All Forum Posts by: Drew DeSousa

Right now I have a list of 16 Property Management companies in the STL area (found through google). My plan was to call each and make sure they manage duplexes in the area where mine will be and get their fee schedule. After I make those calls I plan to narrower the list down further and start a deeper-dive interview with 2-3 of them. Is that what you recommend?

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Good morning all,

In the process of buying my first duplex in St. Louis, MO and I have no experience with any Property Management companies in town, wondering if anyone has any experience/recommendations?

Thanks!

Drew

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Originally posted by @Christopher Brainard:

Well, that really depends on what your future investing goals are. If you're just looking to buy this one duplex, then whichever bank has the lowest fees and best rates should be your choice. If you are going to buy additional property in the future, I may consider paying a bit more on this loan to establish a relationship with a bank that will provide different loans in the future. For example, some banks keep their loans in house and offer blanket mortgages so you can borrow on several homes with one mortgage. You may also want a large line of credit for flipping homes or bridge financing. Sometimes, you just need a bank that will lend past the personal mortgage limit. It really depends on what your goals are on what you perceive your needs to be. Finding the right lender can accelerate your investing career dramatically.

-Christopher

Excellent advice! Thanks Christopher, have a happy thanksgiving!

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Originally posted by @Christopher Brainard:

@Drew DeSousa

Hi Drew and welcome to BP!

You're unlikely to find much about doing a conventional loan because they're pretty boring :) All you need to do is call around and find out what types of rates and fees the banks around you are charging and choose one that you like. Once you select one, speak with the loan officer and get him the documents he needs to do the pre-approval. You'll get a letter and you're pretty much set. They'll still need to underwrite the loan when you find a specific house, but that's about all there is to it.

-Christopher

Christopher-

Thanks for the quick reply! I figured it's probably pretty boring and basic stuff but I just want to make sure I'm armed with as much information as possible going into my first deal so I really appreciate your help and insight!

So would you suggest just calling around to the banks and just saying "I'm looking to get a conventional loan on an investment property"? Once I talk to a few banks and get their rates/fees, how would you decide which to go with? Just whomever has the lowest rate & fees? Or are there other qualities you're looking for?

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Happy Thanksgiving BP Forums!

My wife and I have been researching into real estate investing the past year or so and are ready to pull the trigger and buy our first investment!

We are looking at a buy and hold duplex or triplex. Because this is our first investment property, we will likely be using a conventional mortgage with 20-25% down. My question is: What do we need to have lined up from a financing perspective and what do those steps look like in order to move quickly on a deal when we find one? I assume we should go to a bank to get pre-approval before we pursue a deal? Do I call many different banks to get pre-approval and if so how many? Would love to hear from someone what those financing steps looked like on their first couple investment properties with a conventional loan.

If there is a blog post on this that I missed I apologize but most of the posts I've read have to do with the different finance options or steps for a hand money loan, not the steps to get a conventional loan for an investment property

Thanks in advance!

Drew

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All Forum Posts by: Drew DeSousa

Drew DeSousa has started 2 posts and replied 5 times.

Post: Property Management Recommendation in St. Louis?

Post: Property Management Recommendation in St. Louis?

Post: First Rental House, First Step In Financing

Post: First Rental House, First Step In Financing

Post: First Rental House, First Step In Financing