All Forum Posts by: Max McQueen

It depends what you want from the bank. If you’re investing out of state and plan to be looking for funds (eg hard money) then an account with a bank local to your investments will generally help. But it can also be set up at the time of funding a loan.

If you’re just looking for a checking account to manage and pay expenses, then pick something local to you where you have relationships already.

It’s hard to go wrong as you can always open a new account to meet specific needs in the future.

This makes sense, thank you Bryan!

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Quote from @Charles Carillo:

@Max McQueen

I would start a banking relationship with an institution that also lends on my target properties. Call around and see who lends on the properties you want to purchase, and open an account there.

You're the man Charles, thank you!

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Awesome, thank you for the insight Melanie!

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Kansas City, Kansas

Quote from @Chris Seveney:

Quote from @Max McQueen:

Hello BiggerPockets Community,

I'm kicking off the new year with an exciting venture: I've just established my own real estate investment LLC!

I'm currently exploring banking options that align well with this specific niche. The choices are overwhelming: should I opt for a local bank, a smaller institution, a major bank, or perhaps an online bank? My business strategy is geared towards scaling a large portfolio with a focus on buy-and-hold investments.

Any recommendations or advice from your experiences would be immensely appreciated. Thank you!

It really is more about convenience and service more than anything else. How will you us them, online or in branch? If online make sure you like their online services. If in branch then location.

No wrong answer.

Great, thank you Chris!

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Hello BiggerPockets Community,

I'm kicking off the new year with an exciting venture: I've just established my own real estate investment LLC!

Any recommendations or advice from your experiences would be immensely appreciated. Thank you!

0 Votes

Hello BiggerPockets Community,

I'm kicking off the new year with an exciting venture: I've just established my own real estate investment LLC!

Any recommendations or advice from your experiences would be immensely appreciated. Thank you!

0 Votes

Hello BiggerPockets Community,

I'm kicking off the new year with an exciting venture: I've just established my own real estate investment LLC!

Any recommendations or advice from your experiences would be immensely appreciated. Thank you!

0 Votes

Hello BiggerPockets Community,

I'm kicking off the new year with an exciting venture: I've just established my own real estate investment LLC!

Any recommendations or advice from your experiences would be immensely appreciated. Thank you!

0 Votes

Quote from @Scott Mac:

Quote from @Max McQueen:

Hello BiggerPockets Community!

I'm on the hunt for my first property to househack in the Kansas City metro area. I'm particularly interested in acquiring a quadplex or triplex. I already have access to the MLS as I'm a licensed agent in both KS and MO, which is helpful.

However, I'm eager to explore additional strategies and resources for finding such properties. Any advice or recommendations would be greatly appreciated!

Get your lender to give an opinion on the amount of money they will lend you for each.

Also look into the amount of cash reserves and other cash requirements to get the loan.

Consider how much money you have in cash available to make this happen- including repairs needed and some operating capital.

That will tell you if you qualify for a 3 or a 4 and should allow you to target in on properties a lot easier.

Think of your lender as your partner in the deal, a dictatorial partner unless you're able to buy for all cash yourself out of pocket.

Have you looked into Fannie Mae loans?

Good Luck!

I haven't looked into Freddie Mae yet, but this is a great trajectory for me to start on things. Thanks Scott!

1 Vote

Kansas City, Kansas

Quote from @Alecia Loveless:

@Max McQueen Hi Max. I've found spending 20-30 minutes a day searching my local MLS gets faster results than waiting for actual searches that I have set with my Realtor, new listings on my searches tend to show up about 24 hours later than the online searches. That being said if you haven't narrowed down your searches to several specific neighborhoods then this wouldn't be feasible.

I’ve also had a little luck on Facebook Marketplace and on Craigslist getting off market leads.

Lately I’ve been networking more through my immediate contacts, my lender, my lawyer, and especially my contractor who has been asking some of the other investors he does work for if they have any properties they might be interested in selling for me.

This is great insight, thank you Alecia!

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Kansas City, Kansas

All Forum Posts by: Max McQueen

Max McQueen has started 9 posts and replied 32 times.

Post: Investing LLC Bank Account

Post: Choosing the Right Bank for My Real Estate Investment LLC

Post: Househacking- First time homeowner

Post: Choosing the Right Bank for My Real Estate Investment LLC

Post: Choosing the Right Bank for My Real Estate Investment LLC

Post: Choosing the Right Bank for My Real Estate Investment LLC

Post: Choosing the Right Bank for My Real Estate Investment LLC

Post: Investing LLC Bank Account

Post: Triplex or Quadplex

Post: Triplex or Quadplex