All Forum Posts by: Ted B Miskinnis

@George Walker I'd also suggest using a free business checking account. They're available with a little searching effort and that's $240/yr you can recapture to your bottom line.

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I just finished speaking with 1stBank (efirstbank.com) and they are offering PELOC's on Rentals @ 8% (interest only) with a 3 year term. I wasn't really happy with the short term and higher rate, but after reading through this thread I may need to reconsider that offer. Loan brokers/officers if you have a better deal available, I'm all ears. You can PM me directly thanks.

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Originally posted by @Jon S.:

We have borrowers in multiple markets utilize Net Worth Realty and they can definitely be a good source for deals. Every deal is different, so I always encourage my borrowers to do their own due diligence in addition to utilizing any information provided by NWR. They provide an initial estimate of rehab needed and ARV, but it needs to be vetted by the buyer. If there is a lender involved, there will typically be an appraisal as well. I would say this is typical of any wholesale deal.

In terms of the financing, get with multiple hard money lenders and find the deal that works best for you. In my experience, they do not force a buyer to use 212. They are flexible as long as the buyer can close.

I second your comment. I went to their Phoenix office last week and sat down for their presentation. They do not force you to use 212. It's an option, choose them if you wish, or finance the deal through other vendors. You must be able to close quickly though. Conventional financing is not an option.

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Originally posted by @Kyle Coates:

The membership prices very depending on what form of real estate you're interested in, be it Finding wholesale deals, Foreclosures, Flippin. I've been with them for 2 or 3 months and have a F&F that is about ready to go to market. They almost hold you're hand to much!

If you want any more info let me know.

I just went to one of their free meetups. Has your opinion of them changed any since this post. Are you still doing business with them?

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@Mark Monick

I'm planning on going there as well. I see that they have several packages. Which one did you take? Do you really need the additional training materials with the higher priced courses?

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Thanks guys, I'll give First Bank a try. Appreciate the advice.

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Hopefully, I'm not bending the rules here at BP.... "I'm not asking for lending." However, I am looking for some recommendations as to where to begin developing an investor banking relationship.

In a nutshell, I'm searching for an Investor friendly bank in the Phoenix metro area. Specifically, I'm looking for smaller/community banks that are open to portfolio lending and rehab loans. Would really appreciate some recommendations.

Thanks in advance,

Ted

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All Forum Posts by: Ted B Miskinnis

Ted B Miskinnis has started 1 posts and replied 7 times.

Post: Rentals, LLC's, and Bank Accounts.

Post: Has anyone been able to get a HELOC on a rental property?

Post: Networth Realty and 212 Loans

Post: Matrix investing network

Post: Real Estate License Exam Prep Arizona

Post: Investor friendly banks in the Phoenix metro area

Post: Investor friendly banks in the Phoenix metro area