Posted by Rich on March 21, 2006 at 21:38:13:
Agreed. This is especially important when investing out of state because a good local bank will have loan programs and rules that fit the particular housing market better than any chain can. Though I have to say that if you must use a chain, I have found WAMU good because when they bought up the local banks, they didn’t change all the rules to match the corp. office, so you still get some local variation that can help.
Banks - Posted by Joshua
Posted by Joshua on March 21, 2006 at 17:26:40:
I am extremly new to this whole real estate investing and I have been reading some of the success stories on this site. Some of these stories say that I need a relationship with my banker. May sound stupid but, who is my banker? What kind of banker will give me the best deals? A banking chain (wachovia, Sun Trust, etc.)? I have not so perfect credit but I have turned that around within the last year. I also live in the Northern Virginia/DC Metro are. Also, where do they post auctions? I cant seem to find any in the Washington Post. Maybe I’m looking in the wrong section of the classifieds.
Re: Banks - Posted by Terry
Posted by Terry on March 21, 2006 at 19:30:46:
if your a first timer you may want to approach another more seasoned
re investor to partner with you for a deal or two before you approach a
institutional lender. you will gain insight knowledge and confidence by
partnering with a more seasoned individual and therefore be a better
risk to the bank. there will be a time to stop partnering and go it alone
but partnering can be a terrific way to do multiple deals quick if you
have little expierence. it can also be a great way to build momentum
for when you break away to go it alone.
Re: Banks - Posted by Rich
Posted by Rich on March 21, 2006 at 18:12:37:
I think by “banker” people use a looser meaning than an actual bank. It may be a mortgage broker who can really perform for you, find you great rates and so on. It may be a loan officer in a branch who knows you. It should be a person who has seen your paperwork so they are familiar with you and what you can obtain.
One thing I found oiut about banks vs brokers last ime out. Banks offer what is known as “retail” programs and brokers offer “wholesale” programs and the terms and interest rates are different between the two. Last time I used Wells Fargo and their retail interest rates were a full point higher than what I was getting wholesale through a broker AND the closing costs were the same either way. So find a person you can work with, who you think will come through in a crunch.
Auctions are posted in classified sections, but in some areas there are special papers that only carry legal notices where these things are published. Auctions being carried out by gov’t agencies are usually handled by the County (state) or one of the federasl agencies (I get the listing from the Treasury department once a month).
Re: Banks - Posted by ski
Posted by ski on March 21, 2006 at 19:17:12:
Try a community bank. This type of institution usually has a president on site, who can make decisions on the spot. It is way and above the big “chains” such as Walk-over-ya, Wash-ur-mutual, and others. But the other advice on this post is really worth following up on, such as a secondary lender person, i.e. mortgage co.