First Service bankers have some helpful advice for customers interested in purchasing rental property.
Nate Bartlett, commercial loan and business development officer at the First Service Bank location in South Conway, said First Service bankers are eager to help customers with the lending process, which is very straightforward. “First, we will get the customer pre-approved. Typical real estate transaction documents will be needed. Once they are pre-approved, the customer will find a property they are interested in and we will discuss the property details with them like rental rate, location, needed repairs, purchase price, etc. After those items are agreed upon, we will move forward with the buying process.”
According to Nate, the pre-approval process has a very quick turn-around time, within a day, once First Service receives the necessary financial information from the customer.
After identifying property for a potential purchase, Nate advises customers to research the parcel. “Do your homework on the history of the property and current rental rate,” he said. “Also, ask questions on whether the property is occupied and what is the remaining life for things like appliances, the HVAC, the water heater and the roof. You do not want any surprise expenses early on.”
Nate also has a word of caution for those interested in purchasing rental property. “There is a lot of advice given online about how to purchase real estate. Some of that advice is good, some of it is bad,” he said. “I would urge those who are interested in purchasing rental property to consult with a banking professional to discuss financing options before making an offer on a property.”
First Service has a strong commitment to the communities it serves, an important factor in choosing a financial institution, according to Nate. “We are local. Our people live and work in the same community as our customers and offer practical and simplified solutions to the community’s banking needs.”
It is because of that commitment that First Service bankers are very interested in working with customers to ensure their success, according to Nate. “Let us use our industry knowledge and expertise to find the best solution for your rental purchase,” he said. “Whether you’re a seasoned investor or new to purchasing rental property, we want to be your partner and advisor to help you succeed.”
For help with purchasing rental property, call Nate Bartlett at 501-932-5050 to set up an appointment in person or by phone. First Service bankers are here to help!