BROADCASTS.com

b'Did you know credit unions could be your secret weapon in real estate investing?\\xa0\\n\\xa0\\nMark Ritter, a credit union and banking expert, joins us to discuss the advantages of working with Credit Unions for real estate investors. He explains how credit unions differ from other financial institutions and the mistakes investors make when working with a lender. Mark also highlights the unique benefits of credit unions, such as their cooperative structure, which is owned by members and managed by an elected board of directors. Mark provides excellent insight into this area and encourages people to take advantage of them as they offer fairer terms than traditional banks, cannot charge prepayment penalties, and keep and manage their funds.\\xa0\\n\\xa0\\nListen to learn more about how real estate investors can benefit from credit unions and build long-term relationships with lenders!\\n\\xa0\\n[00:00 - 06:42] The Advantages of Credit Unions for Real Estate Investors\\xa0\\nIntroducing Mark to the show\\nCredit unions are cooperatives, not-for-profit financial cooperatives owned by the members of the organization\\nCredit unions offer a relationship with their lender and local institution\\n\\xa0\\n[06:43 - 14:10] Credit Unions: A Different Approach to Obtaining Investment Property Loans\\nCredit Unions cooperate and share resources to increase scale\\nCredit Unions are generally smaller than banks, with an average of 250 million in assets\\nConsolidation is happening within the credit union space, but the philosophy of helping people in their local marketplace remains\\nObtaining a loan from a credit union requires collecting financials, sales agreements, appraisals, rent rolls, and projections\\n\\xa0\\n[14:11 - 22:58] Credit Union Balance Sheets\\nFederal credit unions cannot have prepayment penalties\\nCredit unions keep and manage their own money, not borrowing from Wall Street\\nFor every dollar of deposits, credit unions lend out 85 cents to local businesses and members\\nMistakes to avoid when getting an investment property loan include not understanding the lender, talking to the wrong person, and ignoring requested information\\n\\xa0\\n[22:59 - 27:15] Closing Segment\\nBest investment: helping out a small tea shop\\nWorst investment: a loan that was government-guaranteed\\nThe most important lesson learned: staying within your lane of what you know\\n\\nQuotes:\\n\\xa0\\n"Credit unions philosophically are somewhere that you can have that relationship and conversation to get all of your things done that everybody listening knows credit unions do, but also the real estate piece of it as well for your investments." - Mark Ritter\\n\\xa0\\n"We don\'t just simply jam who you are into a machine, and out comes an answer. We like to have conversations about who you are. What are you thinking about for this project? What do you have and where are you going in the future?" - Mark Ritter\\n\\nConnect with Mark!\\nWebsite: www.mbfs.org\\nLinkedIn: https://www.linkedin.com/in/markrittermbfs/\\xa0\\n\\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/\\n\\xa0\\nTrack your rental property\'s finances with Stessa. Go to www.escapingwallstreet.com.\\n\\xa0\\nJoin our Passive Investor Club to access passive commercial real estate investment opportunities.\\n\\xa0\\nLEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or clicking here to listen to our previous episodes.'