Saturday, April 30, 2011

Don't Take it Personal- I'm Just Looking for Business

With close to a year under my belt of being a landlord, and an upcoming move to Texas looming large, I determined it was time to purchase another investment property here in Colorado Springs where the property taxes are crazy low, while interest rates are historically cheap and housing prices are even more depressed than Steve Carell fans.  Besides which, if I'm to earn the coveted title of "Slum Lord", I need more than one property in my portfolio.

This time around I know more what to expect and what I'm looking for, and I found a prospective rental very quickly.  As soon as the folks at HUD and I came to an agreement on a selling price, I called one of the local banks to discuss financing options.  Their rates and terms seemed acceptable to me, but then the rep let me know that 1st Bank likes to build personal relationships with their customers, and therefore expected me to move all my banking with them if they gave me a loan.  Although this may have been the key to success for George Bailey, I let my potential new BFF know that I was quite pleased with my bank which I had been using for close to 20 years.  Besides which, I pointed out, I would be moving soon, and doubted this bank had any branches in Texas.  The kindly rep let me know that my supposition was correct, and that my moving posed an insurmountable barrier, as they really needed me to be in Colorado to do business with me. 

Needless to say I found it odd that they would really have that much interest in my residence, as long as the check for the mortgage came in on time every month.  Apparently it's imperative for the folks at 1st Bank that you regularly come in to their branch so they can shake your hand and give you a sucker.  I'm left wondering if they allow electronic banking at all, or is there a "no-moving clause" you have to sign when you open your checking account?  Whatever the case, I promptly took my business to Ent Credit Union, where they care more about your credit score (785 if you're curious) and ability to repay your loan than whether or not they will be able to have you over for a barbeque for Memorial Day.  But if you need a blind date or someone to be your kids' godmother do I have a bank for you!