I'm meeting with 5 local banks next week to pursue a cash-out refi on our first local BRRRR. I'm putting together a little packet on our current portfolio (4 out-of-state turnkey SFR and now this 1 local BRRRR), current financial standing, etc., like what's been mentioned several times on the BP podcast. For SFRs, what numbers do banks care about or want to see? (i.e. acquisition cost, current value, rental income, expenses, ROI, CoC)? And then from what time period would they want those numbers for? Since I bought the house, current year-to-date, or last complete calendar year?
Any help is greatly appreciated. Thanks!
do you have a schedule of real estate owned? This is what you want.
What are the properties, who owns the debt, what's the gross rents, what are taxes and insurance and maintenance, what's the cost basis, what's it worth, etc. Bank is going to use it's own cash flow calculation and I doubt they are going to care about your profitability metrics. Most of their assessment will be based on your tax returns, bring 2 years tax returns.
Dont stress over it, they will tell you what they need that you are missing