All Forum Posts by: Andrew Syrios

This is why we try to have multiple banks and not put all our eggs in one basket. Even if one bank is doing great for us we'll look for another to put at least some loans with. Look around, even in this market there are still banks making construction loans (I talked to one that was interested just last week on a spec house). 

(BTW, banks saying "we want a relationship" is really just code for "we want you to deposit money with us.)

It really depends on the size/quality/number of knick knacks, etc. We usually spend between $15,000 - $50,000. But we're renting out properties. It would be generally higher for flips. 

Welcome aboard Zack and good luck investing!

Welcome to BiggerPockets Dan and best of luck investing!

Some lenders want a trailing 12, but are willing to go off a shortly history and the pro forma. They're more likely to do that if they have a relationship with you. The best thing to do would be to talk to some banks and see what they're willing to do. (Although you may also want to hold off on refinancing until rates cool off, although I would unfortunately, be surprised if that's before 2024.) 

Generally like $400-600. A bit more if you include a pest and dry rot inspection (and maybe a bit more for you because LA is a very high cost place to live and everything is more expensive).

Welcome aboard Silvio!

Welcome to BP Andrew!

I'm not really sure what you're getting at. A SFR is only worth what someone will pay for it and investors won't pay more than homeowners (usually at least) regardless of its rental income. So if no one is willing to "pay what its worth" it just means it ain't worth that much. As far as the example you just gave, that would amount to a 4% rent/cost ratio which basically doesn't exist. Maybe an AirBNB or something like that but not on a traditional rental. So it really doesn't apply.

Welcome aboard Logan!