All Forum Posts by: Andrew Syrios

1% rule just means monthly rent is at least 1% of your all in price, i.e. rents for $1000 and all in prices is $100,000 (1000 / 100,000 = 0.01 or 1%) in that case it should cash flow. This is a very broad rule and I wouldn't just rely on it. But it usually works.

I wrote an article about this and other aspects of out of state investing a while back you might find helpful: https://www.biggerpockets.com/...

Looks great, well done Kimberly!

Welcome Darrin and best of luck investing!

We have some lenders who will lend at appraised value as soon as the property is rehabbed and rented (here in KC) but I think that's mostly because we have a relationship with them. It will probably be hard to beat 6 months with a new relationship

The seller would have to get the bank to delay it (assuming there's not some technical reason for the delay like they filed incorrectly). Ways to do that would be getting under contract with a buyer or making a payment plan or starting a short sale. But it would have to come from the seller not a potential buyer.

Welcome to BiggerPockets Arisa and good luck investing!

This post doesn't really concern those in higher priced markets where most banks lend with 30 year amms, but in the South and Midwest in particular, most local banks are only at 20 years. For those having trouble hitting DSCR's for refinances or purchase loans with local banks given the higher rates, higher values and 20 year amms most offer.

We've had a lot of luck asking banks to go up to a 25 year amm by dropping the LTV to 70%. We just frame it that they will have more equity in the property that way for about 5 or 6 years and at that time, even with no appreciation, the LTV would only be about 58%.Of course, that means we have to leave a bit more money in the properties but it also means that, well, they actually cash flow.

Just something to think about if you're having trouble getting banks to approve refinances or loans because of DSCR issues.

It sounds a little bit thin unless you're thinking getting an FHA loan which, because of the great financing, can make marginal deals better. Another option would be to just offer to list it. In this market, it shouldn't be hard to get a buyer and so there's a quick $8000 or so

 It's definitely the best place to go for learning real estate investing. You've come to the right place. Good luck!