Op ex ratio may end up being more like 45% or perhaps 40% with newer high quality construction.

(I answered for you.)Construction Loans: Will you make these?

I had a flipper come to me asking about doing a new development.He would need $240,000 to purchase the land from a wholesaler and then he would have his GC partner get the construction loan but they cant get the loan if their is someone else that has a lien on the property so i would have to collateralize against one of their assets which they don't have.

These regions offer affordable prices for most investors, with homes that are turnkey—either newly constructed or fully renovated, tenant-ready, and with systems that still have 10+ years of life remaining.

Sometimes occupants still live there and eviction is not easy, and I have even heard a story once that the yakuza are involved in the construction and real estate business and exorted money from buyers through occupants in these properties. 

You have 10 new construction projects complete, but no money for the next three, which indicates you aren't financially responsible or your projects aren't producing enough of a profit to propel you forward.

Best bet though is a local community business bank.. 

I bought 2 new construction in Athens last summer and rented them right away... so far so good. 

I contribute that much monthly any way as my side business helps to get me where I want when I retire. 

Build sleeping pods that are mostly soundproof (double walled construction) and ventilated.