He said he saw some 'bellies'.  

Take your time, spend the money, invest your time and energy into actually coming to the market, sitting down with these brokers, property managers, other investors, go to networking meets, get in the market, get face to face, belly to belly with the brokers. , trust me, if you fly the way all the way from California to Raleigh, North Carolina, , the broker in Raleigh is probably going to consider you a serious buyer since you just spent, you know, a couple thousand bucks and, you know, three, four days to get there.

A refi only juices my returns in that scenario if I refin in less than the 5 year projection. 

It's easy for sponsors to juice returns on paper.

Focus on how to juice cash flow if possible (rent by the room, separating spaces, etc.) or decreasing expenses (assuming a loan, looking at new build incentives, aggressive offers w/ rate buy downs that work for you, etc.) 

If you are looking at value-add assets, quickly look for market rents in the submarket and current rents, if current rents are within $100 of market rents, there is not enough juice in the deal to make it worth while3.

@Evan Bell - I personally don't trust any 1-800 providers haha.

Remember, that it costs money to refi...if its a small amount of juice to squeeze, I would just run your numbers to take a look at what makes sense for you and your journey. 

Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.

Here's a fundamental explanation to get your juices flowing:Assume a house costs $200,000 and rents for $1,500.