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All Forum Posts by: Andrew Syrios

Andrew Syrios has started 74 posts and replied 10063 times.

Post: New to Real Estate and excited to learn

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056

Welcome to BiggerPockets Jason and good luck investing!

Post: Best way to evict

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056

Depends on the state so you should check your local laws. But typically (again check your laws), you give them a 72 hour pay or quit notice. If they don't pay by then, you can file for eviction. Usually this will be going through an attorney. Some states allow private companies to file and in many you can file yourself unless it's an LLC (as you can't represent a corporate entity unless you're an attorney).

Then you just wait until the trial date. Afterwards, you'll get a writ of restitution and a week or so later the sheriff will come out and take possession of the unit. Depending on the state, you may have to store their stuff for a while.

In the meantime, if you can do a cash for keys (i.e. pay them a little so they'll leave early) it would be wise to do that as the eviction process is usually long and costly. 

Post: New Invesor here!

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056

Welcome to BiggerPockets Murry and good luck investing!

Post: BRRRR Method as first property.

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056

BRRRR has been a great option but it's very difficult in today's market with prices high and interest rates high (at least compared to what they have been in the last decade). Even if you get a good deal, you will still probably have to leave cash into the deal on any buy and hold these days.

Post: Hello BiggerPockets Community!

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056

Welcome to BiggerPockets Ella and best of luck investing!

Post: Educated But Lacking Funds

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056

Best bet is to save up for a house hack. With an FHA loan, you only need 3.5% down. And you can use such a loan to buy up to a fourplex. Yes, you have to live there for at least a year but you need to live somewhere anyways. And after a year, you can refinance and buy a new property with another FHA loan.

This is by far the best way to get into real estate with limited funds. (In all honesty, the idea that you can become a real estate investor with no money is mostly fake. On individual deals, sure, but on the whole, no. It's a marketing ploy by gurus trying to sell you coaching.)

Post: Getting Started in Columbus

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056

Welcome Sam and good luck investing!

Post: What to do with 30K check from insurance Co.

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056
Quote from @Steve Balinski:

I have an interesting scenario.  My insurance co might write me up to a 30K check for damage to property from a recent storm. This would include costs to replace my roof, siding, and gutters.  My question is - is it typical for them to write me a check and then I can choose to do what I want with the money?

My dilemma is replace the exterior items (which I can't really raise rent for). In addition, the windows are probably 30yrs old so from my understanding I might as well replace those as well which is another 15K out of pocket.

OR

Do I use the $$ and replace the kitchens which are very out-dated, which I CAN raise rent for.


No this is not unusual. In one instance, we just sold the property instead of doing the work. That being said, if you have a bank loan on the property though, you will need to keep them apprised and may have other conditions. I suspect they would want the roof be replaced. Our insurer pays us directly but I've heard of them escrowing the money with the bank. I will note we've had insurance payouts that end up being more than the cost of the repairs when all is said and done, so that is not unusual. 

Post: Hi BiggerPockets Community!

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056

Welcome aboard Yvette!

Post: Eager for my first wholesale deal

Andrew Syrios
ModeratorPosted
  • Residential Real Estate Investor
  • Kansas City, MO
  • Posts 10,417
  • Votes 5,056

Welcome to BiggerPockets David and good luck wholesaling!