All Forum Posts by: Andrew Syrios

Your money being secure wouldn't be the issue when obtaining owner financing. It would be convincing the seller (and lender) that their money will be secure. Best way to do this is by giving them a first position trust deed (or mortgage depending on the state) on the house and a note and maybe a personal guarantee.

Yes it would be the issue. If not done correctly a seller could take a deposit or earnest money and claim it was not given unless the contract or some safety net is in place, hence me asking for advice on what others are doing to keep their money secure.

I didn't know you were referring to the earnest money. On that, you just need to make sure everything is in the contract and the earnest money is deposited at at title company. If the contract has seller lending back to you and they don't, the earnest money would be refundable and since it's at a title company, the seller couldn't just run off with it.

Andrew I said this same thing to Chris above.. in Texas they call EM "option money" and its a nominal amount 100 to 500. and its NON refundable and written usually to the seller straight away.. once DD is done they can increase the actual EM deposit or walk.. but the option is earned by the seller regardless.. at least thats been my experience on about 20 plus deals I did in the Dallas market.

Ahh I see. It would seem that once again Texans always feel like they have to do things differently than everyone else just because they're Texans

1 Vote

Austin, Texas

Quote from @Jay Hinrichs:

Quote from @Andrew Syrios:

Quote from @Drew Sygit:

@Andrew Syrios you're way behind on what's happening in Detroit!

Popluation is actually GROWING per the US Census Bureau, and has been for some time.
https://www.freep.com/story/news/local/michigan/detroit/2024....

In a nutshell, US Census Bureau considers every VACANT house the city has torn down, which number in the tens of thousands, as population loss:(

Those that actually visit Detroit, see the tens of thousands of NEW apartments & lofts.

@Greg Miller I don't know enough to comment about whether or not it makes sense to build more manufacturing plants in Detroit. I do know that several factories in the Metro area haven't had a 3rd shift in decades and several are only running a single shift.

So, pretty sure decent amount of production can be added without building new factories.

What can easily be done is re-opening up part manufacturing buildings. Detroit & Warren have hundreds, probably thousands, of shutdown parts manufacting facilities that could be activated.

Given Detroit's reputation as the Motor City, local populations would ruin any local politician that didn't bend over backward to bring back manufacturing to the area. The biggest challenge would be the Unions and the cost of union labor.

@Marcus Auerbach there's a hidden number in the standard unemployment data - the number of able-bodied people no longer looking for regular work. So, they don't really show up anywhere, but several economists have tried to estimate their numbers - and they are HUGE.
This article is 2 years old, but is worth reading:
https://bipartisanpolicy.org/blog/why-are-prime-age-adults-o....
This more recent one is from the government and talks about the Labor Participation Rate dropping.
https://www.uschamber.com/workforce/understanding-americas-l...

I don't think ANYONE posting here knows enough to be an "expert" - or they wouldn't have time to post here!
We should all share our knowledge and interpretation of the facts and hopefully, we can all learn something from each other:)
Let's keep it friendly!

I would have to dig into this more but that doesn't sound at all right about how the Census estimates population (and is quite different than what the census itself says or a google search https://www.census.gov/data/developers/data-sets/popest-popp...). That being said, Detroit's politicians have every reason to claim Detroit's population has been growing for years and not just for the first time in 2024 (more federal funds, better press, etc.) The Census has no reason to undercount. So I would lean in favor of the Census until I see something more concrete than merely the assertions of Detroit's politicians.

Andrew have you ever actually physically been to Detroit and seen the mothballed car factories ??? if not its something its right out of the movies how they just left them standing HUGE facilities rotting .. I have never seen anything like that in KC for example. And certainly not the West coasts

I've only seen pictures and videos of those abandoned factories and it is something else. Very eerie. Almost like a post-apocalyptic film. And that's just from the images/videos. I imagine actually being there and looking at it would feel otherworldly

0 Votes

Detroit, Michigan

Quote from @Abigail Joanna:

Quote from @Andrew Syrios:

0 Votes

Austin, Texas

Welcome aboard Alex!

1 Vote

0 Votes

Austin, Texas

Great to have you, welcome aboard Brian!

0 Votes

Houston, Texas

Quote from @Drew Sygit:

@Andrew Syrios you're way behind on what's happening in Detroit!

Popluation is actually GROWING per the US Census Bureau, and has been for some time.
https://www.freep.com/story/news/local/michigan/detroit/2024....

In a nutshell, US Census Bureau considers every VACANT house the city has torn down, which number in the tens of thousands, as population loss:(

Those that actually visit Detroit, see the tens of thousands of NEW apartments & lofts.

So, pretty sure decent amount of production can be added without building new factories.

What can easily be done is re-opening up part manufacturing buildings. Detroit & Warren have hundreds, probably thousands, of shutdown parts manufacting facilities that could be activated.

0 Votes

Detroit, Michigan

Welcome to BP Stephen and good luck investing!

0 Votes

Las Vegas, Nevada

Quote from @Jay Hinrichs:

Quote from @Andrew Syrios:

Quote from @Greg Miller:

Quote from @Andrew Syrios:

I just googled and it looks like a bunch of plants have been closed for many decades. Packard closed in 1956, Motor City Industrial Park closed in 1999, Doverfield closed in 2014. Apparently there are 900 vacant and mostly abandoned manufacturing sites in Detroit, most of which have been abandoned for decades. https://www.freep.com/story/money/business/john-gallagher/20...

Given Detroit still has high crime, lots of blight and governance problems, I suspect if the auto industry is reshored it will mostly go elsewhere. (Toyota and Honda, for example, mostly build plants in the southeast and midwest, Tesla in California and Texas, etc.)

My man, You are sighting an article from 2017. The city is has changed drastically as has crime and governance. You can always tell when someone talking about Detroit, has never set foot in the city.

You can also tell when someone doesn't read the article you cite as that is only about the number of vacant and abandoned manufacturing plants, many abandoned for decades and not salvageable without massive investment.

The murder rate is down but still high and Detroit has improved some but I don't see it bringing in a bunch more auto plants anytime soon. Especially given the population of Detroit proper has actually declined since 2017

I have been to three of the southern auto plans.. Toyota between Memphis and tupelo ms and that is on a huge parcel I would say at least 5k acres maybe bigger.. MBZ in Alabama flew my plane over that one and again HUGE foot print.. and then NIssan north of Jackson MS.. all of these take up very very large parcels.. and why it could never happen in Oregon with its wicked land use laws and NO one owns that large of contiguous land.. for instance Oregon was suppose to get one of the chips act fundings for expansion of chips in washington county.. county wanted to bring in just under 2k acres from farm zoing to allow plants to be build governer caved and would only bring in 300.. And they lost out totally on the chips act.. you cant build these facilities on such small parcels.. Oregon leaders are just flat idiots.

That's unbelievable. I get not wanting to give tax breaks or subsidies for companies moving in (that kind of corporate welfare always rubs me the wrong way), but not rezoning land is an absolute joke. Oregon's governance is terrible tbh. (Although, our governance here in KC is really bad too; they jacked the property taxes in Jackson County up like 50% in one year in 2023 for example).

0 Votes

Detroit, Michigan

All Forum Posts by: Andrew Syrios

Andrew Syrios has started 74 posts and replied 10033 times.

Post: 4th investment property

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Post: Hi all, I'm Stephen

Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market

Andrew Syrios has started 74 posts and replied 10033 times.

Biggerpockets Logo Post: 4th investment property

Biggerpockets Logo Post: How to go about getting owner financing and keeping it secure?

Biggerpockets Logo Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market

Biggerpockets Logo Post: How to go about getting owner financing and keeping it secure?

Biggerpockets Logo Post: New Member Introduction!

Biggerpockets Logo Post: How to go about getting owner financing and keeping it secure?

Biggerpockets Logo Post: Great to be here

Biggerpockets Logo Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market

Biggerpockets Logo Post: Hi all, I'm Stephen

Biggerpockets Logo Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market

Post: 4th investment property

Post: How to go about getting owner financing and keeping it secure?

Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market

Post: How to go about getting owner financing and keeping it secure?

Post: New Member Introduction!

Post: How to go about getting owner financing and keeping it secure?

Post: Great to be here

Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market

Post: Hi all, I'm Stephen

Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market