All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: Do 40 year mortgages make more sense for Buy and Hold?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @James Hamling:
Quote from @Andrew Syrios:
Quote from @Stephanie P.:
Quote from @Andrew Syrios:
If you can get a 40 year mortgage, sure. They would certainly help with cash flow and DSCR requirements these days. But they're not easy to find. Here in KC, we're lucky to get a 25 year mortgage. Even a 30 year mortgage isn't going to happen where I'm at.
40 fixed year mortgages are available in your area.
Not for investors, at least not typically. Not local banks offer them and other than Fannie loans for your first 10, large banks will basically never lend to you at least on SFR and small multis (they'll do large apartments/commercial properties).
Wrong-a-mundo.
Yes, there is lenders who will do a 40yr mortgage, fixed, for investors/ investment properties. There is full doc products and DSCR products.
Like whom? I've seen 30 years from the national lenders like LendingOne, Lima One, Arbor, etc. But their rates are quite high. I haven't seen 40 years from any such lenders and definitely not from local banks.
Post: Do 40 year mortgages make more sense for Buy and Hold?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Stephanie P.:
Quote from @Andrew Syrios:
Quote from @Stephanie P.:
Quote from @Andrew Syrios:
If you can get a 40 year mortgage, sure. They would certainly help with cash flow and DSCR requirements these days. But they're not easy to find. Here in KC, we're lucky to get a 25 year mortgage. Even a 30 year mortgage isn't going to happen where I'm at.
40 fixed year mortgages are available in your area.
Not for investors, at least not typically. Not local banks offer them and other than Fannie loans for your first 10, large banks will basically never lend to you at least on SFR and small multis (they'll do large apartments/commercial properties).
Sorry, I think we're talking about two different product categories. I originate DSCR loans. They are readily available to investors with a 40 year fixed amortization in Kansas City. Additionally, I just closed a 29 unit building on Benton Blvd with a 30 year fixed. I guess that's one of the reasons the DSCR world exists. It's an alternative (albeit more expensive overall) to conventional financing and local banks.
Who's your lender if you don't mind me asking? At what was the rate?
Post: Do 40 year mortgages make more sense for Buy and Hold?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Stephanie P.:
Quote from @Andrew Syrios:
If you can get a 40 year mortgage, sure. They would certainly help with cash flow and DSCR requirements these days. But they're not easy to find. Here in KC, we're lucky to get a 25 year mortgage. Even a 30 year mortgage isn't going to happen where I'm at.
40 fixed year mortgages are available in your area.
Not for investors, at least not typically. Not local banks offer them and other than Fannie loans for your first 10, large banks will basically never lend to you at least on SFR and small multis (they'll do large apartments/commercial properties).
Post: Newbie to Real Estate
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard and good luck investing!
Post: Do 40 year mortgages make more sense for Buy and Hold?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
If you can get a 40 year mortgage, sure. They would certainly help with cash flow and DSCR requirements these days. But they're not easy to find. Here in KC, we're lucky to get a 25 year mortgage. Even a 30 year mortgage isn't going to happen where I'm at.
Post: Hi BP Worcester - this is my first post!
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Tarik and best of luck investing!
Post: Purchasing Older Properties
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Manley Woods:
Quote from @Andrew Syrios:
We've bought plenty of older properties, even a few from the late 19th century. You got to account for problems like galvanized plumbing, look for knob and tube wiring, know that plaster and lathe will be much more expensive if it needs repaired. Basically, you need to be more careful with inspections and book more for repairs. But such properties can still be very good investments.
Sure thing Manley and good luck!
Post: Why BRRRR is dead....
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Marcus Auerbach:
@Andrew Syrios for sure! Eventually it will, but I think I might be invested in DST's the next time BRRRR comes around ;-)
OK, we're in agreement. Good to know! (Although I haven't delved into the DST thing so I can't really comment on that.)
Post: New member intro from Queens, NY
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Chris!
Post: Purchasing Older Properties
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
We've bought plenty of older properties, even a few from the late 19th century. You got to account for problems like galvanized plumbing, look for knob and tube wiring, know that plaster and lathe will be much more expensive if it needs repaired. Basically, you need to be more careful with inspections and book more for repairs. But such properties can still be very good investments.