All Forum Posts by: Andrew Syrios

A lease supersedes a sale so those leases will remain in place once you take ownership. You may want to get them on your lease (and ask them to sign a year long lease perhaps) but you will have to give them 30 days notice (depending on lease and state laws) and they might turn it down and leave.

Welcome aboard Christina!

You do need to be more cautious these days and get a bigger discount (because the market will likely decline in the near future) and cash flow is really tough. But if you can figure those two things out, BRRRR is still a very good strategy.

And, on the bright side, it's easier to find BRRRR deals these days.

Rates will put downward pressure on home prices but there's still a major housing shortage and people have locked in, low interest debt (mostly) so there's no need for most to sell. Thereby, new listings are way down which puts a cushion underneath house prices. They're down some (at least MTM, not year over year yet) and that will likely continue, but it will be far from a crash. 

Welcome aboard Lora!

Welcome to BiggerPockets Tyler and best of luck investing!

On old stuff, yes. In fact, we're cash flowing as well as we ever had.

On new stuff, it's really tough if you use any debt whatsoever. 

Welcome to BiggerPockets and best of luck investing!

I think we would need to know what the market rents are on this property as well as the approximate ARV to know for sure. With monthly expenses at $1500 and rents only at $2025, any mortgage (along with some vacancy) will make this property lose money. But if you can increases the rents over time, then it might make sense. $130,000 sounds very cheap for a triplex but I don't know the local market.

This is a very common problem. The tenants probably can't pay market and many will leave if you jack rents to market. But having rents below market often means you can buy the property below market value. So if you're willing to raise the rents slowly (or don't mind losing tenants both in terms of the financial hit and being the "bad landlord") it can make a lot of sense to buy such properties. I wrote a whole piece on this topic a little while back for BP you might find helpful: https://www.biggerpockets.com/...