All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: New around here - hello!
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard Brandon!
Post: To buy at 7% or not to buy? That is the question
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
7% interest rates make less deals work than before (or more accurately, you need a bigger margin). But if the deal still works at 7%, it still works. I don't think you should stop buying, you just need to sharpen your pencil and make sure the deals you do buy work in this new economy.
Post: Sneak peak of my BPcon photography
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
There's a notable lack of pictures of me in this sneak peak. Highly disappointing tbh
Post: Hello from a newbie investor
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP James!
Post: This was my FIRST BRRRR!
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Well done, congrats Allie!
Post: My agent chose an 18 day closing period. Is this normal?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Yeah, that's really odd. Normally it's 30 days although with cash offers it's often shorter but basically a point of negotiation as sellers like short close periods. It should not have been something your agent just chose for you.
Post: Post your available tickets HERE
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Mike Mocek:
Quote from @Andrew Syrios:
Hi everyone, I got one ticket available for BPCon. If anyone is still looking, please let me know.
Unfortunately it's already sold. Sorry
Post: Best Way to start investing
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Marquis Cobb:
Quote from @Andrew Syrios:
BRRRR and Helocs are great ways to invest but as far as getting started is concerned I think nothing is better than buying a property to live in with an fha loan or high ltv bank loan (I got 95% on my home through a bank which wasn't fha).
You can buy up to a fourplex with fha but even just buying your own home, the financing is so much better than for investors. (Which is all the more important in the new interest rate environment we find ourselves in). Then, when you move out, just hold your current home as a rental. Rinse and repeat.
Yes this is my plan for the next time I have to move I plan on buying a small multi-family and renting out the other units I do not occupy but should I use a heloc from my single family home I own now to use as a down payment for my fha loan for the single family? (I plan on renting out my single family once I move)
Good to hear, that's definitely what I would recommend. Since the down payment would only need to be 3.5% to 5%, a heloc (or many other ways) would be good to raise that down payment.
Post: Hi! New member from Ottawa looking to invest in NB, QC, ON
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Genevieve!
Post: Wholesaling real estate
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
From what I've seen, a few wholesalers make a lot of money and most make very little. It's not really real estate investing, it's closer to being an agent (which is the biggest criticism of it, that wholesalers are acting as unlicensed agents doing net listings; which I think is partially true but with a lot of nuance).
Overall, I don't think it's a great way to get started. Perhaps as a part of your business plan (keep the best, wholesale the rest) but not as its core.