All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: Buy and Hold Long Term Rental in Las Vegas, NV
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Congrats Lauren!
Post: Who should be responsible for negotiating?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
It's the agent's responsibility to negotiate on your behalf based on what you want. So I would tell the agent very explicitly what you will and will not expect. The market has certainly cooled, but it's still relatively hot, giving sellers the advantage. And in anything but a buyers market, you generally have to be pretty ruthless with such requests. I would offer them a few bucks and if they don't take it, tell them to walk. I suspect they will probably accept it.
Post: I'm Ready, So Let's Go!!!
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets and best of luck investing David!
Post: BRRRR a Short Term Rental?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
You can BRRRR a short term rental but there are two issues:
1) Banks don't generally like to lend on short term rentals. So you'll need to find one that will.
2) The second problem is that since you furnish short term rentals, it becomes all the harder to "BRRRR out" since the appraiser isn't going to give you much if anything for the furnishings on the appraisal.
So it's hard to BRRRR a STR even though they cash flow like crazy.
Post: Housing crash deniers ???
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @James Hamling:
Quote from @Andrew Syrios:
Housing crash deniers, lol.
I don't think I've seen a single person say that housing would only continue to increase. What most have said (including me) is that a 2008-style collapse is unlikely given a variety of factors. I've been expecting prices to at least level off and probably correct some from the ridiculous increase over the past two years, especially with rates going up. That would seem to be the most common sentiment amongst us "deniers"
Isn't it so fantastic how a person can take any ridiculous narrative, and simply twist it to a stated standard of all who don't agree with it they must be "deniers"?
"Big-Foot Deniers", "Flat Earth Deniers", "E. Warren is a Reptile Over-Lord Deniers"....... Ok, maybe 1 of those is actually accurate, lol.
How about "Acknowledging the MATH and DATA of Real Estate Market, and what it is saying DENIERS". Is R.E. pricing taking a step back? Well holly-heck I hope so because consolidation is a major GOOD sign, it means normalization and health. A 5-10% consolidation step back after 40%+ increase is anything but a "collapse". Gas shoots from $2gal too $5gal, then too $4gal do we all run around saying how gas prices have "collapsed"? 3 steps up and 1 back is still 2 steps up is it not?
Any and all who say '08' repeat are simply without knowledge or flat out liars, it's just that simple. It's no different then saying were going to have a Great Depression run on the banks repeat. The ingredients for those things simply do not exist any longer, by intent and design. '08' was not a housing collapse, it was a financial system collapse that was expressed in the housing market, stock market, every market as it had a domino effect.
The REAL big issue all should be talking about is the EDUCATION COLLAPSE! Or library collapse, how about that? Tag-lines run so many lives now, it's disturbing.
"Housing crash deniers"....... Ugh, just ugh.
It's funny, the stock market is down almost 20% from the beginning of the year yet no one is calling it a "collapse". Real estate could fall 20% and given that would wipe out only about 1 year of gains and since unlike 2008, most people are on low rate, fixed loans, put at least 5% down and have seen, in many cases, well over 20% increases in the value of their home; we would not see the spiral of foreclosures we saw in 2008. While I think a 20% reduction in price is unlikely (probably more like 5-10%) it still wouldn't qualify as a collapse given what's just happened. But I guess I'm just a denier so who cares what I think.
Post: Electrician looking to get into real estate.
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP Kaleb and good luck investing!
Post: New to the Bigger Pockets Forum
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Jerome and best of luck investing!
Post: Housing crash deniers ???
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Greg R.:
Quote from @Bruce Woodruff:
Quote from @Greg Scott:
The market may correct, but I firmly believe there won't be a crash. The reason is simple, equity.
There is no house of cards here to come tumbling down.
I respectfully disagree. The house of cards is this - too many people....millions.....bought houses with hugely inflated prices in the past few years. This is especially true in certain areas. It's gonna suck to own a home that you bought for $800k that is only worth, say, $500k....especially if you bought that with any type of adjustable loan.....
I do agree that it will not be a full-on 'crash', but more a serious correction. It has already started. look at the stats...
What is the max DTI one can get an approval at? Depends on the loan and several other variables. Regardless, the max DTI is more than what most people can afford. That DTI calc is putting them at a very thin margin where all a minor expense could mean not making the mortgage... It doesn't account for child care, health care, auto/ transport, food, skyrocketing utilities, raising property taxes, materials/ maintenance, etc., etc. Yeah on paper someone might be able to afford a mortgage w/ 35-40% DTI, but the day after closing they go and buy the new car, put the long awaited family vacation on the credit card.
Most home owners are not investors, for them a house is a liability, it's a very high op-ex. For investors it's the opposite, if we're doing it right we're positively cash flowing and making a strong ROI.
Ummm, if hyperinflation kicks in, real estate prices will go through the roof. Yes, this will only be in nominal terms, equities tend to go up nominally but lose value in real terms during hyperinflation. But nobody talks about the great real value housing crash in Weimar Germany during the 20s because real estate values weren't increasing nearly as fast as commodities. Hyperinflation and massive deflation (i.e. a housing crash) don't tend to happen at the same time.
Post: Housing crash deniers ???
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Housing crash deniers, lol.
I don't think I've seen a single person say that housing would only continue to increase. What most have said (including me) is that a 2008-style collapse is unlikely given a variety of factors. I've been expecting prices to at least level off and probably correct some from the ridiculous increase over the past two years, especially with rates going up. That would seem to be the most common sentiment amongst us "deniers"
Post: New to investing in real estate
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard and best of luck investing Justin!