All Forum Posts by: Andrew Syrios

The Millionaire Real Estate Investor by Gary Keller and The Book on Estimating Rehab Costs by J. Scott are both definitely worth checking out.

Welcome to BiggerPockets Adeniyi and best of luck investing!

Welcome aboard AJ and best of luck investing!

$700/month is hard to complain about. Well done Sam!

80% is going to be tough, especially on STR. 75% is usually the max and banks are sticklers on short term rentals. I would go to your local REIA group and ask around for which banks are lending to other investors. If they've lent to them, they're more likely to lend to you.

One of the big advantages of real estate (if done right) is leverage so I would lean toward a multifamily with a loan. But it all depends on your goals and risk tolerance.

We've bought several houses built in the 19th century. It's all about how well they've been taken care of and, of course, how much you're willing to spend. Some parts about old houses, particularly the stone foundations, are better than newer (or at least 50s - 80s) built homes. (Cinderblock foundations are garbage.) But you do have to watch out for certain things; knob and tube wiring and galvanized plumbing will need to be replaced. It's more expensive to repair walls as they used lathe and plaster instead of drywall. There's often settling issues and the like. But if they are well taken care of and you budget for more rehab/maintenance expenses, they can make for good homes. Honestly, I wouldn't even consider a 1956 house to be old, especially for a rental.

Dart board time...

No. Once rent is late we either do a payment plan immediately (and they only get one per year) before filing or once it's filed, we demand payment in full including legal fees. (Or we do cash for keys which is our preference and best for the tenant as well.)

A lease supersedes a sale so no unless what they're doing is actually against the law, which is another matter. But as soon as the lease is up or if it is a month to month lease, you can demand (usually with 30 days notice depending on lease and state laws) they sign a new lease with your terms.