All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: New Membership - Introduction
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Mason and best of luck investing!
Post: Who pays for Inspection if deal falls through
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Everything is negotiable but it's the buyer who pays for inspections basically every time.
Post: Banks that will work with BRRRR stratedgy
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Go to your local REIA and ask which banks other investors are using in your area. (Investors will share banks like it's nothing but won't give up their contracts for solid gold.) If they're doing cash out refinances after a short seasoning period with other investors, they're likely to do so with you.
Post: My first real estate investment
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Richie Thomas:
Quote from @Andrew Syrios:
Quote from @Dena Puliatti:
@Andrew Syrios I agree with you that real estate agents are not the best on reality rents. Better to use an investor agent/property manager. That way you know that we are telling you the best information because we work in that industry and have to answer to you once the property closes. We all know comps can be skewed to close a deal.
True. There are also a lot of good websites (i.e. Zillow, Trulia, etc.) to use to get an idea just for valuation purposes instead of talking to a property manager (although that's a good thing to do when you're close to contract or under contract).
At first I was fully convinced on the idea of using an agent who is also a PM, for the reason Dena mentioned. However the agent who sold me the property also owns the PM company I use, so now I'm not so sure that it's the fail-safe I thought it would be. Although to be honest, even if we *had successfully achieved the monthly rent we mutually targeted, it wouldn't have been enough to achieve the cap rate Peter mentioned, so it's not completely down to that error. On my next deal, I plan on simply looking up comp properties on Apartments.com. That alone would have likely saved me from making the mistakes mentioned in this thread.
Property managers usually have the incentive to rent low as it's easier to get stuff leased and their cut doesn't change that much. However, in this market I don't think that's really true. Supply is so far below demand that it's really easy to lease something unless you're out on cloud 9 with your prices. So I don't think a pm has an incentive to lie or downplay. But still, I would always double check and push them to try for more at least at first.
Post: Wholesaler Newbie living in Chicago Area
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard Dee and best of luck investing!
Post: Landlord entry laws
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
In most states it's 24 hours (although not certified mail). I don't know about Wisconsin laws. I would doubt he has much of a case (some tenants threaten legal action a lot but it's usually *but not always* just bluster) but I would still talk to an attorney.
Post: Newbie From Salinas, CA (Monterey County)
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard Brad and best of luck investing!
Post: Which books to read?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Best books to start would be The Millionaire Real Estate Investor by Gary Keller and The Ultimate Guide to Real Estate Investing by Josh Dorkin and Brandon Turner
Post: My first real estate investment
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Dena Puliatti:
@Andrew Syrios I agree with you that real estate agents are not the best on reality rents. Better to use an investor agent/property manager. That way you know that we are telling you the best information because we work in that industry and have to answer to you once the property closes. We all know comps can be skewed to close a deal.
True. There are also a lot of good websites (i.e. Zillow, Trulia, etc.) to use to get an idea just for valuation purposes instead of talking to a property manager (although that's a good thing to do when you're close to contract or under contract).
Post: Right Sizing Your Real Estate Investing Business with Ian Reeves
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Quote from @Kim Tucker:
Quote from @Andrew Syrios:
@Ian Reeves is definitely worth listening to, I'd highly recommend attending!
Thanks for the plug Andrew, he was on your top 5 list - Next month - Dave Lundgren
Nice, getting the big hitters these days!