All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: how to negotiate with owner of pre-forclosure
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
The first point I would make is they cannot list their property tomorrow and get fair market value. I mean, maybe they can, but it can often take several months to sell, which is basically your 1st and 2nd point. Another point, is that if the house needs repairs, it's often harder to sell to any homeowners, making it harder for them to get fair market value. But as an investor, you don't care about that. So the fact you are buying "as is" also makes it easier for them.
Ease, quickness, certainty along with saving the commission are some of the best things you can offer.
Post: New member introduction
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard Daniel and best of luck investing!
Post: Nick Ciarniello from the Youngstown, Ohio area
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP Nick and good luck investing!
Post: Newbie Investor from Los Angeles, CA
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Chez and good luck investing!
Post: Hello BP community and hands on!!
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Jose and best of luck investing!
Post: BRRR on property valued under 60k
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Yes, we've refinanced (and BRRRR'd out) on properties worth under $60,000. We've done each one with local banks, but when the properties are that cheap, we always refinance them in bundles from two to 25. From what I've noticed, banks don't like making loans under $100,000 and really don't like making loans under $50,000. That doesn't mean they won't, but they're not fans of it.
By the way, I'm in KC too and here are some of the banks we've had luck with:
- Bank 21
- Fidelity Bank
- Cornerstone Bank
- Great American Bank
Post: First BRRRR Was A Success!
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Great job Zak and best of luck on the next one!
Post: Newbie from Southern Oregon
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Austin and good luck investing!
Post: Need Multi-family realtor in Kansas City
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Brice Bradshaw is probably the most proficient commercial realtor in KC (if you're talking about apartments at least).
Post: Is the BRRRR strategy possible with turnkey companies
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Jeff Schechter:
@Andrew Syrios TK's have to justify their existence every day. Given all of our connectivity online, BP, etc, investors are more savvy than ever before. As such, a TK company HAS to give great deals in order to stay alive. They have to be able to buy, rehab, place tenants and place tenants BETTER than an individual investor can do their own BRRRR. To say that you can't get good deals from them is very subjective. Another consideration is TIME. As an example, if an investor did live out of state, and wanted to do a BRRRR halfway across the country, would he/she be able to do it effectively without the resources and processes of the TK company?
I think we're using different definitions of BRRRR. The BRRRR strategy ran correctly means you refinance out all of your investment money by being all into a property for under 75% of it's value. By most people's standards, that's a great deal. I do think there are good TK companies that you can get good deals from. Say 90% market value or what not. But of the TK companies I have seen, I haven't seen any offering properties at 75% market value or really even close to that. Many I've seen offer the properties slightly over asking with a few bad ones offering well over market.
But there certainly are good Turnkey companies that you can acquire buy and hold properties from. I just don't think it's a reasonable expectation to be able to "BRRRR out" or expect a large amount of built-in equity. Indeed, turnkey companies could easily sell properties for 90% market value, so why would they sell them for 75% or less? Buying from a turnkey company is a rather passive investment strategy. There's nothing wrong with that, and you can get solid deals that way, but you're rarely going to get smoking deals that way.