All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: Banks loaning to Foreigners?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
You know, I've heard the UN of all places has a program for lending to foreign nationals as well as citizens. Our financials were too big and messy for them to do, but it might be worth looking into: https://dscudieri-unfcu.mortgagewebcenter.com/?utm_source=PRNT&utm_medium=VURL&utm_campaign=Scudieri.
Post: New BiggerPockets member from Los Angeles, CA
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Jerry!
Post: Good morning from Northern Texas
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP Dillion and congrats on the recent acquisition!
Post: So, I want to own 500 rentals, but how do I get there?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Brandon Schlichter:
@Andrew Syrios - MOST of what I've bought has been cash. The problems have been 2-3 year seasoning requests, some won't lend to properties under $75k (I'm right on that edge with alot of my houses). Started talking to someone at Colony now and they seem very good, however I have to package enough properties to hit $500k in one go which kind of worries me since $500k is alot of cash to just have sitting around, I don't know how fast I can utilize that money although it could certainly be quite fun
I used to see those types of seasoning requests all the time, but they fell off about two years ago and most of the banks here in KC are willing to lend at appraised value as soon as the property is fixed and rented. They are also willing to lend on cheap properties if they are bundled into larger portfolios. Of course, every city is different. But if Colony doesn't work out, I would get on the horn with some more local banks as I would think someone out there would be willing to lend on what you have.
Post: New Investor in Omaha Nebraska
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP Eric and best of luck investing!
Post: Re: Raising Rents Immediately after Closing Escrow
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
It depends on what kind of leases they have. If it is month-to-month, you can just give a rental increase notice. But if it's a year lease, you'll have to wait until the end of the lease. The tenants will likely move out. You should get some sort of discount for a property with under market rents because of that.
Post: So, I want to own 500 rentals, but how do I get there?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Have you tried buying a few for cash or with private loans and then coming back to a bank and refinancing a portfolio, say of 5 to 10 at a time? That's what we do and a lot of banks have been willing to do that.
Post: Intro - New Investor
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard Brandon and best of luck investing!
Post: Hello From Cabo San Lucas
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP Niccole and best of luck investing!
Post: Help "Set for Life" Break Into the Top 100 Books on Amazon!
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
That is awesome! Congrats @Scott Trench and the rest of the BiggerPockets team!