All Forum Posts by: Andrew Syrios

Welcome to BiggerPockets Tiffany!

This might help: https://www.biggerpockets.com/renewsblog/2015/07/15/7-tips-finding-keepingcontractors-team/

Welcome to BiggerPockets Elliott and best of luck investing!

You're not going to find a bank these days that will go less than 20% down on an investment property (indeed, most want 25% down). But you could look for a private lender or partner to help make up any difference.

I wouldn't say it's inherently "too risky" but it's certainly is risky. It's tough to invest in a market that you're not familiar with and there are no some bad actors in the out-of-state turnkey game. So you need to carefully vet the area and operator (if you go with turnkey). I wrote an article about it a while back you might find helpful: https://www.biggerpockets.com/renewsblog/2014/12/23/investing-out-of-state-essential-items-to-vet/

Welcome to BiggerPockets and good luck investing Ryan!

They make $13,000 combined and have great credit with no evictions or felonies. The only issue is the dogs. We don't allow dangerous breeds, but are fine with large dogs. I would be OK with the pets. If you are, unless I'm missing something, their background, despite the debts, sounds good to me.

There are quite a few that would be worth looking into. Affinity (which I think renamed itself RE Guard) sort of specializes in investment properties. It's real easy to use and pretty cheap, but I've heard it's not the best insurance (we haven't had any problems with it on the properties we have insured with them though).

If at all possible you want to have some cash in the bank for a rainy day, like say if all your tenants left. But the key with the BRRRR method is you get into ownership of a piece of property with no money or little money down, but you still have a sizeable equity cushion. If things go wrong, you can always sell and make a profit and even if the market takes a big hit, you should still have some equity.

Then, over time the property appreciates and your principal gets paid down, all the while you should be making a positive cash flow from the rents. As you accumulate more properties and get more appreciation, principal paydown and cash flow it becomes exponential. It's a get-rich-slow technique, but it works very, very well.

It's really hard to say without knowing the market. That kind of rent increase would certainly increase the value. Do you know what cap rates are about near you for similar properties? And do you know what about you NOI will be? That would help a lot in coming to a value.