All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: Starting a Real Estate Empire
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
I like the way you think! Welcome aboard Bryan and good luck investing!
Post: New/ Beginner in RE investing
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Zach and good luck investing!
Post: Keep my first home as a rental?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
In my opinion, owning real estate is the key to long term wealth, not just making good profits on flips. And if you can add a rental here and a rental there over the years, appreciation and principal paydown will eventually conspire to grant you a lot of wealth. I don't think your current home will cash flow great (at least until you've gotten rid of the MIP), but there are a lot of transaction costs with real estate and you have great financing on it. The question to me is what else would you do with that money? Perhaps it would make sense to buy properties that would cash flow better. But I would probably lean toward holding it as a rental.
Post: Higher than 70% LTV for 2-4 unit cash-out refi
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
My experience is the same as Albert with rates generally being between 5 and 5.5% and 15 to 20 year amortizations.
Post: Do you rent to pet owners?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
We rent our houses and duplexes to pet owners (not apartments though). We charge $250 non-refundable pet deposit and $25/month pet rent per pet up to 3 pets. No dangerous breeds. We probably break even on the rent because of the extra damage pets do, but it definitely increases the number of potential applicants, espeically for houses (many of whom want a house, at least in part, because they have pets). So I recommend it.
Post: Higher than 70% LTV for 2-4 unit cash-out refi
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Brandt Tingen:
@Andrew Syrios Thanks for the tip. I have tried several local banks, but not all. Maybe that's what it will take.
@Stephanie P. Thanks for the insights. Please send me a PM or email. 75% LTV in an LLC is exactly what I am looking for.
One thing I've done is to do a ListSource search for loans made in an area I invest in to non-owner occupants. Then I take that list, find all the banks on it and call them one by one. You know right off the bat they're willing to loan to investors in the area you invest in, so that's a good start.
Post: Out of State Investing
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Kim Tucker:
Hi all - I have been invited to attend an event in Denver that is 100% focused on buying and investing in markets out of your area or state.
So for those of you that invest out of state - either with buy and hold or buy and flip . .
I have three questions, and if you read through any comments, and see your answers, you might go to your 2nd or 3rd option for an asnwer.
1. What is one thing you think everyone who invests in markets not your own, should know or do before they buy anything.
2. What is one thing you wish you would have known before you started investing out of state.
3. What is the biggest problem or issue you think you should watch out for.
Thanks in Advance.
Hi Kim, you can find my thoughts on the matter here: https://www.biggerpockets.com/renewsblog/2014/12/23/investing-out-of-state-essential-item-vet/.
Post: Newbie in Tampa, Florida
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard Danielle and best of luck investing!
Post: Higher than 70% LTV for 2-4 unit cash-out refi
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
A lot of local banks will lend up to 75% LTV, but I haven't seen any willing to go much above that (one went to 77% with us) for investment properties. So I would look for local banks.
Post: Newbie from Bellevue, NE
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP Mark!