All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: Private Money- Buy & Hold
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Jordan Shay:
Does it make sense to use private money for buy and holds? I want to invest in buy and holds and I don't want to use having no money as an excuse not to invest, but does it make sense to use private money for these? Would it need to be a fixer upper that could later be refinanced? I'm just trying to think of the exit strategy.
Any feedback would be appreciated.
It makes sense to use private money, but not hard money IMO. Private money from people you meet and network with you are willing to loan at 7 to 10% interest. Our criteria is that the property needs to cash flow even with the private loan because you never know how long it will be for a bank to refinance a property.
Post: Buying a house with no money out of pocket
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Dylan Tettemer:
Andrew Syrios I like the idea of finding some private investors because it will help getting to know some and develop relationships with. And we're definitely doing some work. My partner and I are both contractors who are in the Air Force so we know what it takes to rehab.
We do a lot of private loans and I personally think this is one of the best ways to go to raise money. Good luck!
Post: New investor from Indianapolis
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome aboard Shelby and best of luck investing!
Post: New Member From Oxford, MS
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets and good luck Timothy!
Post: 1% Rule in Tacoma
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
It's all market by market of course (here in KC, it's still easy to find 1%, but the 2% deals are gone). I really don't like the 1% or 2% or whatever percent rule. The main thing is 1) Is it a good deal with built in equity or a value play and 2) will it cash flow? If those things are both true, in my opinion, it's usually a good deal to buy. But in Tacoma, it's going to be hard to find houses that cash flow very well at all.
Post: Buying a house with no money out of pocket
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
The seller can lend to you more than they sell the house for although that is rare. You could also get a 2nd on the home from a private lender or just get a private loan to begin with. Or you could focus on houses that don't need a lot of work or maybe even do some of it yourself if you're handy.
Post: New Member
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP and best of luck investing Fabine!
Post: Part-time Investor
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Elvis and good luck investing (and with your studies)!
Post: How much to put into rehab?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Leland S.:
@Andrew Syrios The neighborhood is not a high end neighborhood by any means. From the outside it looks pretty old, it's a condo community from the 70's and they just painted everything this mild yellow look. Wow, hideous. The comp I'm using for my target has extra 1 bath and 140 sqft that sold for 110k over my purchase. But it had a one level and very open floor plan.
In that case I definitely wouldn't go about expanding the bathroom. I would keep any rehab simple and straightforward.
Post: New Member from N.M.
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets James and good luck investing!