All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10135 times.
Post: New member from north jersey
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets David and best of luck investing!
Post: Balance Sheet Calculation
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
We put together a schedule of real estate owned for our personal financial sheets which compliments our balance sheet. On it, I just give my estimate of fair market values. When we get an appraisal, I update the price (unless I have good reason to think the appraisal was bogus). Then every few months, I go through an adjust the prices on the properties if I think they have changed.
Post: Purchasing Out of State Rentals
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Rob Terpilowski:
I'm considering the possibility of acquiring properties out of state as rentals, either SFH, or small MF properties. I'm located in the Seattle area, but rentals in the midwest are priced significantly lower with much juicier yields. I realize that the upside appreciation may not be as high as the Seattle area, but it seems that for the same amount of capital you can get a much higher cashflow.
I'm interested to hear from people that have invested out of state, how have you done it? Purchasing a complete turnkey solution, sight unseen, or build a team remotely from your home state to find properties and tenants, and property management.
I'm interested in hear both the things that have gone right as well as the pain points.
Thanks,
-Rob
I wrote an article a while back you might find helpful: https://www.biggerpockets.com/renewsblog/2014/12/23/investing-out-of-state-essential-items-to-vet/. Overall, I've seen it work, but you need to be very, very careful when doing it.
Post: What is the best strategy for the coming Recession?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
As Eric put it, if there's a recession, you want to have cash on hand so 1) you can stay solvent of course, but 2) you can buy up assets when they're cheap. Fortunes are made during recessions.
Post: Hi folks, new investor from Scottsdale Az
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BP Paul and good luck investing!
Post: Hello from Jayraj, SF Bay Area
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Worry not about your profile picture. Welcome aboard Jayraj and good luck!
Post: Estimating rental rates with limited examples
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Asking a few local realtors and property managers is a very good idea. I would also recommend just talking to the neighbors and asking them if they don't mind telling you what they're rent is. If you explain why you're asking, most people will tell you.
Post: New novice member from California
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Tiaan and good luck investing!
Post: Advice on Hold and Buy Gentrification Property
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
I've never done it and have mixed feelings about gentrification. After all, where's the line between revitalization (i.e. reviving a depressed area) and gentrification (as you put it, kicking out the poor and as I'll put, bringing in some rich hipsters).
As for my thoughts on it, I'm not a fan of investing in something that isn't going to cash flow, but if you have really good reason to think it will gentrify, it may make sense. I certainly wouldn't trust what agents are saying about it though.
Post: Earnest money not being returned
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
You would have needed to make a demand before the inspection date was over in order to have a good case. But the earnest money is just sitting in escrow now and you probably have a good enough case to say "hey, let's just split it and be done with this before it becomes a big headache for both of us."