All Forum Posts by: Andrew Syrios

Welcome to BP Eugene and best of luck investing!

Welcome to BP Habon and while I can't tell you exactly where to start, this is the site to go to learn about it. If you don't have much money, I would either look for private lenders to help you fund deals or look into wholesaling. Or of course you can focus on being an agent to build up enough capital to invest with.

Welcome to BiggerPockets Jerome and good luck investing!

Welcome to BP Max and good luck investing!

Just a note, the proof of deposit can wait until after you have it under contract and are doing due diligence. And of course you want to ask about the property's condition, the seller's motivation and what price and terms they would accept.

If it's tenant occupied, you want to ask what kind of screening they did, whether the tenant is current and pays on time, whether they are moving out as well as get a copy of the rent roll, rent ledger and preferably some proof of deposit. 

The best way to get accurate comparables is the MLS, which you have to be an agent to get access to (but is something worth considering). You can, however, also use sites like Zillow, you just need to make sure you're comparing like to like (in terms of size, beds/baths, age and date sold. And don't use the Zestimate!

Welcome to BiggerPockets Ryan and best of luck getting started!

We usually do so up front with a private lender while we're doing the rehab to keep our costs down and because banks won't lend on appraised value up front, only what you have into a property. But I think you eventually (and sooner rather than later) want to get an amortized loan on the property. Otherwise you're relying solely on appreciation to build equity and as I see it equity build up is where the real wealth creation in real estate is at. Yes, you have increased cash flow with interest only, but principal paydown sort of acts as forced savings and your interest rate will almost always be higher with an interest only loan. Now if you can get a 3% interest only loan, on the other hand, then sure, go that route.

Your list looks pretty good, although I would say more of it has to do with the area in the city and the team you choose. I wrote about it here which you might find helpful: https://www.biggerpockets.com/renewsblog/2014/12/23/investing-out-of-state-essential-items-to-vet/