All Forum Posts by: Andrew Syrios
Andrew Syrios has started 74 posts and replied 10136 times.
Post: Newbie From Cali.
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Cristy and best of luck investing!
Post: Rent-to-own advice
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Originally posted by @Miguel G.:
I'm trying to sell a property with options. The property price is $60,000. I want to collect $10,000 as downpayment for the option and $900 dollars in monthly rent. I will apply $400 out of the rent towards the downpayment. I then ask people how long they want the lease-purchase for? Of course, in around 10 years they will have a credit of $60K. Is there anything wrong with my logic? The property is in Kansas City. Let me know folks.
Very few people in that price range that can't get a loan are going to be able to put down $10,000. I'm also not a big fan of rent to own in general, because most of the people who try a lease option do not end up buying the property. I would also have an ethical problem with taking that big of a downpayment on such a deal where the liklihood of the person actually buying the property is quite low.
Post: Search for ex-tenant who owes money
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
I would just turn it over to a collections agency and be done with it. It's rarely worth your time to chase down money from ex-tenants after they've left.
Post: Is there a way to create a deal for this property?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
If that's what's needed for rehab, it's simply too much to have any flip potential. If you can subject to the property and the financing is great, that would at least produce a little interest for a buy and hold, but to me, it's still too tight and I would pass.
Post: New member interested in rental properties
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
LA is very expensive, but I would be careful with out-of-state investment. I've seen it done right, but I've also seen a lot of people lose their shirts doing it. 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/
Post: New Member from Houston, Texas
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
I don't think I can help you on the permitting issue, but either way, welcome to BP and good luck investing!
Post: Rehab money
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
We usually get it from our own reserves or from private loans (mom and pop types that lend to us at 8-9% interest only with no points). If you don't have the savings, I would look for either a private loan or a partner to fund the rehab.
Post: Any apartment lenders that can do 80/20 these days?
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
The majority we've talked to are willing to do 75% and at rates that are perfectly fine, but I haven't seen any doing 80%.
Post: New to Real Estate Investing
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
Welcome to BiggerPockets Jacob and good luck investing!
Post: Finding Direct mail list to find a deal on multifamily Denver
- Residential Real Estate Investor
- Kansas City, MO
- Posts 10,502
- Votes 5,099
There are all sorts of list sites that sell lists like that, such as DataQuick and ListSource. That's probably the best way to go unless a title company is willing to give you such a list. In KC, at least from my experience, they aren't. So the list servers are probably your best bet.