All Forum Posts by: Andrew Syrios

I don't see any reason to wait unless the plan was to buy and hold and then I would have some hesitation. Yes, you will lose your contacts when you move, but it's better to get experience sooner rather than later. The more you put something off, the more that cycle just seems to repeat itself.

Good luck from one Kansas Cityian to another! (although I focus primarily in the south).

The only thing that needs to be there is the line "subject to the existing financing". You should ask your attorney and maybe title company about anything else to put in there. But as others have said, the key is making sure that the seller is fully aware and onboard with what you are doing. And to get them there, you need to build rapport.

It really depends on the HOA agreement. Some HOA's don't care, some are basically petty fascists.

Welcome fellow Kansas Cityian. I would go the leverage route probably, although if you can find private lenders like ma and pa folks who are only getting 0.2% or whatever in a CD that you can offer 8-10% interest, that would be the best route.

In my experience, the best way is through personal connections. People need to trust you to be wiling to lend to you and so it's vital to have a good relationship with them. This could be friends or family or other people you meet. But it will take time to gain a stranger's trust. It would certainly help to have some deals under the belt to show them. But I would also recommend putting together a prospectus and business plan. Also, it would be good to prepare an "elevator speech", basically a quick rundown of what you do and why people should invest with you. But be prepared to spend a lot on lunches and dinners.

How's the retail market? That's the big question. If there is a good spread between what distressed and retail homes are selling for and plenty of activity amongst retail buyers, then fix and flip is probably a better strategy. If not, a wholesale strategy to buy and hold types is probably a better way to go, or perhaps lease options.

I would not accept the first month's rent and deposit by check, but after that, it's usually OK. Occasionally one will bounce, but it's a hassle (and expense) for tenants to get money orders each time and you don't want to be dealing with cash. As long as you don't accept the first payment as a check you should be fine.

po box or office: yes, home: probably not IMO

To save time it would be best to send them all together (put it in the bcc so you don't send everyone's email address to everyone). It's more personal if you do it separately, but the only way I would do that is if you have a virtual assistant do it. Even then, I don't know how much more effective it would be.