All Forum Posts by: Andrew Syrios

You should join your local REIA group and meet some active investors there.

You want to compare like with like. Usually you can get a decent idea from the pictures of the house on the listing. If you have access to the MLS, it will say whether it's an REO and you should throw all of these out. Generally anything that's way lower that where other such houses are selling is a fixer. It's just one of those things, everything in real estate is a little ambiguous, and comping out properties is especially so.

Spending some more time pounding the pavement and finding people who want to get in on such deals is probably the best way to go.

The best way is to ask for referrals, especially from people in the business you trust. But just asking at a REIA group is a good way too. Regardless, make sure to check their references carefully, and hold their feet to the fire. Don't be afraid to switch or even fire them if they aren't getting the job done.

One, you want to make sure you have found a title company willing and capable of doing a subject to. Then really, the big thing is that you put "subject to existing financing" in the contract. And you need to get the payment and loan information so you can pay the lender. Just remember, that these are usually only helpful for properties that you can buy very close to the loan amount and that if there are a lot of repairs, you obviously can't get the bank to finance any of that. And of course, by doing a subject to, you have triggered the 'due on sale' clause and the bank can foreclose. I've never seen this happen, but it can, so you need to be cognizant of that.

The big thing is getting someone to trust you enough (and being trustworthy enough) that they will allow you buy the house while leaving them on the mortgage.

You won't be able to flip it, but it looks like it will bring in solid returns. I would say it's a decent start. But really, the important thing is starting (especially on at least a decent footing).

I've been reading a lot on habits lately; The Power of Habit, Making Habits-Breaking Habits, etc. It's an incredibly important thing to master. Your habits make or break you, that's for sure.

Our properties are spread out over town and we normally have our maintenance guys call ahead of time to schedule a time since many tenants are really uptight about having people in their homes without their knowledge. I've thought this system was inefficient, but it was working fine when we were smaller. Do others just tell them we will fix the problem between X and Y and leave you a door hanger and copy of the work order or something like that when they come? Maybe give them a heads up that this is when we are coming, but can't reschedule unless we put you behind a few others or something like that? Please let me know.

Such arrangements always make me a bit nervous, as it creates a rather fuzzy arrangement. Do you know the person you are looking to invest with well? I would really hesitate doing such a thing with someone I didn't know well. Regardless, if you do move forward, spell out explicitly what the arrangement is and how he will be compensated for his work beforehand. It will save you a lot of grief if things go sideways.

I was pitched on an idea like this from Northwestern Mutual. It sounded interesting, but it took too long because the fees early on were too high for it make sense for an active investor. These may be different though.