All Forum Posts by: Andrew Syrios

The 2% rule should be a "rule of thumb". You're rent/cost should depend on the area. Remember, the national average is something like 0.8%. In really nice areas, if you can get a 1.2% or 1.3% you're doing fine. If you are too dogmatic about the 2% rule it can lead you into some war zones that look good on paper, but don't turn out that way when you're tenants don't pay rent and then wreck the property and then it gets broken into and all the copper gets stolen... ask me how I know these things...

Just look for deals on Loopnet or Costar. Usually, but not always, those deals are trash, but you can get in touch with the big name commercial brokers that way.

a $5000 purchase price in an area that rents for $1200/month sounds great. But if it literally has no roof and has been exposed to the elements, that house is going to need whatever is one step above a complete gut job.

I don't think he knows what he's talking about, as long as you are the buyer of course you're allowed to ask what he is willing to sell it for.

I'd definitely recommend going to your local REAI group, people at those are usually more than happy to help out.

3% is a pretty good response, good job and hopefully you can get one or two of those under contract!

Does this include things like ACH"s too?

Cash for keys is the best option. But if he's on a month-to-month you can not renew his lease or if he's done something outrageous, in many states you can evict them over that (although it varies how this process works). I would consult your attorney on this matter if cash for keys doesn't work.

Great to hear, good luck!

If he's a contractor, he should be insured. Is he acting as a contractor or employee?