All Forum Posts by: Andrew Syrios

Student housing is usually not very hard to rent, but that's during the "leasing season", which is usually in the months prior to the start of the school year. It might be a little early where you are and thus, almost all the students have places already for this semester.

It's not uncommon and probably worth renting them out by the room in this case. You would need separate leases for each person and make it clear to them they would be living with others they don't know. But it's not uncommon to do this with student rentals. (Although, IMO, far from ideal as its much more likely there will be problems between the tenants.)

Thanks Andrew. That helps. I wasn't sure if I'm early or late with the leasing. The students claim it is very easy to fill rooms, I just didn't know when that desired time was.

Sure thing Derick. If you're not sure on timing, do a market survey. Just call up some local property managers and ask about their occupancy and when they're leasing and what not. It's a bit awkward but there's a sort of unwritten agreement that managers will help each other out with that kind of information.

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Your money being secure wouldn't be the issue when obtaining owner financing. It would be convincing the seller (and lender) that their money will be secure. Best way to do this is by giving them a first position trust deed (or mortgage depending on the state) on the house and a note and maybe a personal guarantee.

Yes it would be the issue. If not done correctly a seller could take a deposit or earnest money and claim it was not given unless the contract or some safety net is in place, hence me asking for advice on what others are doing to keep their money secure.

I didn't know you were referring to the earnest money. On that, you just need to make sure everything is in the contract and the earnest money is deposited at at title company. If the contract has seller lending back to you and they don't, the earnest money would be refundable and since it's at a title company, the seller couldn't just run off with it.

Andrew I said this same thing to Chris above.. in Texas they call EM "option money" and its a nominal amount 100 to 500. and its NON refundable and written usually to the seller straight away.. once DD is done they can increase the actual EM deposit or walk.. but the option is earned by the seller regardless.. at least thats been my experience on about 20 plus deals I did in the Dallas market.

Ahh I see. It would seem that once again Texans always feel like they have to do things differently than everyone else just because they're Texans

The option provision of the promulgated contract by the TREC was put into effect to reduce the number of disputes rising out of contracts contingent on inspections, etc. These disputes would arise when the buyer wanted to terminate the contract because the house was not in a condition to their liking, while the seller was willing to do the repairs noted in the inspection report. Often the seller would disagree with the buyers inspection report, and obtain their own with differences leading to further disputes. Then there were disputes over the quality of repairs and type of repairs when sellers undertook to do the repairs.

By placing a limited time unrestricted option in the contract the buyer can terminate for any, or no reason, with no dispute and hence a clean break. While there’s still plenty of room for disagreement in other parts of the contract, off hand I’d say earnest money disputes have been cut by 75%.

I lived in Texas 41 of the last 46 years. Yes, Texans are independent thinkers who don’t automatically accept the popular or common way of doing something is necessarily the best. Many of us are “refugees” from coastal cities where we found the heavy handed government regulation, ridiculously high state and local taxes to pay for “social engineering”, and general attitude of ‘victimization” to be too restricting to our personal liberty.

Thanks for the explanation Dan! I actually like this idea. I hate when we get a house under contract and 10 days later the buyer walks as if nothing happens. They should at least give up $100 or so.

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Austin, Texas

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Ahh I see. It would seem that once again Texans always feel like they have to do things differently than everyone else just because they're Texans

its also the fun of doing business is many many different states .. each has their customs and way they do things.. Always learning new things and methods to transact.

Fun... and a hassle at the same time I would think. (I'm in Kansas and Missouri, but my dad is in Oregon, Kansas, Missouri, Texas, has one property in Washington and used to be in Indiana... ugh)

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Austin, Texas

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Congrats Robert! What do you think the ARV is on this one?

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Ahh I see. It would seem that once again Texans always feel like they have to do things differently than everyone else just because they're Texans

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Austin, Texas

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@Andrew Syrios you're way behind on what's happening in Detroit!

Popluation is actually GROWING per the US Census Bureau, and has been for some time.
https://www.freep.com/story/news/local/michigan/detroit/2024....

In a nutshell, US Census Bureau considers every VACANT house the city has torn down, which number in the tens of thousands, as population loss:(

Those that actually visit Detroit, see the tens of thousands of NEW apartments & lofts.

@Greg Miller I don't know enough to comment about whether or not it makes sense to build more manufacturing plants in Detroit. I do know that several factories in the Metro area haven't had a 3rd shift in decades and several are only running a single shift.

So, pretty sure decent amount of production can be added without building new factories.

What can easily be done is re-opening up part manufacturing buildings. Detroit & Warren have hundreds, probably thousands, of shutdown parts manufacting facilities that could be activated.

Given Detroit's reputation as the Motor City, local populations would ruin any local politician that didn't bend over backward to bring back manufacturing to the area. The biggest challenge would be the Unions and the cost of union labor.

@Marcus Auerbach there's a hidden number in the standard unemployment data - the number of able-bodied people no longer looking for regular work. So, they don't really show up anywhere, but several economists have tried to estimate their numbers - and they are HUGE.
This article is 2 years old, but is worth reading:
https://bipartisanpolicy.org/blog/why-are-prime-age-adults-o....
This more recent one is from the government and talks about the Labor Participation Rate dropping.
https://www.uschamber.com/workforce/understanding-americas-l...

I don't think ANYONE posting here knows enough to be an "expert" - or they wouldn't have time to post here!
We should all share our knowledge and interpretation of the facts and hopefully, we can all learn something from each other:)
Let's keep it friendly!

I would have to dig into this more but that doesn't sound at all right about how the Census estimates population (and is quite different than what the census itself says or a google search https://www.census.gov/data/developers/data-sets/popest-popp...). That being said, Detroit's politicians have every reason to claim Detroit's population has been growing for years and not just for the first time in 2024 (more federal funds, better press, etc.) The Census has no reason to undercount. So I would lean in favor of the Census until I see something more concrete than merely the assertions of Detroit's politicians.

Andrew have you ever actually physically been to Detroit and seen the mothballed car factories ??? if not its something its right out of the movies how they just left them standing HUGE facilities rotting .. I have never seen anything like that in KC for example. And certainly not the West coasts

I've only seen pictures and videos of those abandoned factories and it is something else. Very eerie. Almost like a post-apocalyptic film. And that's just from the images/videos. I imagine actually being there and looking at it would feel otherworldly

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Detroit, Michigan

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Austin, Texas

All Forum Posts by: Andrew Syrios

Andrew Syrios has started 72 posts and replied 9939 times.

Post: Hey hola hey

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Post: How Do I Fill Empty Student Housing Rooms

Post: How to go about getting owner financing and keeping it secure?

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Post: How to go about getting owner financing and keeping it secure?

Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market

Post: How to go about getting owner financing and keeping it secure?

Andrew Syrios has started 72 posts and replied 9939 times.

Biggerpockets Logo Post: Hey hola hey

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Biggerpockets Logo Post: 4th investment property

Biggerpockets Logo Post: How to go about getting owner financing and keeping it secure?

Biggerpockets Logo Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market

Biggerpockets Logo Post: How to go about getting owner financing and keeping it secure?

Post: Hey hola hey

Post: New Member Introduction

Post: How Do I Fill Empty Student Housing Rooms

Post: How to go about getting owner financing and keeping it secure?

Post: How to go about getting owner financing and keeping it secure?

Post: How Do I Fill Empty Student Housing Rooms

Post: 4th investment property

Post: How to go about getting owner financing and keeping it secure?

Post: Detroit Tarrifs is now the time for a rebirth and new look @ this market

Post: How to go about getting owner financing and keeping it secure?