Podcast appearances and mentions of andrew syrios

Real estate investors seem to be taking it from all sides these days. Not only are interest rates, property taxes, and construction costs up significantly from a few years ago, but more and more legislation is being passed to make investing in and managing real estate more difficult, arduous, and expensive.  And, of course, it should come as no surprise that most of this legislation will not only hurt real estate investors but will make the problems that need solving all the worse. Learn more about your ad choices. Visit megaphone.fm/adchoices

In recent years, a sizeable amount of criticism has been leveled against what many see as endless sprawl and “lifeless” suburbia that surrounds many American cities. In fact, it happens so often that I'm actually a bit surprised that while the difficulty and opportunity of rural investing comes up fairly often, there isn't a large amount of discussion regarding the merits and challenges of urban versus suburban investing (although there is certainly some in the BiggerPockets forums). Learn more about your ad choices. Visit megaphone.fm/adchoices

When it comes to housing, the solution to the problem of affordability is rather straightforward: build more. Slapping price controls on housing in the form of “rent control” only makes things worse. Narrated by Millian Quinteros.

It's no secret that housing has gotten extremely expensive in the United States, both in terms of buying and renting. Indeed, the same trend has taken place throughout the Western world. Housing affordability has become one of the greatest challenges facing governments worldwide. And it's perfectly understandable that people find this issue important and want it addressed. To address the affordability of housing, many restrictions have been passed throughout the United States on landlords, most of which either won't help or will actually make the problem worse. Unfortunately, one of the proposed solutions is one that has been proven to fail time and time again: rent control. Learn more about your ad choices. Visit megaphone.fm/adchoices

There has been a lot of discussion on BiggerPockets about whether it's worth getting your broker's license. Still, the question of whether to get your CCIM (Certified Commercial Investment Member) has been left mostly unanswered. I touched on what such a designation offers here, but it certainly isn't for everyone. What is a CCIM Designation? A CCIM designation recognizes an individual is an expert in commercial real estate investing. Awarded by the CCIM Institute, formerly known as the Commercial Investment Real Estate Institute of the National Association of Realtors, the designation is recognized globally. The CCIM Institute educates CRE professionals.   That is why most people with a CCIM designation are commercial real estate professionals locally and internationally. There are more than 50 CCIM chapters in local markets worldwide. Learn more about your ad choices. Visit megaphone.fm/adchoices

The question of whether to trust one's own gut or to painstakingly analyze any given problem has found different answers amongst different people and in different situations for centuries. On one hand, there is certainly such a thing as “paralysis by analysis.” I myself have seen numerous cases of wannabe real estate investors spend an enormous amount of time (and money) learning, only to never actually buy a property. You can even spot some “seminaraholics” at many events who have been to countless bootcamps and the like but have not locked down a single deal. Furthermore, as the famous saying goes, “time is money.” So even if a detailed analysis would yield a better result, it's not necessarily the better course of action because the time spent on such analysis might not be worth the cost. But gunslingers who just go with their intuition have been known to make plenty of mistakes, including some very large ones. WeWork's former CEO and certifiable nutjob Adam Neumann was able to convince SoftBank's CEO Masayoshi Son to invest $4.4 billion in his wildly over-valued company during a 28-minute car ride to the airport. Needless to say, that gut decision didn't play out too well. Learn more about your ad choices. Visit megaphone.fm/adchoices

I've been investing in real estate since 2005, and to this day, I have yet to hear any other investor say, write or even hint at anything that resembles the following, “You know, I have this problem where I'm just budgeting too much for rehabs. I end up borrowing more than I need, and I'm probably missing out on deals because my rehab budgets are too large. I just always seem to come in under budget.” I've gotten better and better at hitting budgets since I started, but I still go over more often than I'd like to admit, and very rarely do I come in under. So, from what I've experienced (and heard about), mistakes are not made evenly in both directions when it comes to rehab budgets. We are biased heavily toward under-budgeting for rehab expenses. Indeed, we are biased toward under-budgeting in general. Learn more about your ad choices. Visit megaphone.fm/adchoices

It's been generally accepted in real estate that a “balanced market” has about six months of inventory. In other words, the sales for that month equal one-sixth of the number of listed properties, so, all things being equal, it will take six months to clear that inventory. As Norada Real Estate Investments puts it, “As a general rule, 5 to 6 months of inventory is considered to be a normal or balanced market. Over 6 months of inventory and we have a buyer's market. If it is less than 5 months and we have a seller's market.” Even the National Association of Realtors states that “Historically, six months of supply is associated with moderate price appreciation.” What's immediately odd about this is that housing prices have fallen since last year despite what should be a seller's market. In May 2023, prices were down 2.2% nationally from their peak in June 2022. At the same time, inventory was only half that of a “balanced market,” sitting at 3.0 months in May of 2023.  Learn more about your ad choices. Visit megaphone.fm/adchoices

By most accounts, the Fed will hold steady after raising the federal funds rate by a quarter point to 5.25% at the beginning of May. A Reuters poll found that 102 of 116 economists thought the Fed was done raising rates this year, and 30 believed they would lower it. With inflation down from its high of over 9% last year to 4.9% in April of this year, it might seem like the Fed should reverse course now. But as Michael Gapen, chief economist at Bank of America, noted, “Inflation is more than double the Fed's target rate, and the unemployment rate is below every FOMC participant's estimate of the natural rate.”  Still, with inflation halving over the last nine months, several recent bank failures, and warning signs of a recession—that many, including myself, have been predicting for a year—still being present, there are a lot of reasons to think the Fed will begin reversing course on rates. If not at the end of 2023, then probably in 2024. Learn more about your ad choices. Visit megaphone.fm/adchoices

The financial press is abuzz again about the debt ceiling deadline and the risks of another government shutdown and perhaps a catastrophic default on U.S. debt if an agreement cannot be reached. The ceiling (currently sitting at $31.4 trillion) is set to be hit on June 1.  The Washington Post is particularly apoplectic, “Federal workers furloughed. Social Security checks for seniors on hold. Soaring mortgage rates. A global financial system sent reeling…  “Leaders from Congress and the White House are trying to forge an agreement to lift the federal debt ceiling, with only a few weeks before the Treasury Department may no longer be able to avert an unprecedented U.S. default. If they fail, and the government can't meet its payment obligations, economists and financial experts predict chaos. “'It would be a lethal combination,' said Mark Zandi, chief economist at Moody's. ‘You can see how this thing could really metastasize and take down the entire financial system, which would ultimately take out the economy.'” Well, that sounds rather bad. So, is this something real estate investors should be concerned about, and if so, how should one prepare? Let's first start with a quick overview of what's going on and how such “fiscal cliffs” have gone in the past.  Learn more about your ad choices. Visit megaphone.fm/adchoices

One last time I will delve into the amoral and borderline sociopathic book 48 Laws of Power by Robert Greene with a lesson that every half-decent politician knows: “Work on the hearts and minds of others.” As Greene notes: “Coercion creates a reaction that will eventually work against you. You must seduce others into wanting to move in your direction. A person you have seduced becomes your loyal pawn. And the way to seduce others is to operate on their individual psychologies and weaknesses. Soften up the resistant by working on their emotions, playing on what they hold dear and what they fear. Ignore the hearts and minds of others and they will grow to hate you” (Greene 367). You know, there would be a fairly easy way to rephrase this into something that normal, decent, and totally not-power-hungry freaks would find helpful. The key lesson is that every person is the hero of their own story. And while you can force someone to do something (at least you can sometimes), you can never truly get someone to buy into a course of action unless they want to do that thing themselves. And the more you personalize your approach to that specific person, the better. (For example, using sports analogies around people who hate sports isn't going to help.) Learn more about your ad choices. Visit megaphone.fm/adchoices

“The more we value things outside our control, the less control we have.” – Marcus Aurelius, Meditations If there's been one theme to my writing as of late, it's been economic volatility, be it real estate prices skyrocketing, coming back down, rents skyrocketing then falling like a rock, rampant inflation, banks failing, the office real estate market falling apart, or the specter of another 2008-like real estate collapse and deep recession. Volatility has been the name of the game since at least the beginning of the pandemic.  Indeed, most economists have been predicting a recession for some time in 2023, while consumer confidence is significantly below where it was in early 2022. Even prior to Covid, rates of anxiety had been increasing substantially in the United States. One paper found that whereas 5.12% of American adults experienced persistent anxiety in 2008, 6.68% experienced it in 2018. And that was before Covid. The American Psychological Association found that in 2022, “Inflation was reported as a source of stress for the vast majority of adults (83%), and the majority of all adults also said the economy (69%) and money (66%) are a significant source of stress.” Learn more about your ad choices. Visit megaphone.fm/adchoices

The residential real estate market is doing better than most had expected after interest rates more than doubled last year. Prices declined nationally each month from July 2022 to January 2023 (although never by more than 1% per month). However, prices came back up 0.2% in February. Ironically, February was the first month that prices dipped year-over-year, interrupting what was a record 131-month run of ever-increasing prices. It's too early to say, but it appears that despite high rates, the residential market is stabilizing. It's not quite so pretty for commercial real estate, particularly office, though. The Office Recession Back in October of last year, I noted that “broadly speaking, the outlook for commercial real estate, specifically office buildings, is not great. And large office buildings, in particular, are doing poorly and will have difficulty in the coming years.” The reasons were threefold. First, the pandemic and lockdowns shuttered a lot of businesses, many permanently, and this led to a general deterioration of the existing stock and reduced demand for office space. Learn more about your ad choices. Visit megaphone.fm/adchoices

Every great empire that has come before the United States has eventually fallen. Some have fallen at least somewhat gracefully, like Great Britain. Others, like ancient Rome, well, not so much.  As I write these words, more and more ink has been spilled regarding the looming threat to the American-led world order. Words such as “de-dollarization” and a “multipolar world” are thrown out often, perhaps simultaneously or even interchangeably. And indeed, “de-dollarization” is happening, albeit at nowhere near the speed some doomsayers describe. And we are likely already in a “multipolar world” where the United States is no longer the sole superpower. Instead, a new cold war—this time between the United States and China—seems to have dawned as East and West once again bifurcate and globalization slows down and begins to reverse. Not surprisingly, what plays out over the next few years will have a significant impact on investors. But first, let us strip away the hyperbole and describe what exactly is happening. Learn more about your ad choices. Visit megaphone.fm/adchoices

There's been a lot of alarm in the real estate investment community lately over a newly enacted Federal Housing Finance Agency rule for Fannie Mae and Freddie Mac loans regarding mortgage fees.  The gist of the complaint is that homebuyers with good credit will now have to subsidize those with bad credit. Technically, this is true. However, the way it is being framed is quite misleading. The general argument goes something like this: Those with a 620 FICO score will get a 1.75% discount, and those with a 740 FICO score will pay 1%. Learn more about your ad choices. Visit megaphone.fm/adchoices

A common question on the BiggerPockets forums goes something like this, “I have $50,000 and looking to invest in real estate. How should I start?” In normal times, my advice would nine times out of 10 be house hacking for a first-time investor, especially given the markedly better rates and terms homeowners can get as compared to investors. However, in the past year, that delta in loan terms has compressed substantially, and so while house hacking is still an option, it's not head and shoulders above everything else as it once was. Although, house hacking has certainly held up better than many other strategies.  Indeed, if there ever was a challenging real estate market—particularly for new investors or those with $50,000 or so burning a hole in their pocket—this would be the one. This 2022 meme succinctly explains that challenge as much as any essay could (updated for 2023 audiences): Learn more about your ad choices. Visit megaphone.fm/adchoices

It was bound to happen, and it finally did.  Last month, according to a new report from the National Association of Realtors (NAR), real estate prices finally went negative,  “The median existing-home prices for all housing types in February was $363,000, a decline of 0.2% from February 2022 ($363,700), as prices climbed in the Midwest and South yet waned in the Northeast and West. This ends a streak of 131 consecutive months of year-over-year increases, the longest on record.” All good things, right? Though at first, this might sound odd. I myself wrote back in September last year that prices had finally started to decline. But those were month-over-month prices. In normal times, even when the market is flat, prices tend to increase in the summer months and decrease in the winter months.  Learn more about your ad choices. Visit megaphone.fm/adchoices

With the market seeming less than ideal these days, it can feel overwhelming to figure out your next moves. However, our guest today might just change your mind. With decades of experience in real estate, Andrew Syrios is here today to ease your mind and share much-needed advice on handling market volatility, raising private money, and house hacking in today's market. Tune in as Craig and Eric discuss the everpresent conflict of any real estate investor: do I jump in the housing market now or wait out the uncertainty? Andrew provides valuable insights as someone who's been flipping houses during the infamous 2008 recession. He dives into the topic of benchmarking mortgages, short sales, Subject 2 deals, and knowing your buy box. If you've also wondered how realtors manage to find private lenders, Andrew lends us his step-by-step guide to getting started on all that!Whether you're a newbie to real estate investing or a long-time investor, this episode is full of expert advice from an investor and business owner who's survived (and thrived) regardless of market conditions.PODCAST HIGHLIGHTS:[3:35] Andrew's Unique Origin Story[8:50] The Advantage of Student Housing[10:40] Flipping During The ‘08 Recession [13:00] Andrew's Advice On The Market[14:50] How Much Mortgage Is Too Much Mortgage?[16:25] Why You Should Keep Your Eye on Short Sales[19:10] Advice On Subject 2 Deals[24:55] On Finding Private Lenders[26:10] Why You Should Start With House Hacking[31:00] Andrew's Road To Kansas City[36:15] Taking Advantage Of ANY Market Condition[41:05] Knowing Your Buy Box[43:40] Why Time In The Market > Timing The Market[47:00] The Best Piece Of Advice[53:10] Why You Should Add More Tools To Your ToolboxImportant LinksAndrew's websiteAndrew on LinkedInThe Syrios Brothers Youtube channelEric Yu on InstagramEric's Youtube channelEric on TiktokEric on LinkedInConsult With EricCraig Curelop on InstagramThe House Hacking Strategy by Craig CurelopBuy Real Estate

It goes without saying that investors of all stripes have been spooked by the recent collapse of Silicon Valley Bank and Signature Bank, as well as the Swiss National Bank facilitating UBS' $3.2 billion purchase of Credit Suisse, First Republic Bank's stock falling more than 70% and bank stocks, on the whole, being hammered. Many seem to think a 2008-like financial crisis is beginning.  While it's important not to understate the precarity of our current situation, there are major differences that make these two events, more or less, incomparable. For one, Lehman Brothers was an investment bank, and both Silicon Valley Bank and Signature Bank were commercial banks. The size was also quite different despite Silicon Valley Bank being the second biggest bank failure in American history. Lehman Brothers had $600 billion in assets in 2008. Silicon Valley Bank had $198 billion. Adjusting for 15 years of inflation, Silicon Valley Bank was maybe 20% the size of Lehman Brothers. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Your host, Annie Dickerson, talks with Andrew Syrios of Stewardship Properties. 29 Years as an A+ Member of the Better Business Bureau and A Proud Member of the Inc 5000, Stewardship Properties' mission is to live up to its namesake by creating winning opportunities for each stakeholder, seller, resident, and lender. To learn more about Andrew's work, visit https://stewardshipproperties.com/ (https://stewardshipproperties.com/) If you'd like to be a guest on Real Estate Syndication Spotlight, click https://goodegginvestments.com/podcast1/ (HERE)

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Join Sterling Chapman and Andrew Syrios as they talk about all things related to single-family syndications. Andrew is one of the partners at Stewardship Properties, a company built by his father. He shares how they operate their house-flipping business. Here's a breakdown of what to expect in this episode: From buy and hold operation to house flipping due to a crashing market  Single-family syndications, BRRR Strategy, and criteria for choosing a house to buy Real estate is about finding your niche and what you want to do Dive into the property management side to have an idea of the job Advice for anybody trying to get into real estate  And so much more!   About Andrew Syrios: Andrew Syrios is the Missouri Property Partner at Stewardship Properties and is the second son of the company's founder, Bill. He became involved in real estate while going to college in 2005. In January 2011, Andrew relocated to Kansas City from Eugene to start Stewardship Properties' real estate investment operation. Andrew is a well-known BiggerPockets contributor and has a CCIM accreditation.   You can find Andrew Syrios on . . . Website: www.stewardshipproperties.com   Connect with Sterling! Website:  https://sterlingchapman.com/ YouTube: https://www.youtube.com/channel/UCQyf4HUYuxd6bHhRPWF8BEQ Facebook: https://www.facebook.com/rentrollradio/

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The first step into finding financing doesn't always lead to hard money lenders. This episode dives into strategies to get your foot in the REI door. You will learn some surprising sources to fund your deals, how to put your best foot forward, and so much more! For more from guest Andrew Syrios visit AndrewSyrios.com

The first step into finding financing doesn't always lead to hard money lenders. This episode dives into strategies to get your foot in the REI door. You will learn some surprising sources to fund your deals, how to put your best foot forward, and so much more! For more from guest Andrew Syrios visit AndrewSyrios.com

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What are some principals to follow when starting your real estate investing journey? This show outlines which lights will lead you on the right investment path. Plus, rental rate rules, property negotiations, due diligence, and when it makes sense to NOT be motivated. All that and more on this episode! For more from guest Andrew Syrios visit www.StewardshipProperties.com

What are some principals to follow when starting your real estate investing journey? This show outlines which lights will lead you on the right investment path. Plus, rental rate rules, property negotiations, due diligence, and when it makes sense to NOT be motivated. All that and more on this episode! For more from guest Andrew Syrios visit www.StewardshipProperties.com

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Andrew Syrios is a partner with Stewardship Properties LLC. He has been investing in real estate for over a decade, with his first involvement back in 2005. He received a Bachelor's Degree in Business Administration from the University of Oregon and obtained his CCIM accreditation. Andrew is also a well-known BiggerPockets contributor since 2015.[00:01 – 05:31] Getting to know AndrewLet's get to know Andrew SyriosAndrew talks about his backgroundHis past and present investments with his father and brothers[05:32 – 14:52] Stewardship PropertiesAdding commercial properties to their portfolioAndrew talks about scaling Stewardship PropertiesTheir main goalsBuilding a solid foundation for their company[14:53 – 18:44] Closing SegmentAndrew's advice to aspiring investorsDo not skip on due diligenceBuild on a contingencyHow Andrew stays up on top of his gameHis way to make the world a better placeHow to reach out to Andrew – links belowFinal words from Andrew and MeTweetable Quotes:“I think a lot of people confuse growth and scaling. Growing is just getting bigger, and bigger things tend to collapse if there's no foundation under them.” - Andrew Syrios“Commercial real estate is a little bit of feast or famine. If you get a good tenant, it's great. If you have no tenants, it's not so great.” - Andrew Syrios“Do not skip on due diligence.” - Andrew SyriosResources Mentioned: BiggerPockets ------------------------------------------------------------------------------------------Connect with Andrew on LinkedIn, Twitter, and Facebook, or send him an email at andrew@stewardshipproperties.net. Be sure to check out his blog at https://www.andrewsyrios.com/ and their Youtube channel here.Connect with me:I love helping others place money outside of traditional investments that both diversify strategy and provide solid predictable returns.Call: 901-500-6191FacebookLinkedInLike, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in! Email me --> sam@brickeninvestmentgroup.com

Andrew Syrios is a partner with Stewardship Properties LLC. He has been investing in real estate for over a decade, with his first involvement back in 2005. He received a Bachelor's Degree in Business Administration from the University of Oregon and obtained his CCIM accreditation. Andrew is also a well-known BiggerPockets contributor since 2015.[00:01 – 05:31] Getting to know AndrewLet's get to know Andrew SyriosAndrew talks about his backgroundHis past and present investments with his father and brothers[05:32 – 14:52] Stewardship PropertiesAdding commercial properties to their portfolioAndrew talks about scaling Stewardship PropertiesTheir main goalsBuilding a solid foundation for their company[14:53 – 18:44] Closing SegmentAndrew's advice to aspiring investorsDo not skip on due diligenceBuild on a contingencyHow Andrew stays up on top of his gameHis way to make the world a better placeHow to reach out to Andrew – links belowFinal words from Andrew and MeTweetable Quotes:“I think a lot of people confuse growth and scaling. Growing is just getting bigger, and bigger things tend to collapse if there's no foundation under them.” - Andrew Syrios“Commercial real estate is a little bit of feast or famine. If you get a good tenant, it's great. If you have no tenants, it's not so great.” - Andrew Syrios“Do not skip on due diligence.” - Andrew SyriosResources Mentioned: BiggerPockets ------------------------------------------------------------------------------------------Connect with Andrew on LinkedIn, Twitter, and Facebook, or send him an email at andrew@stewardshipproperties.net. Be sure to check out his blog at https://www.andrewsyrios.com/ and their Youtube channel here.Connect with me:I love helping others place money outside of traditional investments that both diversify strategy and provide solid predictable returns.Call: 901-500-6191FacebookLinkedInLike, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in! Email me --> sam@brickeninvestmentgroup.com

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In this episode, Jonathan interviews Andrew Syrios on his journey of becoming successful in Real Estate. Andrew got involved in Real Estate through his dad starting a Real Estate business flipping houses. They have continued to grow the business focused on the BRRR method and the buy and hold strategy. In this episode we unpack: Getting started in Real Estate, the best strategy to grow your Real Estate business, breaking down direct-mail marketing, and more! Top Takeaways: What did you learn from your first few deals - 13:50 -18:53 Bought houses that were just too cheap The importance of buying in a good area Understanding that properties may look good on paper, but very expensive to maintain The beauty of refinancing properties The strategy of starting small to grow - 19:38 -25:18 Tough to go big early on if you have no experience Would not invest with someone who has no experience Start small and once you have the experience, you can go big Parents are not a bad place to start looking for money Utilize FHA loans Buy a 4-plex and live in one unit and rent the others House Hacking 203K Program Buy books, podcasts, networking Set a date to get started Get educated with a plan BRRR Method How much time to spend on strategy versus execution - 26:48 - 36:59 Once you have created your strategy, you don't have to change it often Just because you did a lot of stuff, doesn't mean you accomplished a lot If you are learning, you are not working There has to be a balance between learning and working Learning and working are not the same things Understand what the tasks are and take action Getting things done system #GTD Set your start date as a task How can you bring value to Andrew: Looking for an acquisition assistant in the Kansas City area Share his articles and podcast Meet for coffee in the Kansas City area Interested in meeting private lenders Resources ListSource Rent Manager - Property Management Software Smartsheet Social Links: Company Website: https://stewardshipproperties.com Personal Website: https://www.andrewsyrios.com The Good Stewards Podcast: https://www.andrewsyrios.com/home/the-good-stewards-podcast-acquisitions Blog on BiggerPockets: https://www.biggerpockets.com/member-blogs/4837-investimication Connect With The host, Jonathan Farber Here! LinkedIn: https://www.linkedin.com/in/jonathanfarber1/ Instagram: @jonjfarb FaceBook: https://www.facebook.com/jonathan.farber.9 Facebook Group: Real Estate Mentorship Mastermind BiggerPockets: https://www.biggerpockets.com/users/JonathanF29

Andrew Syrios has been in the real estate business for over 10 years. Born in a real estate investing family, he was mentored by his father, Bill Syrios, who is also a real estate investor. His father started investing in the early 80s. Andrew is based in Kansas City, MO. He joined the family business straight out of college. He is the owner of more than 500 units in Missouri and manages own portfolio. His real estate preference is to buy and hold for cash flow.   In this episode, both Andrew and Don discuss their experience in real estate investing. Andrew gives a lot of details about how, when and where to invest. Andrew discusses his thoughts on a possible recession along with possible factors to look for.  Also the importance of standardizing certain tasks in order to streamline your business, get more done and have everyone on the same page.     Episode Highlights:  When and How He Started Investing Tenant vs. the Landlord Friendly States His Criteria For Choosing a Property Importance of Having Systems & Policies in Place Connect with Andrew: Website:  Andrewsyrios.com Podcast: The Good Stewards Podcast   - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -  TRANSCRIPTION   Intro: Hey guys. On today's episode, we're going to have Andrew Syrios. Andrew had been investing in real estate for the past 10 years. He does mostly single families and some small multi-families in Kansas City, Missouri. I like the fact that he's scaling a business that most people say is unscalable, which proves time and time again that there are many ways to become a successful real estate investor. So stay tuned and enjoy the interview.   Lady: Welcome to the commercial real estate investing podcast with Don and Eden where we cover all aspects of real estate investing with special attention to off-market strategies.   Don: Hey, Andrew, welcome to the show.   Andrew: Hey, thank you for having me.   Don: Yes. You're welcome. I know you're based off Kansas City, Missouri?   Andrew: Yes. Good old Kansas City.   Don: Yeah. And we just had a lovely conversation about Kansas City is one of the only cities that are two cities divided into two states. So, we were talking about how it is to be a real estate investor in an area like that. So, I guess I would want to ask you that again so that you could clarify to our audience a little bit about that.   Andrew: Put it on the record. Yeah, I mean, it is interesting. I mean, we call it KC Mo and KC K, we're based on the Missouri side. Every city's got different pockets, good areas, bad areas, areas that are too expensive for buy and hold and rentals and whatnot. I'd say the biggest issue is kind of there are some hard breaks particularly like Kansas City, Missouri has the main part of downtown Kansas City is in KC Mo. And when you go across the river there and the KC K, it shifts pretty drastically. So, you have some pretty drastic changes in some parts. In some areas, you go across the state line, and it's like nothing changed at all. That's some of it but also there are some law changes. That's also true. The county, they're six counties in the Kansas City, Missouri metro area. The laws are a little bit different. For example, in Jackson County, Missouri, the evictions can take substantially longer than they take Johnson County or Wyandotte county is what has Kansas City, Kansas. But at the same time when you evict someone, you have to store their stuff for a little while on the Kansas side. Missouri said they just tell you to throw them on the lawn.   Don: Is it a tenant-friendly state?   Andrew: I would say both Kansas and Missouri are pretty in the middle. But I think Kansas is probably a little bit more so on the tenant-friendly side.   Don: I know a lot of investors that would steer away from tenant-friendly states, and it's understandable. It's difficult.   Andrew: Yeah, well, if they put in something like California, and I think Oregon just put in rent control, and New York has a long history of that. And that can make it very difficult to make margin especially in these expensive places where you know, it's it takes so much money to buy a property and then you can't rent it up to the market. There's something in Kansas City they're trying to push for like the Kansas City tenant Bill of Rights. This would only be for Kansas City, Missouri, won't even be for other cities in Missouri, but it has some weird language. I'm not a lawyer, so I won't try to parse it out. But stuff like trying to restrict your ability to do tenant screening, and that's been sort of a thing throughout the country as well, which makes it particularly risky, especially if you either can't do it or can't do as many banks can do it stuff like that. I think it's just something that a lot of buying hold investors need to take into account when they're looking at an area. Generally, it's going to be probably trickier than that. It's not going to be impossible, but it's going to be more difficult something you need to be more prepared for.   Don: Yeah, most definitely. I just had a very interesting conversation with somebody that I did some networking with. And he's coming from New York, he's a nice guy, made some fortunate in real estate. And now he's telling me he's got a situation with one of the buildings that he owns. The building, he's trying to sell it and the building is worth around $2,000,000, but since it has tenants inside, it's worth around $1,200,000. Because in New York, you can't raise the rent unless you have renovated 75% of the building. And I'm sorry if I'm wrong about this, I'm not sure that's what I heard from him. And this is a true story. He's saying that the tenants hired attorneys, and they're asking him for $100,000 each to leave.   Andrew: I've heard of stuff like that where they're trying to do developments and there is that one guy like I'm not leaving no matter what.   Don: One tenant he said he's asking for $200,000. That was a point where I figured out that I'm done with this and he took his stuff, his family, everything and he just moved to Florida. I'm based out of Florida, Florida is very, very friendly with the landlords. It's very easy to do things here. And that's why you got a lot of investors. So, I would not even be able to fathom the idea of investing in a tenant-friendly state. But I know a lot of people do that.   Andrew: Obviously, tenants do need some protection. I despise slumlords as much as the next guy. And I don't think these things help that I think what they do is drive investment money out of the real estate, which is if you want to reduce the cost of housing and you want to make housing more affordable, the biggest thing you need to do is push investment into real estate. And so, it's completely counterproductive. Although I think it is important to recognize that tenants do need some protections they absolutely You know, there are slumlords out there and we especially I think as real estate investors should do our part to try to shame those slumlords into basically changing their ways because although I think a lot of them either incompetence or they ran out of money. Real Estate Investors go bankrupt too. So that's part of the equation. You can't raise rents. You can't do tenant screening. The biggest complaint we get from tenants like properties we're looking at is don't let anybody in here. That's not pro-tenant that's an extremely anti tenant. So...   Don: I want to talk a little bit about yourself and your career. So, I know that you've been investing in real estate in the past 10 years. I know that in Kansas City, Missouri alone, you own over 500 units. You're also managing your own portfolio, which is very, very interesting. Also, there's another interesting fact about you, Andrew, and that is the fact that you had your father as a figure, as a real estate investor in your life, and you're kind of stepping into his shoes. So, I want to ask you about that in particular, and how that affected your real estate career.   Andrew: My father got started real estate in Oregon back in the late 80s. And I was kind of when I was growing up and he bought a lot of student housing at the University of Oregon, which turned out to be a very good investment at that time. When I graduated from college, we were flipping houses. And eventually got kind of sick of that because basically, student housing got too expensive to buy and hold with anymore. Eventually variety reasons we came out to the Midwest, whereas housing prices are less expensive. It's easier to cash flow and my brother into joining me out here but my father is still in real estate.    We have a podcast that we do the ‘Good Stewards Podcast’, it's a weekly thing on real estate, we just go over real estate topics and he's still very involved in the company focuses on Oregon. The way we like real estate is to buy and hold for cash flow. I like that Midwest markets that peaks and valleys aren't as high low in the Midwest, the South kind of those cash flow areas. And we want properties that can cash flow well. Some people are a little bit more into the vine, an area that's improving in one of these coastal markets that have a lot of upward potentials. There's upward potential here, but I just personally stress if the property cash flows with the appreciations are great, that's kind of the cherry on top.   Don: We can buy for appreciation. We always have to buy for cash flow. You can do whatever you like, right? But I guess when you buy for cash flow, then it's kind of mitigating the risk. You know that you're going to make money on this, you know that you're going to be able to pay your annual debt service, which is I think the biggest fear for an investor is not being able to pay their debt service. Right?   Andrew: Yeah, I think the way I've always looked at it is Warren Buffett's first and second rule of investing, ‘don't lose your principal’ and ‘don't lose your investment’. And the security you have one is your equity in the property, which is why extremely important to buy properties under market, buy properties of the value add that you can have that built-in equity, that's your cushion. You even if you finance it fully, or almost fully, you still have that equity cushion. That's your first level is the same as if it brings in positive cash flow each month, then that's extremely important. There is a difference. It's not just speculation to buy in a market where you're not cash flow. That's not speculation myself if you have a good reason to think that markets going up the path of progress in that city, you know, have some major developments coming, okay.    But I would only do that with a very small percentage of your portfolio. You know, it's like if you're going to buy in an area that you know, it is like the cash flow, you think got a lot of potentials that should be a small percentage. Little bit your small piece that you can take a bigger risk with, I think it's a much bigger risk to invest in if you don't believe we're going to have any cash flow, or if it's going to have a slightly negative cash flow until you're investing predominantly for appreciation.   Don: I agree with everything you said. So, let's talk a little bit about your criteria. So, when you're looking into a property, what are the things that you're looking for? What is the value add that you're looking for? You said buying under the market, which I couldn't agree more because I've been doing that pretty much all my real estate career. So how would you recognize these properties?   Andrew: Most of what we buy our single-family and the main thing I'm looking for is the value of basically doing a comparative market analysis. And we're aiming for 75% because we're trying to refinance all of our investment. And so that's the main thing I'm looking at. I'm comparing it to the properties nearby. Secondly, I'm looking at is what cash flow and it's a little trickier with houses or even small multis because if the property is rented for the full year, you better cash flow but if you have one bad turnover than maybe it won't. One house is all or nothing, then apartment complex. But we're looking like on average if I'm taking these taxes insurance, it's average what I expected to rehab or its maintenance to be and it is the turnover cost to be on average and does it cash flow.    If it doesn't cash flow, it doesn't mean you shouldn't buy it but that probably a flip property that's probably that you should buy and turn around and sell and make a profit on if you can get it low enough. And you know, there's ways kind of shorthand for that like rent to cost. I am looking for how well cash flows are certainly looking for that with regards to apartments because basically cap rates are how you compare apartments and cap rates are a way of telling how well the property will cash flow more or less.    I go in like three levels. The first one I'm always looking what is its value today or if I can do something to make its value like if it's a house going to add a bathroom or something like that or bathroom and a bedroom or convert this garage or something like that to make this house worth x and is that hit my 75% criteria. The second one is cash flow but doesn't cash flow it all then usually it will be like okay, that's when we should flip. And then the third one is just kind of what's the area. We generally invest and kind of working-class and middle-class areas. I recommend any new investors kind of stay out of the tough areas because those are good places to lose your shirt if you don't know what you're doing. You can make money, they're good tenants there. You just got to be a specialist and you got to be very careful, because it's very easy to buy cheap property, and then rehab all your equity. And that happens all the time.    Then you turn over costs are too much to maintain it and you end up losing the house, I've seen that multiple times. And then if you go into the two high ends, there's no cash flow there. And so, we're kind of in the middle and I want to have kind of a spread of that and also see, you know, like where the jobs coming in, and I want to invest in this particular area. So, I'm taking that into account. But that's kind of like when I'm looking, are we going to do a marketing campaign? I'm going to send out letters or something like that, or I'm going to try to focus on a particular area of town. Okay, well, let's focus like, for example, in Kansas City, there's this area where they're putting this new office complexes adding like 10,000 jobs and that process mostly complete now. So, buying around that area, that's a major target point. In that area, we would be more interested in the other. So, it's kind of a stacked with houses and small multies, you know, what's the value? What's the cash flow? Is this an area we want to invest in? Is it we think it's growing or is it stagnant? That sort of points our marketing and our interest, but also kind of make tip the scales in certain instances. And of course, you're getting into multifamily or commercial, then you're looking more at the net operating income, the cap rate and comparing that and sort of the value and the cash will be kind of becoming the same thing.   Don: Definitely. So out of the 500 units that you have, how many of them are single families and how many of them are apartments?   Andrew: Little over 60% are houses and about 40% are apartments or small multies.   Don: You’re saying small multies, that would be 1 to 4?   Andrew: Yeah, duplex or above. Was funny, we originally came to Kansas City think we'd focus predominantly on large apartment complexes trying to get up 200 units stuff. We went the opposite direction, just kind of the way our financing worked, getting the private lenders we develop relationships with. It made more sense to do these houses and there was just a ton of inventory. I mean, this was right after the crash and there were just a lot of bank-owned properties and that's what we mostly start with buying dilapidated bank on properties and fixing them up.   Don: It's a great idea.   Andrew: There's not much of that around anymore. But there's always a new angle.   Don: You got to know how to adjust, especially in real estate, you have to understand that it's also about timing. So, you can do what everybody else is doing. You also got to stop, think and recalculate and make some changes and adjustments. It's the nature of the beast. It's just the way that real estate is. But I do want to ask you. You got 60% houses out of 500, that's 300 houses give or take. How do you manage that?   Andrew: It takes some energy. We have a centralized office, and we do prefer properties that are closer to our office. We don't have time to go into all the systems and stuff but I will say the more systems and policies you can put in place, the better, the less time you have to reinvent the wheel, the better. That's something we've been very, very big on. We use property management software called ‘rent manager’ and we're very much sticklers in our policies. If it's not in the rent manager, it didn't happen. We want everything to be recorded. We have a maintenance staff, we have a management staff, we started using Trello, Mojo, lease lockboxes that for leasing for showings more. We still have leasing agents we also use those lockboxes as well which makes it a little bit easier on some of the properties especially ones that are further away we get showings in. A lot of just standardize as much as possible, standardized the lease don't offer a thousand, one lease and we have one payment policy plan. If somebody's late on the rent, we don't make an individualized plan with them, this is our plan we set a date with you and if you don't have it then we have to pick a time to move out or something like that. We don't have like okay well if you will give two chances to in this particular way.   Don: There are no cutting corners.   Andrew: Had the same paint colors. We've added one exterior one because our website started to look the same, every house was having the same exterior color, so we added a second one. But we standardize paint colors. We standardized our carpet. We standardize our materials, standardize our policies standardize as much as possible. That way you don't have to reinvent the wheel and you can do this.   Don: How many things work under you?   Andrew: We have 15 employees right now.   Don: 15 employees. So, I guess one of them has to be a GC right?   Andrew: We have a guy who oversees our construction. We mostly hire subcontractors and contractors and stuff like that.   Don: And then two or three property deal with management, because that's a lot of work.   Andrew: Yeah, we have a handful, man, a couple of accounting, and then its maintenance guys. We’re going around and doing that kind of stuff. It's a decent-sized operation.   Don: Yeah, pretty decent. So, I can also tell you that you're young...   Andrew: I like to think so.   Don: Maybe 30’s -What is that?   Andrew: Mid 30s yeah.   Don: Mid 30s. Okay, so I was going on the safe one.   Andrew: I appreciate that.   Don: So, what's the plan for the future for you? Because you're already investing in real estate at that age. I'm 30 years old too. So, what are you planning? What's the goal? You're going to retire early or you're going to move up and do some bigger things in the future? What are you thinking?   Andrew: I think I'd get bored if I retired or tried to. And yeah, probably moving towards larger properties. We've had some interest in moving towards more commercial real estate regardless, it's been harder for us because the market is hot and it feels like especially given where prices were not too long ago like things are mostly overpriced or there might be a recession coming up in the next year or something. There's a temptation like okay, as soon as that happens, we'll jump in right now we'll stick with houses and small multies unless we find a great one. But I do think regardless of the timeline, I've kind of gone back and forth that I don't want to give any advice. I don't want to tell people like to sit on the sidelines and wait for a recession.    It's just like, yeah, we're probably nearing one the next two years. I was thinking that in 2016. So, you know, who knows, but I would say regardless, make sure you get good deals, make sure you bought well enough that if there is a recession, you're insulated from it. So, if you bought a 25% margin and there's a recession, real estate goes down 20% you still 5% equity. Whereas real estate continues to go up, you just do all that better. So, the only thing that stresses to me is that the importance of getting good deals is all the more so since farmers have a recession coming.   Don: So, what I think about this is when you're trying to make the move from residential real estate into the commercial space, then you're going to find that the people that you're competing against are sophisticated. They are the biggest fish in that tank. Think about it. And we're talking about properties that are cash flowing and producing. I know is in the hundreds of thousands a year. So, these properties are worth millions. And who buys properties that are worth that much? It's very, very sophisticated investors.    So, I think to look at it from the sideline thinking there might be a recession, so I might not get in, is not necessarily a good idea. I think a good idea would be to start underwriting, to start looking at the performance of properties to start understanding them and understanding how they operate and then when the recession is going to hit, you're going to be ready for basically pulling the trigger, right? Because you don't want to get started when the recession is here, but now you got to go through the learning curve of understanding commercial real estate because it's a different animal. It's very different.    I've done the move and it takes a while for you to understand exactly what it is that you're going after. For you, you're listening to somebody talking to you about a deal over the phone, and you could just pick up the number, what's the ARV? You know, what's the square footage, and you already know how much you have to do any repairs, right? I never had to think about what I got to do and repair it. So, I was like, what's the square footage on this house? And where is it at, okay, that's $30,000, $40,000 right there. It was built back then. I could already do the math. In commercial real estate, it's kind of different. I would think that there is a learning curve. So, I would say to anybody that's listening to that, there's no better time to get into real estate than now or yesterday.   Andrew: I think I would agree with that. Yeah, I think that's a good way to put it. I've heard of people who in 2015 were convinced that there was going to be a recession coming up in the next little bit and they sat on the sidelines because of that. I think that mindset is sort of the someday maybe kind of mindset of someday maybe I'll try to do what I want to get you got it. But at the same time, even if I thought the market was going to be taking off, I still tell people you got to be diligent, you gotta get good deals, you can't just buy stuff and wait unless you're just loaded and in which case you don't need to be listening to a podcast just by whatever. I think it's sitting on the sidelines and waiting is not a good approach but being cognizant that you need to be more diligent and be demanding to get those good deals is central.   Don: Wonderful. Andrew, what would be the best way to connect with you in case anybody wants to learn anything from you or get in touch?   Andrew: I blog at BiggerPockets on a weekly basis, more or less, so if you go to BiggerPockets, my articles are there. You can also see my own personal blog Andrewsyrios.com. S Y R I O S. Just post whatever comes to mind on basically. And then we have a podcast, my father and I, along with colleagues Ryan Dossie, and Amanda Perkins. Go to the 'The Good Stewards Podcast' you can find that. Those are the best places is to keep in touch with me.   Don: Awesome, Andrew. So, thank you very much for dedicating the time to come on the show today and wish you'd have a beautiful day.   Andrew: Absolutely. Thank you for having me. Appreciate it.   Don: All right. Thank you.   Lady: Thanks for listening to the real estate investing podcast with Don and Eden. Stay tuned for more episodes. Till next time.

Andrew Syrios is a real estate pro, a partner with Stewardship Investments, LLC, cohost of The Good Stewards Podcast, and a BiggerPockets contributor. He is also the author of the extensive article The Ultimate Guide to Due Diligence. In this episode, we discuss how Andrew got into real estate, the investment and tax advantages of buying properties, the reality of doing inspections and rehab costs, and analyzing contractor bids — plus lessons learned and tips for being a successful entrepreneur. Reference Links The Good Stewards Podcast https://www.thegoodstewards.com/ Stewardship Investments, LLC https://stewardshipproperties.com/ Andrew on BiggerPockets https://www.biggerpockets.com/blog/contributors/andrewsyrios The Ultimate Guide to Due Diligence Article https://www.biggerpockets.com/blog/due-diligence-ultimate-guide The Millionaire Real Estate Investor by Gary Keller https://www.amazon.com/Millionaire-Real-Estate-Investor/dp/0071446370/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1574726192&sr=8-1-spons The Book on Estimating Rehab Costs by Mr. J Scott https://www.amazon.com/Book-Estimating-Rehab-Costs-BiggerPockets/dp/0988973715 BiggerPockets Conference https://biggerpocketsconference.com/ --- Support this podcast: https://anchor.fm/erikecabral/support

Bro History Problems with Big Tech | Andrew Syrios Andrew Syrios joins the show to discuss how the government colludes with Big-Tech. #68 – https://www.patreon.com/brohistory Andrew’s Personal Blog: AndrewSyrios.com Article Discussed: The Problem with Big Tech. Andrew Syrios is a Real Estate Investor and political commentator. You can find his work below. Book: Awesomeness Real Estate Writings: BiggerPockets.com Economics Writings: Mises.org BiggerPockets Interview: Podcast 121 Problems with Big Tech | Andrew Syrios szamotah

Andrew Syrios of Stewardship Investments stops by to share his story and give advice to borrowers who are trying to decide whether to flip-and-sell or flip-and-hold. Abhi and Andrew analyze the pros and cons of each strategy. Andrew shares mistakes to avoid, ways to find financing, how to find tenants, dealing with difficult ones, and the current state of the market. For more information on Andrew and Stewardship Investments, visit StewardshipInvestments.com. Power Play of the Day: Greg and Abhi are back and ready to talk about all things real estate. The duo shares with listeners how to defend against negativity and find yourself a winner.

Andrew is a returning guest on the show and has a story to share that we can learn from. We’ll hear about his recent 41 house portfolio purchase, what he learned, and how we can apply those lessons to our businesses. If you enjoyed today’s episode remember to subscribe in iTunes and leave us a review!   Best Ever Tweet: “You don’t want to become a motivated buyer” - Andrew Syrios   Andrew Syrios Previous Episode:   Andrew Syrios Real Estate Background: Real estate investor at Stewardship Properties Company owns around 600 units in four states Has three branches in four states (Oregon, Missouri, Kansas and Texas) Oversees over 100 properties and 170 units in the Kansas City metro area Based in Kansas City, Missouri Say hi to him at   Join us and our online investor community:   Made Possible Because of Our Best Ever Sponsor: Are you committed to transforming your life through real estate this year? If so, then go to to apply for his coaching program. is my real estate, business, and life coach. I’ve been working with him for years. Spots are limited, so be sure to apply today!

He buys, flips, holds, and refinances SFR's and has been doing so for over 10 years. He was caught off guard with an opportunity to buy a portfolio of 97 homes, which would have been a record. He approached the opportunity at many angles, so you'll need to listen to know how he decided to acquire the investment!Best Ever Tweet:The key is, when you have good luck, try to get a high return on that. Andrew Syrios real estate background: Based in Kansas City, Missouri Say hi to him at His company owns 700 units and manage their own portfolio Been investing for about 10 years Hear his Best Ever advice: A Best Ever book he recommends in this episode: Great by Choice  in iTunes.  Listen to all episodes and get a FREE crash course on real estate investing at: Are you committed to transforming your life through Real Estate this year? If so, then go to  and claim your FREE Coaching Session.  Trevor is my personal real estate coach and I’ve been working with him for years. Spots are limited, so be sure to do it now before all the spots are gone. Subscribe to Joe’s YouTube Channel here to learn multifamily and raising money tips: Subscribe in   and    so you don’t miss an episode!

In today's episode of the Lions of Liberty Podcast, host Marc Clair welcomes investor, author and blogger, Andrew Syrios! Andrew describes how he came to reject the left-right paradigm and identify as a libertarian politically, and what drove him to start writing on political and economic issues. After taking a few curves into the legality of abortion, and even murder (!?). Marc and Andrew start to dissect some common political memes that have cropped up as of late. They look the ideas of a a 90% tax on the “the 1%” and the concept of income inequality, and try to make sense of the never-ending stream of our modern “meme culture.” This was a fun conversation, and I'm sure all you liberty lovers will enjoy it! Learn more about your ad choices. Visit megaphone.fm/adchoices

In today’s episode of the Lions of Liberty Podcast, host Marc Clair welcomes investor, author and blogger, Andrew Syrios! Andrew describes how he came to reject the left-right paradigm and identify as a libertarian politically, and what drove him to start writing on political and economic issues. After taking a few curves into the legality of abortion, and even murder (!?). Marc and Andrew start to dissect some common political memes that have cropped up as of late. They look the ideas of a a 90% tax on the “the 1%” and the concept of income inequality, and try to make sense of the never-ending stream of our modern “meme culture.” This was a fun conversation, and I’m sure all you liberty lovers will enjoy it!

In recent years, some economists, contrary to long-established and widely-accepted economic theory, have been claiming that increases in the minimum wage do not increase unemployment. But both logic and the data say otherwise, writes Andrew Syrios.This audio Mises Daily is narrated by Robert Hale.

Don't expect sustained opposition to war to come from either side, writes Andrew Syrios. This audio Mises Daily is narrated by Keith Hocker.

The NCAA ensures there is no functioning job market for athletes and no competition to which students might go seeking higher pay, writes Andrew Syrios. This audio Mises Daily is narrated by Keith Hocker.

“Progressives” throughout history repeatedly show a fondness for social engineering and state control, writes Andrew Syrios. This audio Mises Daily is narrated by Allan Davis.

To blame every income discrepancy on discrimination leads to very odd conclusions, writes Andrew Syrios. This audio Mises Daily is narrated by Keith Hocker.