#27 with Andrew Syrios: Crushing the Family Business and Getting Educated with a Plan to Get Started

Millennial Millionaire Real Estate Podcast

English - June 11, 2020 20:03 - 57 minutes - 52.5 MB - ★★★★★ - 56 ratings
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Previous Episode: #26 with Jonathan Twombly: Dig the Well First Before You Need the Water and The Biggest Mistakes I learned to get to my 100 Unit Deal

Next Episode: #28 with Danny Randazzo: Scaling his Business to 2000 Units and 220 Million in Assets

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