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

 

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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 Y