After buying and selling four properties between 1980 to 1986 in Portland--a not-so-successful experience--Bill Syrios relocated to Eugene, Oregon and started Stewardship in 1989. What had been an amateurish, house hobby in Portland turned into a property profession in Eugene.
His first Eugene purchase was a single family home in 1989 near Hayward Field's world-class track facility at the University of Oregon—with a recent 270M upgraded (thank you Phil Knight!).
For Bill, student housing was a natural niche since he had been a campus pastor and felt comfortable with students. Knowing their particular housing needs, he used that knowledge to do "value add" renovation to meet their needs and help maximize cash flow potential.
Through some blood, sweat and tears, he turned his first three-bedroom, 35-year old house with a one-bedroom apartment above the double garage, into a seven bedroom campus rental with a three-bedroom apartment within the downstairs and upstairs of the former garage.
Upon upgrading that first purchase, Bill honed his skills at locating, financing, rehabbing and renting campus properties. In the early years and "living on a shoestring," he focused on creating as many bedroom/bathroom spaces as possible in the large houses and looked to find smaller units within walking/biking distance to the University.
In the current market, students are more interested in amenities, so Stewardship continues to follow campus trends, appealing to student residents and updating properties to their needs.
Using campus rentals as a foundation, Bill broadened out and for the last 33+ years he has acquired, renovated and rented properties from Cottage Grove to Portland, one purchase at a time. In the early years, it was mostly single family houses that needed renovation. He then expanded to small and medium-sized apartment complexes also with a “value-add” rehab focus to increase their attractiveness to residents' needs.
Currently Stewardship owns over 350 houses and apt. units in Oregon with over $100 million dollars in assets and has taken on Oregon partners Jim Lerman and Amanda Perkins.
Beginning in Oregon and then in four other locations, Stewardship has created its own local management companies (who all run the same software) because we strongly believe that management is the key to building a strong buy and hold investment strategy. Here’s the rental website that we use to manage our Oregon properties: StewardshipRentals.com
In the early 2000s, Bill was looking to expand his holdings and seek out some more affordable markets. In the summers of 2005 and 2006 he led an internship program with 16 U of O and OSU business students that resulted in new purchases and partnerships.
Many of those interns/partners moved on from Stewardship during tough market times during the housing crisis in 2007-2010, with the exception of one: Bill's 2nd oldest son, Andrew Syrios.
First Midwest Market, Kansas City: In 2010 Andrew and Bill via their partnership, Stewardship Investments, LLC, made the decision to begin a buy and hold real estate partnership in Kansas City, MO and surrounding area.
In January 2011, Andrew Syrios moved to Kansas City full-time and began his Midwest adventure. Phillip Syrios, Andrew's brother, and Bill's 3rd son, followed in September of 2011. Stewardship Investments LLC now owns real estate valued at $95 million dollars and totaling 635 houses and apt. units See our website: 333-Rent.com
Not only has this partnership continued the strategy of purchasing properties at a discount that need renovation, but significant appreciation has added up to more “icing” on the cake there!
THE SYRIOS REAL ESTATE BROTHERS: Two young guys with lots of helpful property tips. See Andrew and Phillip Syrios' YouTube channel here.
Dallas, TXIn 2011, Bill and his long-time partner, Greg Whiteley, made the decision, after weighing several different locations, to purchase a 37-unit complex in Dallas, TX in the partnership known as Stewardship Properties LLC (TX LLC). They rehabbed and repositioned the property into what we currently call Ann Avenue Apartments and it's been a cash flowing asset since 2012.
After securing permanent financing on this property, they used equity they had created in to fund the purchase of a 39-unit complex in Euless, TX, which we call Alexander Lane Apts. Alexander Lane stabilized in 2015, but did have additional long-term upgrades (funded in part by a City of Euless grant and owner contributions) to bring it up to what it is today.
In 2016, Bill and Greg, formed an additional partnership known as SPJ Real Estate LLC, with another partner, Jay Cipriano. The focus of this entity was to acquire 50+ single-family real estate or small multi-family (duplexes/fourplexes). We value Stewardship Texas at 7 million and SPJ at 10 million in assets respectively. Our website: StewardshipPropertyManagement.com
Stewardship's office and field staff are the live blood of our company. We can't brag enough about the skill and dedication they bring to our business!
In 2017, Bill partnered with his nephew, Kyle Long, to begin purchasing properties as, Stewardship Home Investors LLC in Emporia, KS. In 2019, Kyle's sister and husband, Jessica & Seth Morelock came aboard the team. Interestingly, a primary investment niche for this team, who has over 125 houses and apt. units, is campus rentals around Emporia State University. This partnership is currently valued at over 10 million in real estate. See our website: StewardshipHomeManagement.com
Under Matt Perkin's leadership Stewardship began new construction and has designed and built a number of properties: campus houses, spec homes and "build-to-rent" houses.
In 2020 Stewardship parlayed it's experience as Bill partnered with Matt to form a company to build custom homes. See our website: CustomCraftDB.com
We are finding many opportunities to take tired properties and "add to them." In this case we are replacing a very poorly built two-bedroom house with four four-bedroom, 2 1/2 bath units.
Since 2018 we have partnered with Jason Moss, a search engine optimization (SEO) expert, working to get our domain name, StewardshipProperties.com, ranked highly in google searches across the country. Thus we lots of calls from sellers nationwide who want to sell their house. We purchase, fix up and flip these houses.
In 2020, Bill partnered with his long-term partner, Greg Whiteley, and Stewardship's Operations Manager, Amanda Perkins, to form Stewardship Development. See more about our team at our website: StewardshipDevelopment.com
Thus far Stewardship Development is in the process of building a 38-unit property in Portland (Amanda Court), a 59-unit in Eugene (11th & Lincoln), a 44-unit in Lincoln City (Welcoma) and soon, a 72-unit in Klamath Falls as well as another project in Portland and one in Tualatin on the books. This partnership is currently valued at around 10 million.
Given the housing crisis--where demand is dramatically outstripping supply, contributing to the lack affordability--the state of Oregon initiated new infill construction policies. Stewardship has geared up to find ways to add housing to existing lots that qualify for such structures under the new housing code.
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