All Forum Posts by: Don Spafford

Quote from @Avery Robertson:

Hey Roger, thank you! My partner and I are both in the Idaho Falls area and the project is in Nebraska. He has two performing parks already in Nebraska. 

Hey Avery. Not sure if you knew this, but I am originally from Nebraska. Had I known about this I could have given some possible insights, depending on where it is of course. We'll have to talk sometime, I'd love to hear about it.

When you say that you have the "financing" are you referring to the down payment amount or that you have a loan ready and approved? If you are talking about multifamily as in maybe 50 units or more, it is not likely that a lender will loan to you without having previous experience with larger MF properties. If you are talking about a 4 unit or maybe even a 5-10 unit then you may be fine on your own. But as many have said here, you can learn a lot just from podcasts and books, attend webinars, go to networking events local in your market as well as virtual meetups to be able to ask questions to experienced investors and get all the answers you need. If you are wanting to get into large MF or other commercial RE for syndications, you still can without a mentor. Some may argue that you will move faster and less chance of making a mistake by paying for a coaching program, but you can go slower and build a team through networking and still get experience. It all depends on your resources and how fast you want to grow.

Depending on where it is, and when you say MF at that price, are you talking 2-4 units? There are some lenders who will do a 10% down payment up to 4 units and you do not have to live in them. But they mostly cover Western states. There may be others for the rest of the country, but the one I know of and have used for my purchases covers the Western US at the moment, except CA

@Kelsey Anthis I'll be happy to connect with you and give you some ideas or advice. As mentioned above, one of the best things you can do is to network. There are many virtual meetups that take place every day where you can meet and network with deal sponsors and experienced investors, and fund managers, who will be happy to talk with you and share their experience with you. There are also many coaching or mentorship groups, some better than others, and options for lower budgets and for those who want to go all in. Much of that will depend on your resources and time to dedicate to all of that. Personally, I am a GP or partner, and LP, in several areas such as RV Resorts, build to rent MF, build to sell SF homes, a business acquisition fund, a hotel resort in Costa Rica, and more!

Does it have additional land available around it?

@Jake Jones I'm in Idaho as well. Happy to connect with you to discuss opportunities and offer any help I can. Send me a DM and we can find a time to meet.

@Aj York I'll be happy to talk with you to learn what you are looking for and offer any help. I am involved with several syndications and I know of other deal sponsors in Idaho as well. Send me a DM and we can schedule a time to meet.

I'll second the mention for Idaho. In particular in East Idaho. My wife and I will be happy to help you find something here. I have a fourplex that I may be selling soon as well.

Do you finance new construction loans? For build to sell properties in Idaho.

Yeah, he is not a good person. Hopefully this post will still be found by people if they ever search for him again to help prevent more people from getting swindled.