All Forum Posts by: Ian Dunross

@Dave Foster HA yes! We should definitely link up. I was back in Gainesville twice this year looking at property and watching Dan Mullen return us to our former glory!

@Nabil Suleiman Thanks for the info and nice to meet you!

It looks like I can rent a property short-term if it's considered my primary residence. All the more reason the syndicate should allow me to live there full time..

Hello everyone,

I own a couple of small multi-family buildings in Florida, though I live in Los Angeles where I make a couple hundred thousand dollars a year in the entertainment industry. I mention my income to show it's high enough to actually consider buying a "starter" home for myself here in LA before I come to my senses and start eyeballing more quads in Florida..

During a misadventure in Las Vegas this week I realized I don't want to be stuck on another LA - Ft. Lauderdale flight to look for more Real Estate. I've spent 12 years in the belly of the beast (Los Angeles) and haven't attended one Real Estate meet-up or met any other investors. Not good!

It's time I realize that LA is my home and I should spend at least 100 hours networking and looking for Real Estate investments before I consider buying another property in Florida or another long distance market.

I did a lot of thinking on the LA market and here's what I came up with..

Buying a multi-family property here is ill-advised for many reasons. Nonexistent cash-flow, rent control, sky high prices to name a few. I came up with an idea which I want to furnish to the Bigger Pockets community for their thoughts..

Get a syndicate together to purchase a mansion in the Hollywood Hills, that needs light-moderate rehab. While rehabbing, the syndicate rents the mansion on AirBNB in addition to renting the home for video shoots, Instagram photo shoots, parties etc..

After the rehab is completed, the house can go back on the market as an exit strategy. Of course I'd live in the mansion to manage the rehab and the property. If someone rents it on AirBNB I can make myself scarce. 

If we (the syndicate) picks up the place for 3mil and rents it for $1,000/night on AirBNB (or less for half-day photo shoots etc..) we might be able to make these numbers work!

Your thoughts are appreciated!

I rent a home in Van Nuys and saw two young homeless people doing hard drugs in the back alley. I called 911 four times in two hours..no police ever showed up. They called me three hours after i made the first phone call to ask if I still wanted them to come.

This is one reason why I prefer to invest in Florida (my home state). 

Also, there was a huge garbage pile on Sherman Way just west of Sepulveda that took almost a month to be cleaned. 

Not sure what the answer is, but this is a huge issue.

It pains me to use this lingo but find an agent you "Vibe" with. Someone that you feel comfortable speaking with. 

@Jay Hinrichs I was wondering if there was an update to this story! I've been looking into micro-apartments as well. I've traveled throughout Asia and it's becoming the norm out there..

@Brian Garrett I really like the analytics of Facebook and IG,  I'm definitely open to changing up my marketing strategies. 

I'm guessing the bandit signs and mass mailing to absentee owners will be the biggest lead generators.

Also thinking about issuing some short term hard money loans. Seems there's a lot of demand for money lenders..

Hi everyone,

I'm a business owner in California looking to invest in my native Florida. I currently own one unit in Florida and used to be a mortgage broker before I moved to California to work in the entertainment business..

For the last decade I've given myself various financial "challenges" to help keep me focused. For instance, my first challenge was to earn enough in the entertainment business each month to pay rent. Another challenge was to raise "X" of dollars in a savings account to cover a years worth of living expenses etc..

My next challenge is to see what i can do first..

1) Double the profits of my entertainment business

2) Earn $9,000/month in net cash flow from Real Estate (not counting the investment property I already own)

Here's what I'm planning to do in Real Estate...please chime in with any thoughts and/or let me know if we can work together. I'd LOVE it if we could reach our goals together..

I'm looking to pick up some properties wholesale. 200 "We Buy Houses" signs are going up around town, plus radio and TV ads. The phone number will be forwarded to a virtual assistant who'll take some general info about the property and weed out the cranks, pranks, fakers and flakes. 

I'm not doing ads on Facebook, Instagram etc... my thought is the people who need to sell their home fast are more likely to be watching TV or listening to the radio..

I'll drive by any properties that seem promising and call the owner back for a chat. The first property will probably be paid for in cash. We'll do some light remodeling to force appreciation, rent it out and refinance..

This will have to be repeated many times over the next year or two. 

Another idea is to buy multifamily properties.

The area in which I'd like to invest does not have any type of "landlord association"...so I made a "landlord association" website and appointed myself president. I'm going to cold call 100+ landlords in the area and organize an informal meet-up at the local tavern so I can meet a couple dozen landlords and let them know I'm looking to buy some multifamily properties..

The downside of this idea is having to syndicate the money between what I can put down and what the local bank will finance. If a landlord has a $2,000,000 apartment building he wants to sell, I'll have to raise significant funds via syndication. That will take a lot of time away from my main business...but I'll learn a lot and hopefully make some coin..

Hey Ryan,

 How did you get such a low rate on a commercial property? Did you have to do a buy-down to get 4.625%? I'm in Van Nuys and would be much more willing to do deals if I have some cheap financing!

Congrats on your deal, let me know if you're looking for partners on future deals, I might be able to scrounge up some money!

Hey guys,

I'll be in touch over PM on Tuesday, would be great to meet up. Stay safe!