All Forum Posts by: Jack Carda

Katie, I haven't done any major rehabs myself but the lender I use for traditional multi-family buy and holds in South Dakota offers loans for rehabs. It's Sentinel Federal Credit Union out of Rapid City. They lend anywhere in the state: https://www.sentinelfcu.org/. If you talk to Peter Kottwitz, you can tell him I sent you his way.

By the way, we have a Facebook group for South Dakota Real Estate Investors. Feel free to join and introduce yourself. 

https://www.facebook.com/groups/sdrei/?ref=share_group_link

@Matthew Wolfskill & @Dakota Rice, do either of you have any interest in starting one? I no longer live in the area but plan to move back at some point and would be happy to assist with a virtual component, if possible. I'm also actively investing there now.

Hello, BP! I'm looking for your insight into the following question: What criteria do you recommend I consider when trying to determine whether a generated lead is qualified or not? In other words, how do I know whether I should spend my time further analyzing it or not?

Here is my current situation:

- My next benchmark is to reach $500/month in passive income by February.

- I'm using BatchLeads to look off-market for 8- to 30-unit apartment complexes in the Midwest.

- I will work with partner(s) to purchase a deal when I find one.

- I hired a VA to do the text blasting and get initial information from owners.

- I work full-time and can't afford to be spending time on the phone with sellers who are only mildly interested in selling.

Now, I need to set clear metrics for my VA to work with so she only sends me qualified leads. What are some metrics I should consider?

@Isaac Johnson thanks for your support! I'll shoot you a text.

@Vince Mathis thanks! I gave him a follow.

@Isaac Johnson I don't have a ton of insight into the Sioux Falls market currently, but that's where I am about to start investing. I'm going to start out with a few wholesale deals to build capital and get good at finding off-market deals before pursuing my own BRRRRs and/or buy-and-holds. Do you have a specific type of property you're looking for? If you're looking for distressed properties and have cash or a HML, I could narrow down my search and send some your way.

I'm currently house-hacking a duplex near Tacoma, WA, where I'm stationed with the Air Force. I'm originally from Kimball, SD, and I lived in Rapid City for three years while stationed at Ellsworth Air Force Base.

@Vince Mathis It's cool to find someone else with a Phoenix and SD connection! I lived in and worked at a hospital in Desert Ridge from 2019-2020 as part of a grad school program with the military. It's a little warm but a very nice area. We loved going camping and spending time in Flagstaff; it's beautiful there.

Do either of you know if the SDREIA ever hosts virtual meetings? I want to get more connected with the local market but obviously can't meet in person.

You obviously have a good heart, which is why you're asking the question. There is a lot of good feedback on this post, which you hopefully find valuable. I don't have an answer for your liability question, but I think I know how I would handle the overall situation, personally. That doesn't matter, though. You will ultimately have to reflect on your values, vision, and goals to determine what is best for you. 

Consider 20 years from now: write down the best-case scenario, worst-case scenario, and maybe one or two more probable scenarios. What are the likelihoods of those scenarios? Ask yourself why you're an investor. If you find yourself in one of the better scenarios, how much further does that propel your vision? If you end up with one of the worse scenarios, was the knowledge gained worth the challenges faced? Does that knowledge accelerate your vision?

I realize I answered zero of your questions but I hope it will help you find your answer.

@Mitchel Foster I just moved from North Phoenix this summer to Washington state. I'm originally from Kimball and wrestled at a small D1 school in Colorado. I would have enjoyed connecting in-person but would still be happy to do so virtually. Thanks for posting on BP!

Hello, everyone. I'm originally from SoDak but am currently stationed in Washington state. I plan to move to The Hills at some point and would like to start investing somewhere in SD. Does the SD REIA meet virtually so I could start connecting with other investors in the area as well?

@Michael Haas

I just bought a duplex in the area and had a great experience working with Mike Mansour. Good luck!

https://mikemansour.johnlscott.com/