All Forum Posts by: Owen Dashner

3rd vote for local meetup groups. First find your local REIA and investor meetups on FB, join them, then attend in person. In my area, about every other post in the FB groups are investors looking for contractor recommendations. If you are a good contractor, you can find more work than you could possibly handle.

Neighbors are definitely a consideration. Lots of neighborhood associations and HOA's outlaw these, so make sure you research what the bylaws are before you do anything. I don't know what type of transitional housing we are talking about here, but be aware of violent offenders and/or sex offenders and what the risks are having them live in your property.

I'd suggest asking other local investors who they use for bathroom remodels. Those prices seem high for non-coastal areas. Look in your local REIA or investing meetup groups on Facebook for referrals - you'll likely get several options, and more than you'll get on BP.

In the US, many states have a minimum amount of time that personal property needs to be stored before it can be disposed of.  But each state is different, so whoever experiences abandoned property should at least review the state landlord-tenant laws related to personal property. It may be worth consulting a real estate attorney if the laws are ambiguous. 

Just curious, why did you get such a high deductible instead of getting a lower deductible policy and waiting for a hailstorm before replacing?

What if you combine the 2 properties as a package? You might find HML's would be willing to lend on both properties together since the loan volume would be higher. I am a HML in several Midwest states and we have made loans in this exact scenario. I think you just need to talk to more people.

Shot in the dark here, but I am looking for different methods to find contact info for older mom and pop hotels. I have done a lot of direct mail for SFR and multifamily over the years, but have never tried it for hotel owners. Any list providers out there that might have something in this category? Our niche is purchasing non-performing, older hotels and converting them to multifamily. Our group is on several broker marketing lists, but I am wondering about sourcing leads off-market. Any help/ideas would be appreciated. Thanks in advance!

@Andrea Foley

I came here to say exactly what @Chris Levarek said.  Split your time between sourcing properties and private lenders/capital partners.  Lots of money out there looking for good projects.  Make sure you put together a short presentation or overview the deals you already own as a proof of concept that you can use when talking with potential partners and lenders.  

Another option for you is to use hard money into a BRRRR, or a combination of hard money/private money to acquire and rehab deals, then refi into perm financing. Find local hard money lenders at meetups and REIA's in your area. Talk to other investors there about who they use to fund deals.

You could also wholesale/flip some properties to build up cash reserves to allow for more purchases. Flip one, buy a rental. Rinse and repeat - that's how I got started.

Just remember to take consistent, deliberate action toward your goals, whatever they are.  Try to sit down for coffee/lunch/beer once a week with someone who is completely new to you in the real estate space.  

I'd suggest attending your local meetup groups or REIA's and asking around there on who does syndications. As others have mentioned above, you can participate in a 506B offering as a sophisticated investor, but you would need to know the sponsor group. I would also make this same post in the Facebook investing groups in your area.

Best of luck to you!  I am a sponsor in a deal right now (we are fully funded though), and I'd be happy to answer more questions if you shoot me a DM.

Good luck!

I would do a Facebook search for investing groups in Indy. I'm sure there is likely a REIA there that meets monthly and likely several other groups as well. Good luck!