All Forum Posts by: Owen Dashner

Honestly, BP has some good articles and up to date national news posts. Housingwire.com is pretty good as well. The National REIA org also puts out a lot of syndicated news content. The Real Estate Guys podcast normally touches on trends and national news as well.

For local updates, lots of stats are available monthly from MLS data - typically published monthly by brokerages and MLS aggregator sites. Also your local REIA will typically have news segments/articles for you.

You aren't going to have much activity on it bookkeeping-wise for 2022, but it would still be a good idea to have a CPA well-versed in investment real estate to talk strategy with.  Better now than later.  Ask other investors in your area who they recommend.

@Holly Williams this is awesome, congrats!

1. Motorcycles, boats, a Crown Victoria

2. Cabinets full of liquor

3. 1000 Mason jars

4. Boxes full of porn and sex toys

5. 2 swords from LOTR (replicas)

6. Guns

7. A 5 gallon Culligan water bottle filled 3/4 full with change

8. Thousands of CD's and DVD's

9. A 9MM Smith and Wesson pistol

10. Stripper poles

It's tough to answer without knowing more about your area.  Is the market saturated with similar housing product?  Are there several employers (including hospitals) that would have traveling employees looking for this type of dwelling, or is it slim pickings? Are there management companies that can handle mid-term rentals and can validate your rental comps and expenses?

I'd likely want to know the answers above before moving further.

The purchase price and ARV are not enough to go off of to make decisions. You are missing the hard and soft costs and your profit. You could have a property with a purchase price of $1 and an ARV of $125K and it would still not be a good deal because it was a meth lab that blew up and will cost $150K to rebuild it, but it will never be worth that much because it's in a crappy area.

Also, I don't like the approach of using percentages when calculating costs or profit.  I always use real numbers instead.  The lower and the higher you get on price points, the less accurate and more skewed percentages are.

@Heeyeon Chung are you saying that the broker/owner will not even provide a rent roll and which units are vacant?  It depends on the lender what they require from you.  I have taken out a lot of commercial loans where the only thing I have provided the bank are my PFS, tax returns and a rent roll. 

You will, however, want to understand which tenants are currently in leases and which are month to month.  You do not want to be on the hook for long term leases with weird terms/low rents.  Are they refusing to provide those as well?

Your best bet is going to be getting HML referrals from other investors in your area. Meetups and REIA's are going to be good sources of referrals for you. When talking to HML's, always ask what all the fees and points are, not just the % rates. Rates can vary quite a bit from market to market, so make sure to ask around and remember that points can really add to your costs. You can many times be better off paying higher rates if there are no points/low fees if you are holding the loan for a short amount of time.

You will need to understand what type of structure(s) you are going to use for your investing. JV's, 506B and 506C syndications each have different parameters, legal and tax implications. You will need an attorney well-versed in SEC filing matters for syndications. If you are just using JV's and partnerships, you will still need a good attorney and accountant.

If you have no investing experience in the type of assets you are raising money to buy, you are going to have a much more difficult time convincing people to invest with you than if you have an experienced partner. Regardless, you will want to create a "credibility" book/bio to highlight your experience and skills.

Lots of other things to consider, but the above are important.

DRI, Galaxy, Midwest Title, Trustworthy Title, Cornhusker, Missouri River Title.

All of the above are local and work regularly with investors.