All Forum Posts by: Owen Dashner

@Dan Lewis I sent you a connect request. Thanks for reaching out. I've talked with several Des Moines investors who are good people, looking forward to meeting more. Thanks!

Hello all, I am going to be taking a vacation soon and staying in Fort Myers at the Pink Shell resort in one of their condos.  I am going to check out a few as possible short term rental investments/family getaway spots.

Any locals have any input on Pink Shell or other possible beachfront STR properties that are good investments?

Also, any referrals to good local investor/Realtors would be great.

Thanks!

Ken, try Dan Palmquist at American Interstate Bank in Elkhorn. 

Good luck!

Owen

In general, I am looking to make some contacts in the Des Moines market, so I would love to connect with any investors and agents there. Specifically, I am an owner of a hard money lending business in the Omaha area, and we have a loan request for a property in Des Moines. I am looking for some comps and good ARV numbers. Any help would be appreciated!

@Julie Sisnroy, in order to give you good answers on your questions, it would be helpful knowing your criteria. Price point, single family/multi, do you self manage or use PM, are you investing for cashflow or appreciation or both, what type/size/age of home, number of beds/baths, square footage, etc. Do you have COC or other type of metrics you are looking to hit?

If you are looking for lower price points, higher cashflow, but with higher maintenance and lower appreciation, North and parts of South O would be best.  If you stable, desirable school districts, 3/2 houses from $175K-200K, look in Sarpy county, District 66 and Millard. Trendy/gentrifying areas are midtown, Little Italy/Bohemia, Benson, Aksarben.

There's something for everyone here.  Taxes are just a line item.  You can still find great cashflow properties here because the price/rent is great compared to other markets.

Welcome to BP and REI! If you haven't already, make sure to join the FB groups for the Omaha REIA and Omaha Real Estate Meetup. Lots of investors, wholesalers, lenders, contractors, etc in both groups, great for networking.

Multifamily properties that aren't ridiculously priced are scarce in Omaha, so make sure you do as much networking as you can with other investors and commercial agents and brokers.

Good luck, feel free to reach out if you need something.

@Max Katelouzos I can't speak for all HML, but when I underwrite for our hard money loans, we look at the asset first. We need to be comfortable potentially owning it for the amount we are lending on it (if we had to foreclose), that's the first litmus test. We run comparable sales to determine ARV and look at the scope of work involved. We do take into consideration how experienced the operator is as well.

We like borrowers who know their numbers and have prepared an overview of the project. Nothing crazy detailed, just a description of the purchase price, loan amount requested, scope of work, projected length of time owned, and what their projected ARV will be.

Generally, if a HML won't give you a loan due to the deal itself, you should likely not buy it anyway.

@Julie Sisnroy I am curious why you say Omaha is not a place for investment properties?

@Brian Garrett in and around Omaha, NE, you can buy those types of properties for $50-65k per door. Sometimes less than that, but those would typically involve significant Capex. I just 1031'ed into a stabilized, but under rented 20 unit in a B area in Omaha for $1.3M. Solid 12 unit properties here go for around $800-850K.