All Forum Posts by: Shiloh Lundahl

Sometimes going to local investor meet ups after investing for 15 years and building a large portfolio is a little disappointing. The majority of the investors at these local meet ups are either new or they've only done a handful of deals.

I would like to network with investors that have done hundreds of deals and have made multiple millions of dollars in real estate. 

For those who have built a net worth of over 5 million dollars or more in real estate, what are the best ways you have found to network with people at your level or higher?

Hey everyone, my name is Shiloh Lundahl and I am an investor out of Arizona. I have been investing In real estate for the past 15 years and I have owned and held hundreds of properties In my portfolios. 

I am looking for other high-level real estate Investors who have done at least 50 or more deals or who have 50 or more properties who would like to network with other high-level real estate Investors who would like to attend a real estate mastermind retreat at the end of April that I will be hosting out of my properties In Costa Rica.

If you want to level-up your real estate Investing by networking with high-level Investors while experiencing the adventure and beauty of Costa Rica, reach out to me and let me know.

https://reiretreats.com/mastermind-retreats/

https://youtu.be/jtk5BfUXJ4Q

To answer your question, you can use AirDNA or another short-term-rental income analyzing website or software. When I did my research for buying my properties in Costa Rica, I had one of the big STR management companies like Evolve analyze my potential profits and I used that info to raise money through bringing on partners to buy the properties.

Now that I have answered your question, I'd like to share my questions and possible concerns. 

Are you looking to rent the property as an STR because you are losing money as a long-term rental? If that is your primary motivation then I wouldn't encourage that. The STR model is a different model and where it is at in it's business cycle, the average STR owner is not doing well. Only the above average STR operators are doing well. So you would either need to learn a lot about how to be an awesome STR operator and you would probably need to put into your home $20,000 to $100,000 in adding furnishings, design, and adding amenities to make the property desirable.

If you don't have the time to manage the property then you would probably want a company to do that for you. That can be expensive and will likely cost between 15 and 20% of the revenue (and that doesn't often include the cleaning fees) which may mean that you don't make a profit. 

I would only encourage you to switch your property to an STR if you really want an STR. If not, you may consider just selling it and reinvesting the equity into a different property or properties.

Hi @Michael Goddard what are your real estate goals?

@Khaled Seirafi I've invested in several things in real estate: residential, commercial, small multifamily, mobile home parks, short term rentals, co-living (rent by the room) and I just bought an assisted-living facility. Out of all of those real estate strategies, for me, the best strategy has been single-family homes that I sell on lease options. The hold time is usually between three and five years, and the overall gain is pretty high within a fairly short time frame.

Hi @Khaled Seirafi. I'm in Arizona. Why have you decided on multifamily versus other real estate strategies?

@Kevin Bartel I would say pick the type of real estate that matches your situation best. 

A house hack sounds like it might be a good fit for you since you need somewhere to live anyway. It would probably not be really time consuming. If you were to buy, let's say a three bedroom or four bedroom home and rent out the other rooms to other single people.

If you were to get a short term rental, you would probably want to have somebody else manage it and right now your average short term rental isn't doing really well. But if you're really good at it, then you can get a short term rental to perform well. But you'll have to either manage it yourself and develop a really good skill set in that or get a smaller company that doesn't have too many properties to manage who has a high skill set management for you, but then you need to pay for that. So my opinion for short term rentals is, if you don't have the time to manage yourself, then just buy it if you want to visit there a lot.

Another option might be to find a successful operating partner. You can be the money partner, and the other partner can manage the operations and then you can both split the profit. 

@Ian Hutton Man I'd love that debt. Why are you wanting to pay them off? Is there a certain reason? Are you still considering building more of a portfolio or are you happy with where you're at and you just wanna pay off the debt?

@Katryna Wood I didn't realize that you were in Texas. Texas has additional laws against these options. There is another route you can take though, but I'm not very familiar with it. I know that there's some other people on this website that may be more familiar with it though.

I'm offended that nobody included me in in this conversation.@Chris Seveney's suggestion could be a really good solution depending on the numbers. 

Also, depending on when you purchase the home that you currently within, and the interest rate that currently has, it may be wise to not sell it, but to rent it out.

- How much is your aunt willing to sell her house to you for?
- How much would you say the house is realistically worth?
- What are the rents in the area of the house?

- What needs to be fixed in the house?

- How long before you think you would be able to get your own loan and purchase the property in your names?