All Forum Posts by: Yasser Quraishi

Update: I received an e-mail today from Delta updating me on the status - the Lot has been scrapped and several other activities have been completed, so it looks like the project is continuing. I am eager to get this project completed as it has been a while since this journey began. 

@Eric Winkler @Tiffany Schumacher I also posted about my experience with Delta in this thread. 

I have not had a good experience with Delta (DCGI). I had closed on the new construction in January 2022 after acquiring the land through cash. In October 2022, I got notified that my loan through Center Street Lending was cancelled (because there had been no activity on the loan)
and that I would need to find another source of financing. When I tried following up with Delta, they did not have an answer for me and simply said that they would just stop all progress on my construction until I made the payment for the first draw. So I self-financed the first draw, thinking that it would help move the project along, but that proved to be a big mistake because Delta stopped responding to me after that. I've tried multiple times e-mailing and calling Delta, who have now conveniently started to forward all incoming calls to voicemail. Now I have no idea on if or when the project will ever be picked up again. I'd like to know if anyone else has had the same experience? 

Here's a timeline:

December 15, 2021: Land purchased

January 14, 2022: Closed on loan with Center Street Lending + First deposit made to Delta Build

August 25, 2022: Permit approved by the city

October 21, 2022: I was informed by Delta that my loan with Center Street Lending was cancelled (which meant that I lost around $15k which I had used to fund the initial loan) and that I would need to find new source of financing and that the Draw 2 was now due. When I pressed Delta for answers, I was issued the following stern statement: "Let me start with as a courtesy we contacted you regarding Center Street and its not obligation to maintain your financing. Now let’s chat about progress, as per your contract section 8. Commencement shall be 30 days after receipt of permit as a condition. Although your permit was approved on 8/25/22 , you haven’t paid the draw 2 that’s due. So basically, you are on HOLD until this is paid. When are you going to pay this as your lender has not and now you are in breach of the contract and causing the delay."

November 18, 2022: I self-financed Draw 2 and started searching for another loan provider

December 5, 2022: I followed up with Delta asking for an update. I received a response from them providing the timeline and that the next step was to Scrap Lot (tentatively scheduled for December 19)

January 10, 2023: I followed up with Delta to inquire if the Lot was scrapped and if the Permit was picked up. No response

January 20, 2023: I followed up with Delta again. I also called them a number of times during this process and left voicemails

January 27, 2023: I received a response from Delta informing me "Due to the volume of requests, we ask that you please do not respond or send another email to Permitting unless there is a change in your request. This will only continue to delay the process."

I have 1 ticket available as I am unable to attend. It includes General attendance (worth $800 since I am a Pro Member) + a workshop (30-Day Stays: How to Invest in Medium-Term Rentals (you can switch this to any other workshop that is still available)) for which I paid an additional $300. 

I'm looking to part with this for $1,100. First come first serve.

Does anyone have experience with or managing short term rentals in Indianapolis? Recommendations would be great as well. 

I'm a new out-of-state investor in Indianapolis and will be in town between June 21 - 23. I am interested in connecting with other investors in the area to better understand the area, share stories (good or bad) and hang out. Please let me know who if you're interested!

Hi Natasha! 

I live in the DMV as well (in Northern VA). I'm excited that you are looking to venture into STRs. I spent a ton of time last year in researching this model and also my area to identify opportunities for STR with arbitrage. My experience was unfortunately not great precisely because of the rules/policies that are imposed by municipalities, counties and HOAs. Ultimately, I gave up on the arbitrage model because there were too many rules and nuances in this area. To my knowledge, some of the people that have had success with this model have been doing this for several years before such rules/regulations existed or were enforced. I'm not suggesting that this model won't work, but it is hard to do unless you can first align yourself with someone who is already practicing this model (which is what I believe you are trying to do - so kudos!).

With regards to your question about rental license - even with the rental license, there are rules (especially in DC and VA) about the minimum amount of time that your home must be rented out to a single tenant or a minimum lease term that would prevent you from doing STRs if you abide by the rules. I have heard of cases where some people make it work outside the rules/policies as it's difficult for the local govt authorities to enforce since they have a massive backlog.

Feel free to reach out directly if you have further questions. 

Thanks for setting this up Jin! Great to see your initiative in getting people together in NoVA. I'd love to join you but I will be out of town during this one. Will join you next time for sure!

Hi Kamaljit. I was asking the exact same question to myself yesterday and tried to get some answers. I found a great video from Dave Meyer (BP’s VP of Data Analytics) called Investing Out of State: How to Evaluate Markets, Plus Our Top 5 Picks which is available for Pro members. Check in the Pro Exclusive Videos section. Dave provides a ton of great info along with his top 5 list.