Jun 12 in General discussion
Intro
Above all else I value Time which I equate to real freedom. I have 7 Beautiful children that I spend a lot of time with learning working and playing.
You are only as good as the deal you are doing right now . If I can help on anything or help anyone underwrite or examine properties I’m happy to. One of my favorite things about Dan is he reminds me of the principle that if you have not learned I encourage you to ponder there truly is no finish line!
I’m excited to learn with this group.
I have an accounting degree that I got solely for my mothers satisfaction. I sold my first business as a junior in college for a little bit I got and thought I was rich😀 I blew it all on hunting trips in Canada Mexico and the west hunting constantly from august to February .
I sold as an agent and had a real estate brokerage in eastern Idaho from 2002-2010 I marketed the highest selling farmland per acre in eastern Idaho on 500+ acres that amount held until 2023 where they used my sale as a comp. This was a commissioned sale for a 29 year old I thought I was cool.
My first multifamily deal was a set of 4 plexes on the same acre lot. I bought this with a 30 day private money loan made it into section 8 and put a permanent mortgage on it taking 60,000 out in cash. The properties were run by a property management company and cash-flowed until disposition about 1500/month
My first 30 unit building we bought for 1 million and turned them into condominiums and sold them back to the tenants and only had to market about 30 percent of them.
when I was younger my wife and I flipped 94 single family homes mostly foreclosure auctions but some short sales or just great rehabs we financed the first 30 solely with hard money loans and 1st deeds of trusts. losing on 3 breaking even on a bunch( over budget or slow disposition made the hard money lenders a lot of money😀) and making enough money to buy and build a 5000 ewe sheep ranch spanning 3 states to get back to the nostalgia of the American west which is just code for a lot of work with a little pay.
I developed from the ground up the first fully automated self storage facility in Idaho in 2005 . This turned out to be too early for its time and I took a catastrophic loss. The biggest lesson was to secure long term financing before you build.
In 2018 we sold the sheep ranch and traveled the country with my 7 children learning to fish for sharks in the gulf and chasing grizzlies in the wind rivers of Wyoming giving them all a bigger persepective than rural Idaho.
In 2021 I took a position negotiating and acquiring multifamily deals in Texas and Oklahoma in a period of 18 months we put under contract 600 doors and performed due diligence we ultimately didn’t close on any due to some partnership issues that broke the team up.
I am an Idaho native, I like Idaho . My wife and I are going to acquire 10 commercial buildings in the next 5 years for long term holdings. The main criteria being cashflow.
Pic of a dark bank building in prime location 6500 sq ft the bank is still paying 18k a month NNN we have an LOI in at 1.8M
Current Plan: we will finish the second floor across the current mezzanine and lease to a plastic surgeon or same day surgery center. This will give us 10,000 sq @ $38-40/ft NNN on a 10 year lease.
We will refinance for a sixty five percent loan of the new value, letting us still cash flow while still cash flowing.
2
1 comment
Intro
skool.com/real-estate-private-lending-1417
Get your money to make money FOR YOU! We are Hard Money and Private Lenders who lend on real estate flips and BRRRR's.
powered by