All Forum Posts by: Dain Boelter

I intend to relocate to the Rapid City, SD region in April/May for work, and I plan to acquire a primary residence that could eventually be transformed into an investment property. I currently possess several properties in NC and Las Vegas. My objective is to establish my network in the region prior to my arrival.

No they would buy the land and build the houses. As far as I'm aware the contractor would do everything. He did not mention waiting until the built houses were sold. It sounded like two separate payments. One for the land and then a percent of the sale price of the homes. There is a SF on each lot right now and they would get torn down by the contractor as part of the deal. 

Didnt think about splitting them ourselves then offering them that way. I'll have to take a look into that a bit further. 

Im just looking for general information and strategy suggestions. We have two lots of land in south Saint Paul Minnesota which total approximately 2 acres right next to each other. The houses themselves aren't worth much but the city isn't building anything under $1m in the area now. We have been approached by a contractor to buy parts of the lots on the frontage roads to place approximately 3 houses. He would pay us $1.3 mil for the land and an undetermined % of the sale price of the homes. We would still have some land behind the homes not sure how much as of now. Also I have the potential to buy the neighbors lot of another acre guessing I could get it for $300-400k. What can I do to maximize profits in this situation? Is this a decent deal? Could I develop myself? I only have experience in buying properties to fix up and rent. Any advice would be much appreciated. 

@Patrick Broussard I am looking to potentially start and Airbnb in Henderson. The problem I am currently running into is finding a property which meets the 1,000 ft distance requirement to another STR property.

Henderson requires the property to meet the requirements to register but what I have actually found is that when I map out the 400 or so registered properties at least 90 some percent of them do not meet the requirements. They are all too close to each other. I am wondering if Henderson even checks this when approving a STR.

They have to register annually btw.

Wondering what you have found out during your search.?

@Bryan S Garcia I too am looking to potentially start and Airbnb in Henderson. The problem I am currently running into is finding a property which meets the 1,000 ft distance requirement to another STR property.

Henderson requires the property to meet the requirements to register but what I have actually found is that when I map out the 400 or so registered properties at least 90 some percent of them do not meet the requirements. They are all too close to each other. I am wondering if Henderson even checks this when approving a STR.

They have to register annually btw.

Wondering what you have found out during your search.?

@Mike Mendes all depends on the area and market. I have houses in one area which wouldn't be good to do str. My places in the other area I make way more as str's. My str has averaged 1500-2k a month since I've had it. And this was during terrible Covid times as well. I don't know what all these people talking about str's being so much work. The set up was stressful but that's like any property you buy. Most of my stuff is automated now. I send my cleaners the calendar and they go when they need to. Yes sometimes I have to deal with maintenance issues or something similar but I don't have to message anyone very often since they are automated. The little extra work has been worth the profits for sure. Trying to get my current house ready to be another str.

Again it also depends on the area. Just run the numbers and see. I'm not too worried about the market situation for my str.

@Christian Lozano oor use the money to you would spend as a down payment to find and sublease several airbnb properties making significant cash flow and use that money to start transitioning into buying multiple houses. Using them to airbnb. Purchasing off the bat is much slower for potential growth. It shouldn't take long to have the cash to start purchasing multiple properties if you do it right by subleasing several Airbnb's. The hard part is probably convincing owners to let you.

@Antoinette Borges flipping or wholesaleing is the way to go as far as fast cash but it's going to be a bit harder to flip with a lack of funds. You maybe able to work a hard money angle.? A lot of beginners try wholesaling because it doesn't really require much cash. You just need to find the deals. If you find some let me know because I invest in the area ; ) 

Jason Terrell I’m not saying I’ve done it in the past on two occasions but on those occasions I definitely didn’t get my realtor to show me the property then unlock a window on ground floor without them noticing. Of course I didn’t come back later and go through said window to unlock the doors and let in all the people who needed in so I could have repair and inspections done. I didn’t do these things but if I did, did the realtor or any bank ask how these things like carpet, paint, and appliances were magically fixed or replaced? Nope Do I happily own these properties that I did not do these things to acquire? Yes :)

Pay off the debt first to ensure you have a stable base in order to start taking on more debt and risk. Making that kind of income you should be able to budget and get that debt paid off in no time. Making small sacrifices and not wasting money on things you don't need adds up very quickly.