Boutique Condo Conversions with Dan Lesniak

Dan Lesniak is a billion-dollar real estate agent, best-selling author, investor, developer, and coach. Dan’s HyperLocal strategy led to one of the fastest starts in real estate with over $22 million in sales in his first year. Since then, Dan and Keri Shull’s combined team has grown to 80+ members and sells over $400 million in volume annually. In this episode, Dan shares his real estate agent and investor story as he educates us about the particulars and upsides of doing boutique condo conversions.

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What you'll learn in just 17 minutes from today's episode:

Discover what boutique condo conversion is all about and the positive sides of doing it;
Understand why it’s a must in DC to make sure the tenant’s TOPA rights have already been taken care of before buying a property;
Find out where you can register for summits where you’ll learn a lot about scaling your wholesaling, rehabbing, development business this year.

Resources/Links:

HyperFast Wealth Summit: http://www.hfwsummit.com
HyperFast Agent Growth Summit: http://www.hfasummit.com

Topics Covered:

01:08 – Dan’s interest in real estate since his college years
02:05 – Having experience in both the realtors’ and real estate investors’ worlds
03:57 – How his MBA helped him run his business
04:45 – Explaining what boutique condo conversions are all about and how they make more units through it
07:25 – The typical timeframe of getting a contract to having the project passed to the sales team
08:09 – Dan’s rule in dealing with non-vacant units in relation to the tenants’ TOPA rights
09:24 – How the properties look like after completion of boutique condo conversion
10:30 – Holding on to some properties depending on how the numbers are going
11:23 – The pros of doing boutique condo conversions
12:47 – Upcoming summits that will happen by the end of January and start of February

Key Takeaways:

“The more I’ve grown in the sales team, the more I’ve been able to grow what I do in the investing ones.” – Dan Lesniak

“We’ve got some tough laws around that [having tenants move]. We typically won’t buy it or we’ll put a contingency in there that protects us from buying it if the current owner doesn’t deliver it vacant. We typically want them to be vacant with the tenants signing away their TOPA (Tenant Opportunity Purchase Act) rights. So the tenants have first to write a refusal which they can kind of use to drag out the process for a year or two. We won’t buy it unless that has been taken care of, typically, and it’s vacant.” – Dan Lesniak

“We are holding on to some [properties], strategically. It just depends on how the sales are going and what we think the rents and prices might be in two to five years from now.” – Dan Lesniak

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