BiggerPockets Real Estate Podcast Summary
Episode Title: Regular Investor Makes $1.5M by Recognizing This Rare “Upside” on Her Rental
Host/Author: BiggerPockets
Release Date: February 10, 2025
Host: Dave Meyer
Guest: Dina Onior
Introduction
In this captivating episode of the BiggerPockets Real Estate Podcast, host Dave Meyer sits down with Dina Onior, a determined real estate investor who achieved an astounding $1.5 million upside on her rental property. Dina's journey from entrepreneurial struggles to remarkable success offers invaluable insights for both novice and seasoned investors.
Dina's Background and Entrepreneurial Journey
[01:04] Dina Onior shares her personal history, highlighting her immigrant roots and early exposure to entrepreneurship through her father's business.
Dina Onior: "My father really built my business skills, and I didn't even know at that time what he was doing, but I became who I am today."
Dina recounts the challenges she faced, including a failed business venture that led to bankruptcy and relocation from New York to Boston. Undeterred, she pursued higher education, obtaining a master’s degree, and eventually founded a successful home healthcare company that has been operational for a decade.
Transitioning into Real Estate Investing
[04:03] Dina explains how her home healthcare business inadvertently introduced her to the real estate market.
Dina Onior: "People started to just ask questions. I would get like a phone call from reception... why am I not buying those properties directly from my clients?"
Recognizing the potential in multifamily homes over single-family residences for risk mitigation, Dina began exploring real estate investment. Her entrepreneurial drive, honed from her early experiences, propelled her into this new venture.
Building a Supportive Real Estate Community
[05:39] Dina discusses the importance of finding a community within the predominantly male-dominated real estate industry.
Dina Onior: "I felt really lonely... I needed to find my people. I needed to find who can I talk to who can give me some guidance, and especially, like a woman."
She credits BiggerPockets, networking groups, masterminds, and continuous learning as pivotal in establishing a supportive network that provided guidance and collaboration opportunities.
Initial Real Estate Deals and Strategies
[07:01] Dina walks through her first real estate transactions, emphasizing her strategic focus on multifamily properties.
Dina Onior: "My goal is always to get this to the highest ARV I can so I can refinance out, pull my construction money out and move on to the next project."
Her approach involved purchasing properties, investing in substantial renovations to increase their value, and leveraging refinancing to extract capital for subsequent investments. Her first property in North Attleboro, Massachusetts, saw a value increase from $289,000 to $650,000 over five years, yielding a significant profit upon refinancing.
Challenges in Property Management and Construction
[16:17] Dina candidly shares the complexities of managing multiple responsibilities, including a home healthcare business, property management, and a large-scale rehab project.
Dina Onior: "I was the one actually on site with my husband checking out like what's happening... Do we need to order materials? Do we need another person in here?"
She discusses the trial-and-error process of building a reliable team of contractors, the importance of supervision, and the intense commitment required to juggle her entrepreneurial duties alongside her personal life.
Highlighting the $1.5 Million Upside Deal
[24:36] Dina describes her most recent and remarkable deal, where she capitalized on inadvertent multi-family zoning during the purchase of a primary residence.
Dina Onior: "The equity that I was generating in that project was $1.5 million."
This deal involved converting a single-family home into dual townhomes, leveraging zoning laws and strategic financing. Dina meticulously navigated the construction and development process, ultimately realizing a substantial equity gain. She highlighted the risks involved, including unexpected construction challenges and financial hurdles, but underscored the potential rewards when executed correctly.
Managing Risks and Financial Strategies
[29:58] Dina emphasizes the critical role of financial planning and risk management in her investment strategy.
Dina Onior: "The biggest challenge for me was like, finances my project... I had to figure out, two years from now, how am I going to qualify for a $2 million loan."
She details her efforts to secure favorable loan terms, the importance of maintaining strong financial discipline, and the necessity of having contingency plans for unforeseen expenses, such as the additional $70,000 encountered during her development project.
Future Plans and Continued Growth
[34:28] Looking ahead, Dina outlines her strategies for navigating the current challenging market conditions.
Dina Onior: "I'm continuously looking just... you have to...create opportunities yourself."
She expresses interest in accessory dwelling units (ADUs) and remains open to innovative investment opportunities, emphasizing the importance of adaptability and continuous learning in sustaining growth amidst high prices and interest rates.
Key Insights and Takeaways
- Persistence and Resilience: Dina’s journey underscores the importance of perseverance through entrepreneurial setbacks and the ability to pivot towards new opportunities.
- Strategic Networking: Building a reliable community and leveraging platforms like BiggerPockets can provide essential support and knowledge.
- Risk Management: Thorough financial planning and risk assessment are crucial, especially in multifamily and development projects.
- Value Addition: Investing in property improvements to increase ARV is a proven strategy for maximizing returns.
- Innovative Thinking: Recognizing and capitalizing on zoning opportunities can unlock substantial equity and elevate investment outcomes.
Conclusion
Dina Onior’s story is a testament to the power of strategic thinking, relentless effort, and the ability to identify and exploit rare opportunities in the real estate market. Her success in achieving a $1.5 million upside on a rental property not only inspires but also provides a practical roadmap for investors seeking to replicate her achievements.
Notable Quotes:
- Dina Onior: "I love to tile. I think that what gives me like peace and quiet... every single unit, every single house that we bought, I would put my stamp on it." [19:29]
- Dave Meyer: "That's probably one of the bigger equity pops I've ever heard of on this show." [31:19]
- Dina Onior: "You have to be comfortable to win and lose." [34:28]
This episode encapsulates the essence of successful real estate investing through Dina’s real-life experiences, offering listeners actionable insights and motivation to pursue their own investment goals.