Today we’d like to introduce you to Dan Botwinik.
So, before we jump into specific questions about the business, why don’t you give us some details about you and your story.
I got started buying multifamily property out of foreclosure in 2008. I thought it was a great time to get into the market, but I underestimated how long and how deep the Great Recession would be. It took me a long time to work through some of those first properties. Those hard lessons have helped shape our focus today — we are still willing to do the hard work it takes to turn around difficult properties and still focus on secondary and tertiary markets but avoid the really tough areas. As the market has improved, we have shifted our focus to include condo conversions, new construction, and historic tax credit projects. We are still focused on multifamily, but are now in 5 states and own and operate everything from affordable communities to luxury condominiums.
We’re always bombarded by how great it is to pursue your passion, etc – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
Availability of credit was difficult as I was making the transition from the corporate world to real estate. In the beginning, I used to need to raise cash from investors to do all-cash deals, or get someone to co-sign.
So let’s switch gears a bit and go into the Cougar Capital story. Tell us more about the business.
We focus on buying distressed real estate to provide a great return for our investors and improve the communities in which we work. While there are a lot of different projects we are working on, I am most proud of some of the historic tax credit renovation work we are doing in Salem MA where we are converting a former rectory into 4 apartments and also converting the former convent across the street into 8 apartments. It’s great to take something with a lot of character and history that has fallen into disrepair and give it new life. We preserve as much of that character as possible while creating spaces that have a good flow and the modern amenities that people want.
Has luck played a meaningful role in your life and business?
Luck plays a huge role in business, but obviously it’s one element we can’t control. We try to understand the risks of any deal up front to be prepared for whatever happens — both good and bad luck — to make the best of the cards we are dealt.
Contact Info:
- Website: www.cougarcapitalmanagement.com
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