Best Way For New Real Estate Agent To Learn Buy&Holds

[Cody Evans]

Hi BP,

I am trying my hand at wholesaling and finding deals for the next few months but I dont want my eggs in one basket so I will be getting my license soon as well. My end goal is to get buy and holds/self storage. Essentially the end goal is passive income. My question: what are the best first steps for an agent to be successful as well as the best way to prepare myself for passive income investments while im an agent so i can get the most out of the experience? Im trying to get myself exposed to as much of the field of real estate as possible so I can see which specific opportunity I want to throw my full weight into. I make 50k at my current job if this info helps.

[Jay Hinrichs]

cody I have owned self storage.. unless you can find some small mom and pop type places they are pretty significant investments.. and getting financing unless owner financed will require experience and pretty good balance sheet and liquidity..

mine was 7k sq ft of commercial on top and 44 units below.. and it was NOT passive in the sense.. you have to work it.. people come and go all the time in storage.. so you have to show them.. you have to evict you have to do auctions.. clean them get them ready for the next client.'

I got tired of managing them and put a condo plat on the storage units and sold them off individually on long term contracts.. this worked well for us..

But I think you have to be realistic going in .. like I said you might find a little kind of run down mom and pop one in one of the little cities out in the valley.. but close in just the land alone is going to be quite valuable in the north bay.. and this will take some pretty significant purchasing power.