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Updated over 3 years ago on . Most recent reply

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15
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Andrew Cowles
  • Investor
14
Votes |
15
Posts

Out of state investing in Self Storage as my first investment

Andrew Cowles
  • Investor
Posted

I'm currently active duty military stationed in Delaware. I have 0 investment properties right now. I would like to invest in CRE(self-storage) but I do not want long term investments in Delaware as I do not want to be here long term. But I want to get into real estate now.

I want to be in South Florida long term and start my CRE business there. I'm pretty nervous for my first deal and it being out of state is even scarier.

I’m trying to figure out the best option for me. Whether I should just wait until I’m actually in South Florida to start investing or try to jump into it right now from out of state. I use google earth to find deals and have my retired parents, who live there, be my boots on the ground and actually go look at the properties for me. 

If anyone with any experience investing out of state has any advice I’d really appreciate it. 

Most Popular Reply

User Stats

15
Posts
14
Votes
Andrew Cowles
  • Investor
14
Votes |
15
Posts
Andrew Cowles
  • Investor
Replied

@Patrick Britton

So I understand self storage is a business rather than an investment. I wrote my entire business plan based around South Florida being an expanding real estate market with great population growth.

I like South Florida because it is growing in population meaning there are more entrants moving into the area who are going to need self storage. 

I like self storage and small multi family(2-4-plex). I’m a new investor and I have been studying and researching for a year but I feel the best way for me to actual acquire knowledge would be to get my first deal.

For financing I'm looking towards an SBA loan or perhaps a conventional loan(bringing in an investor to help with the down payment). VA loans don't work with CRE so I would only be able to use that for my first small multi family.

My long term vision is owning a CRE business that invests in Self-Storage and small multi-family.
   

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