The Third Rule of Thumb and Understanding City Requirements!
Monday, January 23
Whenever you are evaluating a property for a conversion or new construction, you need to understand that the city has some basic requirements that they are going to check before they sign off on your property. While this isn’t everything that your city will require, these are a few things that y...
The Third Rule of Thumb and How Demographics are Part of Due Diligence
Friday, January 20
Before you can make an offer on a property, you need to remember, location, location, location. You hear that in every story, ad, or reality TV show. The reason that you hear it is because it is true. You need to make sure that you are in the right location. The only way to know if you are in...
The Third Rule of Thumb and Zoning
Wednesday, January 18
One of the areas that you want to research during your due diligence period is the zoning. If you are looking at a property that is already self-storage, then you can look into whether or not you can expand. If the property has some vacant land, what can you turn that into? Can you add more se...
The Third Rule of Thumb is Due Diligence
Monday, January 16
When you are negotiating your contract, you must put in a due diligence period. This gives you time to make sure that the property is what you expected it to be. Sellers will often inflate the facts about the property in order to get top dollar for the property. Your job during due diligence i...
The Second Rule of Thumb and Financing
Friday, January 13
When a property sells, it shows a lender what someone is willing to pay for that type of property today! This resets the baseline on property values. When a bank looks at a property, they want to make sure that they are investing in something that is a good investment. As a result, there are s...
The Second Rule of Thumb and Helping Sellers Understand Pricing
Wednesday, January 11
Sellers want to squeeze every penny they can out of their property. They want to walk away with at least $100,000 more than the property is actually worth, and they are insulted when you aren’t willing to pay them more. Your job as an investor is to show them how value is determined and why you...