All Forum Posts by: Scott Mednick

I do like your math. 

For back of a napkin approach, I take the existing monthly income, x12 and take 40% exp ratio to get a NOI. Then whatever the cap rate is that day divide by that. That is how the property is performing today. But, if you like value add deals............. Lets say the rent for existing 10x10 is now $60 but the market is at $100 and most units are full. Because our leases are month to month, you can see what the new value is when you use the new income. But you may some cap ex to get there or maybe not. I hope this helps you get started.

Reonomy is about $400 a month, but I have been doing mailings and 30% come back.  I dont this their fault. People buy real estate and move. 

They look like a owner who either self manages or third party management. The franchise model in storage has had some issues, the biggest advantage to storage is that brand awareness of storage like Cube Smart, no one really cares. Its usually what is the cleanest, closest to home or office they can find on their phone. Its been shown that most people like will not drive more than 19 minutes to their storage unit and will not move their stuff if the rent goes up 8%. To rent a truck and waste a Saturday to move your stuff for a $15 bump, it usually does not happen. 

I use the free tool on Stor Track frist to see if I want to go further, then I use Radius Plus by the hour to dive in. You can pay alot for data and if you are hot on a deal, it makes sense to pay. City-Data.com is great to check populations and incomes. One thing to look for is most people will not pay more than 2% of their income for storage. So if thier income is $100,000 per year, then $2000 a year for storage or $166 per month for a 10x10. So if you go into a low income area, sometimes its hard to raise rates. These numbers are just a guide, some areas will pay more, but will help to figure if there is deal or not with out spending money. 

flipandfastloans.com does not have any complaints, but what they offer seems a little agressive right now. They are based in Virgina Beach VA. Just wonder if any one has used them??

Scott 

I was investing in a different state than my usual lender will go into, hint, its a flyover state. I found fixandflip.net and talked to one of the owners. She told me with my experience (20 years flipping) that this should be and easy deal since I am buying the home 55 cents on the $. Well, I sent in all paperwork in the first day and was told they had to wait for an appraisal. Ok I can wait. But they run their business using VA's in another county. Including the main underwriter is a VA that has no authority. What? and underwriter that has no say about the loan, what is that?? That alone could work if the VA's were trained how to complete a loan. Oh, yes this was stupid, they wanted money upfront that would be giving back at the close of escrow. 8 weeks later (I was told they could do this in 3 weeks) the VA's kept asking for the same paperwork 3 to 5 times over and over. The VA's asked the appraiser 3 times to fix the appraisal, but each time a week would go by and waste time. Anyway, do NOT use this company Flipandfixloan.net for any reason. They have no idea what they are doing. They are based in Washington State. STAY AWAY! JMHO

I am looking for a GC in Des Moines for a full rehab in West Des Moines. I have 20 years in real estate so I am easy to deal with, just need a good GC to do work. 

Scott 

Hi Des Moines People, Im an experienced flipper here in So CAl and Chicago. My daughter is moving to Des Moines in July so I am looking for a home for her and her husband. He will be going to Podiatry School, so I am looking for a deal that we can buy and fix up. If you are an agent or wholeseller, let me know what you have. Should be 3 bedroom+ with good bones. I am a GC so I get fixers. I will also need a local GC to run the job. So, what is for sale today?? ;)

Scott Mednick

I am looking for home for my daughter near Des Monies University, she would be ok with a fixer. Need home soon. 

Scott