All Forum Posts by: Bryan Brooks

@Travis Rogers thanks so much for insight here. This is great stuff! I haven't had any arrests or incidents as of yet. Hopefully, I never will. We are out in a rural community near a popular fishing lake (perhaps that's why).  

@Henry Clark This is great advice! Thank you! I've been working through 1 and 2 . . . but 3 and 4 are great ideas that I hadn't considered. 

@Travis Rogers things are going great. Facility is now 100% occupied (I only needed to fill 1) and we are off and running. Trying to get as much into an automated system as possible. Rates will go up June 1. Name change on July 1. Then I will be adding about 14 more 12 x 30 units. 

Did you ever finalize this deal? I’m asking because I just came across this post. I’ve purchased a storage business in Texas. My first one. Was wondering if this ever panned out for you? 

@Janine Reiser thank you so much! This is great info for me! 

@Jonathan R McLaughlin thank you for the advice! Good thinking! 

@Erickson Sainval thank you so much!  This is very helpful to me.  Appreciate the time! 

@Greg Scott this is some great advice. Thank you for this. I really appreciate the time you have taken to respond. This has been very helpful to me.  

I own an investment property in Virginia. I purchased it in 2005. It's been a great investment. It's about 3,300 square feet. Current market value is between $330,000 and $350,000 or so. It rents for $1,900 per month. I pay an 8% management fee ($152/month) to Dodson Property Management, based out of Richmond, VA. Dodson has been a fantastic MGMT company to work with.

The lease ends in April 2021. Tenants seem to like living there and also keep the house in good condition. Never had a late payment from them. 

My question here is if anyone has tried to sell an investment property in the middle of a lease? I have another investment property that I'm interested in and I'd like to use the equity from this property, after sale, to purchase another property.  I'm thinking of offering the property to the tenants but I just want to be aware of any issues as I've never tried to sell any of my investment properties while they're leased. 

Just looking for any guidance or tips. Appreciate your time. 

Bryan

Thanks for the reply. 

The LLC will have $200K in assets when it starts. I can do a cash-out refinance without any problem but my hope was to get as much capital out as possible. The cash-out only gets me 75% LTV.