All Forum Posts by: Ben Leary

@Maureen Santibañez FHA

What is a step-by-step, in depth way to analyze the profitability and commercial market of a potential self storage lead? I am new to this and will be approaching investors with any profitable leads at real estate gatherings and online.

I am starting to analyze potential properties and land that I could use for my self storage business. This could be preexisting facilities, an empty commercial space, or land to build upon. Whatever is most profitable. I will be running through my list tonight calculating operating expenses as well as the potential operating income. Let me know if you can help me with this! An exciting moment!

I came up with the idea to buy a storage unit building and rent out the units. I haven’t found a specific property yet but briefly spent some time looking at facilities. Larger storage unit buildings typically sell for $1M+ depending on the area. A few smaller local property investors I have been networking with told me to forget getting a commercial loan from a bank (I’m 23, my credit score is 775, and I make about $22,000 annually). Instead, they suggest I present my numbers to some investors who would have the required capital to partake in a business venture like this. One of my mentors recommended finding a property on loopnet.com and print off a PDF for the property showing cashflow. Additionally, he recommended presenting the investor with an executive summary and cover letter.

An alternative I thought of was buying a large amount of land and having a small building constructed and then sectioning it off using a smaller loan and then having more buildings added as I go.

Bigger Pockets, what is the best way to win over investors and which one of these scenarios do you recommend for someone as inexperienced as me?

Today I heard one of my coworkers talking about how he’s paying to store some of his belongings in a self-storage unit. He said he pays about $150/month for the service and mentioned how many units the building had. I came up with an idea to buy a storage unit building and rent out the units. Does anyone have any experience with this? I have looked at self-storage unit buildings online and most of them cost $1M+. Where could I get a loan for something like that? Is it possible?

I have been reading up on the many different real estate investment niches. I was looking into investing in a 4-plex using an FHA but commercial real estate, larger apartment buildings, and mobile home parks all seem like they might be more profitable investments. I know it's a hard question to answer, but generally speaking, what is the most profitable investment I can make as a beginner?

I have read that investing commercially can require more capital initially because of longer vacancies. I have been reading endlessly about FHAs and house hacking but I feel like not having to deal with nightmare tenants though is a huge benefit to investing commercially. Does anyone have commercial experience? Is there any way I can get a rental property having such little money, being so young and being so inexperienced? I am 23 and have about $3,000 available to invest.

@Collin Bryston Adams I'm very anxious to get my first rental property but only have about 3k available to invest. The rest of my cash is in my IRA, 401k, and savings account; accounts I'd rather not withdraw from. Is there any way I can get involved sooner having as little money as I have?

@Collin Bryston Adams @Antonio Cucciniello @AJ H.

The only reason I ask is because I am in the process of saving for a down payment/emergency fund for a rental property. I am trying to save at least 30k for a 4-plex. This is a goal I should be able to achieve by Nov 2021 if I continue on the budget I created. In the meantime, it can’t hurt to learn right?

Hello BP community and Happy Holidays to all of you!

I’m looking for a good real estate club/meetup in the Manchester NH area where I can network and learn. I am in the process of building my team.

Merry Christmas!

Hello Bigger Pockets!

I have about 7 real estate books checked out from the library right now and have been listening to several podcasts about real estate. I have even been lucky enough to be able to connect with a few members of the BP community and hear their real estate success (and failure) stories!

My question for you all this evening: Are there any other resources that I can take advantage of? I will take advantage of any opportunity to learn so do not hesitate to throw out good books, blogs, podcasts, youtube channels, etc. etc.

If anyone in the Manchester NH area knows of real estate investor meet ups, please let me know! I am trying to join one to make connections, begin building my support team, and learn from experienced investors first hand!

Thank you all for the help. What an incredible community this is!