All Forum Posts by: Brandon Hobbs

@Kim Hopkins if you find one please let me know lol.  You're right there is plenty out there for beginners especially multifamily.  I am not aware of anything industrial specific but would interested if you found one or started one.  

@Christopher Hall I would suggest doing a little research and find a sponsor with a good track record.  Invest - not all of your 250K - as an LP and use the experience to learn about the asset class while making some $$$.  Then decide if you want to move forward as an operator in the storage space.  

@Owen Schwaegerle its simple.  But certainly not easy.

What @Zach Quick said.

@Kevin Zolea residential RE & STR's are not my specialty....wouldn't want to speculate but it looks like there are several others on the thread that have local knowledge and experience @Rachel Hutcherson, @Chad Shultz, @Alvin Taveras. If you want to discuss CRE in Palm Coast area I'm game!

@Brian Morales I am very bullish on Palm Coast. Currently invested in a couple of commercial properties there and looking for more. Boston Whaler just moved HQ to Palm Coast, new hospitals under construction, still very attractive price points for SFR compared to surrounding areas. Beach isn't as enjoyable as some of the other close by beaches, lots of rocks. But short drive to Flagler, St Augustine, Daytona, Ormond, etc which all have great beaches. Lots of retirees but demographic is diversifying. Strong city ordinances create barriers to entry (opportunity) and thats a good thing IMO. Check them all out, live where you want to live, invest in Palm Coast. My 2 cents.

Good morning @Evan Loader.  Agree with the previous comments here regarding single tenant risk but the sale leaseback strategy in larger class B industrial is being utilized by some really sharp operators.  I am in the storage space and would argue that both yield and upside, while not yet competitive as MF, is now extremely difficult to find in storage (no secret there).  Most of the OM's I see from other storage sponsors and brokers are real "head scratchers."  Even the "off-market" opportunities are tight due to owners getting inflated valuations from brokers offering free BPO's to attract more listings. Most storage owners these days, even the coveted "Mom & Pops" in secondary and tertiary markets are well informed on market conditions. While my group continues to pursue storage opportunities, we are researching other niche segments for this reason.  If you are looking for other LP options, I know a couple of really good sponsors in the industrial sale lease back space.  Happy to refer them over to you.

@Tyler Hardy

Agree with all of the good advice here. Another low risk approach you might consider is to tie up the land with an "Intended Use" contingency. Try to get as much DD time as possible - min 60 days, shoot for 90. Be transparent with the listing broker and seller on your intentions for the property and make sure the contract allows you to get your EMD back if your feasibility does not pan out. Look for a local civil engineer who can assist with a first draft concept site plan. From that site plan you should be able to get an estimate on how many buildings and spaces the site will yield. You can pro-forma from there to see if the deal pencils out and hits your criteria. If it does not, you walk away and get your EMD back. Your only cost will be the site plan which should not cost more than $1500-$2000 range. That's money well spent regardless of the outcome.

I agree with @Henry Clark $30K/acre is not that bad for properly zoned land - depending on what your rates will be and how many spaces you can get.  Might not make sense for a 50 space facility.  But 150 space facility with rates $100/mo or more could be interesting.  

Best of luck.  Go Dawgs.

@Trevor Fulkerson  

Do the sellers have debt on it now?  If yes and they have performed during the length of their ownership, I would start with the bank who has the existing mortgage.  We have always had good luck with that approach, especially with smaller town mom n' pop deals.  If it has been a "quiet" loan for the existing bank, they will likely want to keep it.  If not, and you need to get a new lender, there are a ton of folks here on BP.  Also check out Private Lender Link (www.privatelenderlink.com).

Late to the party here but I would be interested if you guys meet up again.