All Forum Posts by: Henry M.

I would always use an expert in each field... General Inspectors are just that. There are no warranties either way, but if it was me, I'd use a Master Electrician, Master Plumber, Roofing Expert, etc.

"Big" Henry

Xercor is who we use in regards to customer insurance. 

We use to have an in house protection plan, however to mitigate risk from the tenant aspect in the event something were to occur such as i.e. fire, we wouldn't be left holding the bag.

As for the facility itself, I would have to research that as it is above my pay grade. 

Chubb Insurance is one that comes to mind from previous experience.

I hope this helps.

"Big" Henry

We've tried Kiosks, but the results are meh. Can you manage remotely? Sure. But you must still be diligent physically weekly.

As for processing, we use Transaction Central. 

No, we don't pass on credit or process fees to the tenant.

Even if we did, per se, we wouldn't itemize it that way. Rental rates themselves can in essence cover those fees.

If I'm concerned about incorporating those fees, and a 10x10 is typically $89/month, then push the rate to $95 to $110/ month.

The only thing I would itemized separately from the rental rate is either taxes (if parking, except a boat) or protection plan (store)/insurance (third party).

I hope that makes sense.

"Big" Henry

@Nathan G.

I manage for others, but I'll eventually own my own sooner than later.

"Big" Henry

Henry!!!!

I read your post and love what you're doing.

I like your Youtube commercial.

We do something similar (especially with the pandemic) in rentals... We call them Online Ready (OLR). We will either rent over the phone or thru our website, if not in office.

So I've done everything in storage from Assistant Manager to District Manager (managed 10 stores) - I've probably worked at a couple of dozen throughout San Antonio and surrounding areas.

The storage I currently manage broke records the last two months. Just for the month of March 2021 alone, I led our team with 1,140 units, in the following #'s: Delinquencies were .3%... Only three units @ Under $481 roughly!

108 Move-Ins, 66 Move-Outs, with a net rental of 42 and with over $105K+ in Revenue.

I guess you can say I'm the Storage Whisperer. 😂

If you ever want to talk shop or need advice or suggestions or just to bounce ideas off of, feel free to contact me.

"Big" Henry

Real Estate Investor

Licensed Special Agent aka Realtor

Awesome! So I've done everything in storage from Assistant Manager to District Manager (managed 10 stores) - I've probably worked at a couple of dozen throughout San Antonio and surrounding areas.

The storage I currently manage broke records the last two months. Just for the month of March 2021 alone, I led our team with 1,140 units, in the following #'s: Delinquencies were .3%... Only three units @ Under $481 roughly!

108 Move-Ins, 66 Move-Outs, with a net rental of 42 and with over $105K+ in Revenue.

I guess you can say I'm the Storage Whisperer. 😂

If you ever need advice or suggestions, feel free to contact me.

"Big" Henry

From your lips (or fingertips) to God's ears... I yearn for similar results.

SAN ANTONIO & SURROUNDING AREAS & Throughout TEXAS:

I concur with Chris’s markers and assessments within his post.

As a Real Estate Investor and Realtor, as well as a Self-Storage Property Manager I can tell you this market is extremely hot. I see it on a day-to-day basis. From Retail to Land to Investment properties.

Land that was on the market for a year or more is now becoming extremely competitive… From Developers to Investors to End Users, people are snatching property up that is six to seven figures like you would not believe. I lost my last three deals to more competitive contracts.

On the investment end, everything is just so-so deals especially with foreclosures on hold. So that leaves the other properties that are lifted from the cracks and crevasses in San Antonio and surrounding areas. Inexperienced Investors are buying bad deals to scratch that itch and wholesalers still filling in those gaps.

As for Retail Buyers, homes are receiving multiple deals… You must be extremely aggressive when providing offers in certain areas. Sometimes with shortened to no option periods. Pre-Approval and Cash is king! It took a recent client of mine seven offers on six different properties.

An exceptionally good friend who is closing three to six properties alone per month made a real-time statement last week (March 2021)

“We have 10k people looking at 3k houses... The market is nuts! the last 4 houses I have listed have been under contract in less than 8 hours... NUTS!!!” – Joey Gonzalez, Realtor

Some new home builders such as Pulte are on a freeze due to the demand and lacking material supplies that cannot keep up in this market. Other builders such as Gehan and Scott Felder are breaking records by selling and building homes north of 1,500 (2019) to well over 3K homes (2020).

We just need to keep on fighting and grinding it out.

Your Real Estate Ally,

“Big” Henry

John,

I believe you can partner with someone one day and I am so glad to read you are taking a step back at this time especially considering your circumstances. You're doing just fine. No doubt. I hope you keep us posted if eventually you do partner with someone one day. 

"Big" Henry

Pat,

Exactly!

If I was John, I would have a clause in the agreement that in the event your handyman doesn't complete the project 100%, and/or doesn't fulfill his end of the agreement, he will forfeit to you his equity and profits 100% without recourse.

Im not an attorney, but I'm sure you can have one draw up an agreement that protects you in the end, in the event something were to occur. 

I would set expectations in writing regarding time frame of SOW, work schedule, draws, and anything pertinent that can be measured.

Let's make the assumption it goes perfectly... Then that trust is built and it will be much easier to get into more projects.

My suggestion: If you proceed, then go after properties that are mostly cosmetic. At least until he proves himself and you can see if he can handle the one at hand and build from there.

Good luck.

Your Real Estate Ally,

"Big" Henry