All Forum Posts by: Brock Lile

@scott krone yes I'd be interested in that. I will PM you my email as soon as I'm off work. My phone is being quirky right now. 

@Scott Krone I was thinking, possibly utilizing the existing building as boat or RV storage and renting out the upstairs 2bed/1bath (whole other issue there with an apartment inside a pole structure) for some instant revenue. Then, develop the rest of the land with storage units such as these from Miller Buildings. 

One other idea I had was to buy 2 refrigerated "high cube" shipping containers for cold meat storage, rented out weekly. There a LOT of hunters around here always looking for cold storage. No one seems to have thought of this yet (or maybe they have and decided against it).

Like I said, maybe this isn't a good investment right now. I've just been very interested in this property for a while, believing it had some great potential. I've also been very interested in the self storage business.

Thank you for the input. I'm open to any other advice.

Have a good one

Edit: added cold storage idea 

A Matterport VR camera is $4,000 last time I looked. Could be a great investment for your business and additional revenue. 

@Ken Jernigan thank you for the advice. I am currently looking into area storage prices. I did not think of the drainage from the mechanic. Very good point.

Have a good one

I'll have to watch the rest of that documentary! My wife and I began watching it, but I was tired and fell asleep halfway through. 

Do either of you know where I would start as far as analyzing a storage business? I'll do a keyword search and see what comes up.

Thank you and have a good one!

Hello all,

I haven't been active on the BP forums yet but am a BP podcast ADDICT!

I figured I could post this here and would welcome any and all input!

There's a place I've been eyeballing for a few years now. It's a pole-building (we call them "shops") with office, living quarters and mechanic's bays with large roll-up doors (6 bays in total). It is 2.16 acres, completely fenced in. 

Here's the basics:

- 2.16 acres zones light industrial

- 6 bay shop (pole building)

- Downstairs office, finished

- Upstairs apartment, just refinished, 2bed/1bath

- Overall building is 4,800 sq ft 

- Built in '06

- Property is entirely fenced with barbed wire

- 15 gpm well with filtration system

- The shop area is heated with an oil burning furnace

- Asking $400,000

- This property is due to a divorce, liquidated the mechanic business the couple had in the building, wife wants to get rid of it

- Currently vacant, except for the lady's son who is currently living in the upstairs apartment

This looks like such a fantastic opportunity to start a small storage business. It sounds like the seller is somewhat motivated. My thoughts were, rent out the upstairs apartment, rent out each bay as covered storage for boats or rv's, rent out uncovered boat/rv storage on the remaining fenced-in land until I can get some storage buildings up.

There are no storage facilities in my (very) small town right now. Everyone has boats and rv's they need stored. Most of the storage business within the larger city down the road are all at max capacity and adding on additional units.

Would I start by doing a market analysis of the local storage businesses before I waste time analyzing this deal?

To be completely honest, I don't even know where to start with this. I'm excited to investigate this opportunity but I'm not sure what to do here.

Thank you for any help!

-Brock

Hello everyone....

A short rundown of who I am and why I'm here....

My name is Brock, at 20 (2007) I landed a blue collar 85k job. The culture was big trucks, big houses and work work work to pay pay pay. I joined that lifestyle.

At 21 (november 2008) I made a bad purchase.... a mobile home on 5 beautiful acres down a private road. My plan was to tear the mobile home down within 5 years and build a new home.

My 20's happened and I was too busy screwing off. I couldn't save a penny to save my life. Nothing in the bank, big diesel truck payment and a mortgage on a house that had no value after the '08 crash.

8 years later, here I am at 29. Finally pulled my head out, almost have all of my debts paid down to nothing (one car loan at $5,600 0%), no credit cards, ready to change my life focus to investments instead of consumption.

My current position is that I'm now making about $110k, 29 years old, getting married next summer but i still have this monkey of a mobile home and acerage on my back that I'm not sure I'm above water on yet. The good news is the Portland, Oregon market is on fire and moving my direction, so I may be able to get rid of the property with a new house sitting on it.

I'm very excited to learn this real estate investing game now that I've done everything wrong I possibly could in the past 8 years.

I'm excited and looking forward to the new direction and knowledge this forum provides.

Have a great day