All Forum Posts by: Brandon M.

I have spoken to a few brokers as well as investors, I would likely be looking for a minimum 15% cash on cash as is (preferably 20%). Anything extra from vacant units being leased up + rate increases would be my "appreciation" because this asset likely doesn't have a ton of appreciation potential.

I have had a hard time getting to sit down with them for a long time, a lot of our interactions are phone calls other than them meeting me at the site to view the property. They are always commuting back and forth between this area and the other side of the state, and they don't seem to have a lot of organization in their lives.

I will post this in the commercial section as well, thanks.

I should clarify it is only a small facility, approximately 50 units. No security gate, no leasing office/manager on site. It is just a block construction shingle roof building.

Yeah if this were just a small multi-family it would be easier to value. In this case I will be assuming 30+ tenants. The tax returns go up through 2012, but that still leaves me with 19 months of unknown income.

I can figure out the market CAP rate, I was just wondering if anyone had any other suggestions for alternative methods of calculating to try and get a good value.

To add more info, I have a drawing of which units are occupied and what their rates are per unit, but without rent rolls I won't know who is current and who hasn't paid in 3 months. The rates are extremely low, they have not been raised in awhile, and just by my manual calculations I would be making 15% cash on cash as it is (assuming minimal maintenance and all rents paid on time). The owners will be moving out of 6 units when they sell, so that will provide additional income potential, and there would definitely be rate hikes immediately. They also don't really advertise and have no website, both of which I would do immediately to drive more business to my facility.

The owners are willing to do owner financing as well, which could be helpful but they want 10% interest and a 2 year balloon. Without paying 100% cash, I would have a hard time getting a loan without current rent rolls.

I definitely want this property, I see it as a great way to add some nice passive income once I get it stabilized.

I have come across an opportunity to purchase a small self storage facility that on the surface looks to be a good deal. The problem I am running into is the owners are close to 70 (ready to retire, this is why it is for sale) and they have not been keeping very good records and are not very sophisticated. They don't seem to do anything electronically and are having trouble getting me a lot of financials. I have asked for rent roll and tax returns, they are getting me 2009-2012 returns because they haven't filed 2013 yet. As for the rent roll, they don't seem to have monthly records. I personally don't even know how they know who has and has not paid.

I still want to purchase this property if at all possible, so I am wondering if anyone else has any experience with something like this. Also, I am wondering if there is any other way to value the property other than the rent rolls?

are you sure it wasn't moonshine?

I have begun wholesaling properties in the Tampa Bay Area. Anywhere in Clearwater, St Pete, Tampa, Brandon, Valrico, Temple Terrace, etc If you are a rehabber or buy and hold type interested in these areas send me a PM and I can tell what I have currently.

@ Phil B- I just spoke with my friend Chris, he owns Anchor Title in Tampa. Give him a call, he could tell you what can and can't be done. Just let him know you are the one Brandon was talking to him about.

http://www.anchortitleassoc.com/

**disclaimer- I am in no way affiliated with this company and not being compensated for any referrals** Just in case referring someone was an issue....

**Edited to add- He is a very successful rehabber/buy and hold/wholesale from time to time guy so he is very familiar with what you are wanting to do.

Thanks guys, I should just clarify I have been on BiggerPockets for a year or two now, reading every blog post and also reading through the forums. I just finally decided to create a profile and get on here to interact/move forward instead of just laying back and reading what everyone else was doing.

@Lisa DuFaux where are you mainly finding your rehabs in NPR? My wife is from NPR originally, her parents still live in River Crossing, and we attend church weekly in the Trinity area, so I am somewhat familiar with the area.

New member here from Clearwater area. Have non-RE full-time job currently, would love to build up enough income through RE to be able to do RE full time. Also have active RE license I use from time to time on the side.

Would love to connect with other investors/rehabbers/wholesalers, I want to do more rehabs in the Clearwater/St. Pete/Tampa/Sarasota area.

Cannot attend BP meetup this Sunday but plan to make it to the following one.

Always open to partnering on a deal, 2 minds are better than 1.