All Forum Posts by: Ben McMahon

@Lindsey Johnson

Always a good question.  I'd say go in the direction you feel you're most competent in at first, and branch out from there. 

 If you have rented for awhile you probably know something about what a landlord is up against.  If you have done a lot of Airbnb trips, you might have an edge.  If you grew up with your dad owning a construction company, maybe that's you're advantage.

I don't have to tell you that certain things are riskier and others safer.   Analyze your risk tolerance and see what direction that points you in.  BIGGEST thing is getting your first deal done.  After that, it all gets a lot easier.  

Plus I am sure that you have read about a million posts and you have a lot of information available on here.  Like my dad always says, look at what's in front of you and just do what makes sense.  

I don't have any statistical data on this statement, but I'd wager 80% of people that say they want to be a real estate investor never do their first deal. ( I'm not including people who buy their primary home. ) There's nothing wrong with that, its not for everyone.  So, Im glad you are ready to roll.  Get a deal done.  

One more thing, don't be afraid of "NO".  Its a great learning tool to hone your skills and determine what to look for.  

@Alex Madrid

The best way to start working with private investors is to have a deal ready for them to look at.  Not all investors are going to be interested in what you are offering, but they will know you are serious if you have a deal ready to go.

The good news, is that you will get valuable feedback regardless of the outcome.  Most private money that's available is because someone has been sophisticated enough to aquire that capital, and will most likely know if your deal is good or its garbage.  Just make sure you find out, and learn from them in the process.  

Also, in my experience the people that are serious about investing their capital in real estate have experience in that field.  I say "serious" because there is a lot of people interested, but most of the time it comes from someone who has already done it.  I'm not saying that your rich uncle that made a lot of tech money won't hook you up, but more often its the rich uncle that made money in real estate.  Just my experience.  

Hey @Jordan Ray

I own a construction company in San Diego and we do ADUs.  DM me if you want to chat

Cool, yeah that helps.  Im actually looking in Virginia.  My brother lives there, and says all the storage in the area is waiting list.  He also has a piece of land picked out across the street from a new development going in, and at the intersection of two major highways. So its peaked my interest.  

What the best way to finance a new construction storage build?  And what kind of pricing are we looking at in todays world for cost?  

Good topic.  Seems like a favorite on BP.  To crash or not to crash?  That's always the question.  A lot of us refer to 2008 because that's where the last down turn happened, and it happened to be a pretty big one.  I think even than, people had different experiences.  My wife's family is from North Dakota, and they had an economic boom during the recession.  Theres always opportunity 

on the other hand, I thought about buying a home in 2006 in Virginia.  The lender told me that if I didn't buy a home right than, I would never own a house in my lifetime.  Strong words, and I hear some of those words floating around the market today.  Luckily I was an arrogant 20 something and got lucky when the market took a dump a few years later.

Not making any predictions, because I think so much of this can be manipulated.  Stocks rise and fall by news cycles, news cycles can be true, or fabricated to effect markets.  Fed raises and lowers interest rates, and effects housing purchases.  Pandemic hits, and all sorts of things happen with foreclosures, rents, and employment.  Government prints money, inflation goes crazy.  

IF the government wanted to, they could tell all of us that we could no longer buy real estate....... or go to work.  Wait, they already did that one.

Afternoon BP.  

I know there is a lot of info on here about storage, but an opportunity has landed in my lap, and I wanted to put it out there.  My brother has an off market purchase opportunity in a somewhat rural area.  He wants to build storage because there is none available.  if you call the local places, they are 100% full and there's a waiting list.  

The location is ideal.  Visible from a major highway, and near the intersection of another major highway.  5 acres for 400k.   the town is not large.  town is about 10k and county is about 50k.  The neighboring town and county are in the same boat, but bigger.  about 3 times the size.  Just trying to figure out the size of facility to build, and than back it in to make sure its worth it.  

I also think it might be worth Boat and Rv storage since its at such a good location from both north to south and east to west.  Thanks 

Ben

@Allen L.

My team can build one for you, if you find a site.  Got some creative cost saving ways to help that.  

Yeah, ive been looking here as well, and there's hardly anything available.  I was hoping to convert into a sports complex.