All Forum Posts by: Charles Burkholder

Thankyou so much for your in depth reply scott. I agree, the price is quite high and the numbers that you gave help me out. The listing agent was on a lengthy holiday so I havent been able to do any due diligence with all the expenses and the percentage difference that you pointed out.

Hi folks. I am a 22 yr old investor with one duplex under my belt that I bought when I was 20. Now I am looking at a self-storage unit facility closeby me. I am wanting to set up a partnership with my uncle for acquiring it. We don't live close to each other and he would be the guy with a good part of the down payment money and I would put money down too but I would also be looking after it and collecting money. My question is what is the best way to structure a partnership in this situation? He would be ok with setting it up as a 'loan' to me but I want to have him involved with having some profit percentage as well. 

The property is a 59 unit storage facility with a $53,000 gross profit, $47,000 net profit. Asking price is $450k......

Thanks in advance!

Hi folks, I am looking at a self-storage unit facility closeby to me. I am wanting to set up a partnership with my uncle for acquiring it. We don't live close to eachother and he would be the guy with a good part of the downpayment money and I would put money down too but I would also be looking after it. My question is what is the best way to strutcture a partnership in this situation? 

I was actually 20 when I bought the property and have owned it for a year and a half now. I made some pretty rookie mistakes when I got the place but thankfully i was able to do some good learning out of it all and not have the deal fall through like it easily could have. I have fantastic tenants in there now and almost forget I have it,  except on payday!

hello Michael Bachman. Thank you for your encouraging post! The year of 2015 is going great. I haven't bought any more properties though. I spent a chunk of my savings on schooling earlier this year so I will need to wait till 2016 to add another property. My experience with my duplex had been great so far. 

Good for me to read. I am a 21 yr old and bought my first duplex at age 20. Love the REI game....

Thankyou for your input everyone. I should have added that I am in the construction industry and I will be doing all these upgrades. The stone is free leftover from a job we just completed and it is almost all installed. The rest of the materials I can all get at 10% contractors discount so all this will cost a fraction of the cost compared to hiring a contractor. The two doors are installed already and I'm insulating the attic in two weeks to save a ton of energy this winter. The ceilings aren't real urgent at all same with the kitchen. The drywall on a few of the ceilings is starting to crack at the seams but most is hardly noticeable. The kitchen is outdated but still very functional so that would be the last thing that is out. Unfortunately I`m unable to add a bedroom Richard C. The house is at a good location about 10 min from town and across the road from a lake. Up here waterfront property is high demand so this is close to it without the taxes associated. 

Hello all, I am wondering what the fastest cosmetic changes you make to increase house value. I own an older duplex and am going to put tongue and groove ceilings in a bunch of the rooms, stonework on the outside entryway, two new doors, new windows, insulate attic, and right before I do sell it I'm gonna put a new kitchen in. Any other ideas? Newer propane furnace so no improvement needed there. 

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Thanks for the replies guys. Wow was surprised to have the group founder post a reply! Thanks Brandon, i love listening to the podcasts. 

I agree I have lot's of time. I am very excited about the future and hardly want to do anything else for a living .@Craig Shute what do you mean by DTI?