All Forum Posts by: Chris Allen

Greetings!

I am looking for ideas on locating an equity partner who can provide collateral for a commercial loan to purchase a self storage facility.  I have decent liquid assets but they would take a huge hit dropping 10-20 percent on a 2 million + loan.  This would be a joint venture with me offering to just provide a percentage of profits and equity in the property in return.  Any help is appreciated!  This would be my first property but I would like to find someone that might be interested in partnerships in additional properties in the future.

Thanks for the input.  Lots of good information here.  I am willing to break even for a vacation home, but if the property breaks even on paper, that stills scares me.  The last thing I would want is to have a property break even with no fat to skim as a contingency.  I am not necessarily looking to get rich, but a cushion would be nice.  After management fees, that is pretty hard to come by.  I can't self manage a property in Florida living in Missouri so I really have no option there.  I'll keep looking but with these thoughts in mind.

Thanks Ko!  That at least puts it in perspective for me as I determine how to break into the market.

I put Branson because that is what I am near, but I am interested in lots of areas, mainly Florida.

Are rates really so bad right now that a first time STR buyer with 20% Down should not even try? Based off the numbers from AirDNA and others, when I plug them into a calculator, it looks like I am out of pocket whether paying for management or not. Is that what everyone is seeing or am I missing something. I am figuring on a 360 month loan at 7.5%.

Apologies for the slow reply.  I am a Ham Radio operator and I have plans for my 6 acres the additional 5.  We hams like lots of space for projects.

I am going to try and explain my question well, but bear with me.

My parents and I split a 12 acre plot of land.  I built on 6 and they built on 6.  If my mother eventually either passes or moves in with me in her advanced years, I am considering renting her house as my Dad passed last year.  

In the county we built in, 5 acres is the minimum plot size so I cannot split the land at all until legislation/zoning changes.  I would like to have access to as much of the land as possible though in the future.  As a landlord, do I have to provide as part of the lease the entire 6 acres of my mom's land to a renter since that is part of the property of the houseand cannot be subdivided?  Or, can I indicate that the house and an acre of land is part of the rental agreement, and the additional 5 acres is still in my control?