All Forum Posts by: Cody Campbell

In 30 days, I took 2 hard money lends (150K total), bought 3 duplexes, put a new roof on one of them and ended up with 12k cash in my pocket. No money down on my end. 

First Deal of 2020:

I live in a small town, a very small town, population 4,000 people and to kick it all off I'm only doing deals in the town center...which is about 1.5 square miles. In 3 years of living here I did 1 door the first year, 2 doors the second, and this year I'm on schedule to do 6 doors. I will eventually write about the first 3 but now onto the first 4 of 2020. 

I drive for dollars because if you take an hour out of your day you could probably hit every street in the area I'm interested in. I saw this property abandoned, and highly neglected. I sent out a letter to the owner to see if I could get some information on the property along with their plans for it. To keep this short I got a hold of the guy and he wanted 30k, I offered 20k and he passed. One month later I made the same offer along with paying the 2019 taxes, hit bit and I bought. After closing I had several contractors look at them and 3 of them told me to get the dozer and push them over. I couldn't do that, I could feel they had something to offer. So I found a crew and we went to work. They ended up being a full-gut down to dirt, everything except the exterior walls and roof came out. After 6 months I ended up with 2 duplexes (2 2bed/2bath and 2 1bed/1bath) 4 units in total. 

The numbers:

Puchase/Taxes/Closing: $22k

Rehab: $260k

Carrying Cost: $18k (6 months of interest and the interest on the Hard money Lend)

Appraisal: $422k

20% Equity left in: $85k

Money Out: $337K (paid 302k of outstanding loans/lends)

Cash in Pocket: $35K

Rent: $3200/mo

I took the cash and used it to put down on another property. So after 6 months and a lot of hard work. I got 4 doors to kick the year off. 

I agree with @Michael Wagner about remote management especially with a fence and gate system. I believe the facility is to small to support that type of  remote management. If there is room to expand then the cost of a fence and gate system may be feasible. Definitely take a look on what’s available in the market and if there is a need. 

@Aleks Gifford

No worries, PM me for more infi

@Zach Quick @Will G. @Aleks Gifford

As for pricing out containers per sq/ft, it’s not linear feet but by the sq/ft. 

You generally have 2 sizes of containers 20 footers and 40 footers, and the crazy thing is they are about the same price.

I found a company that would  put in roll up doors on each end and a partition in the middle, sand blast, paint and deliver a 40 footer for around $5k.

40x8 container is 320sq ft., so $5000/320 gives a price of around $16/sq.ft. This gives you 2 units per container.

This gives you a great alternative to building a permanent structure.

Maybe the larger facility is owned by someone who hasn’t raised rent in years, I would go make an offer on that facility, see where it goes, maybe you can buy that one and begin bringing rents up to market value. IF they arent interested in selling at least talk to them and see what info you can get. Tell them your interested in the industry, ask questions, worst thing is they can say no.

google 

5 SFH

4 Duplexes

12 unit apartment

6 storage facilities (over 1000 doors)

Tennessee and Kentucky

it’s really no different than any other real estate deal, I bring my off the market deals to a lawyer versed in real estate lawand they will be able to draw up the documents you need for closing as well as title search and insurance if you’d like that as well