All Forum Posts by: Craig England

Hi!

We currently use Storedge for our self storage software. Seems like a lot of mid to smaller size facilities use ESS. Anyone have tips for transitioning software and website when purchasing a new facility? Any way to transfer payment data? Do customers have to all resign up if they have an online account? Seems like a hassle but don’t want to be stuck using ESS on every new purchase.

Thank you!

https://lendersmatrixllc.com/l...

Does anyone have experience dealing with this company?  They reached out to me on Facebook with some appealing financing terms.  Wanted to see if they are legit and what others experience dealing with them has been!  Thanks for any feedback!  

Give Colin at Solid Rock Realty a call.  They do property management and are very knowledgeable. 

719 359 4558

Hi Tyler,

I've done a deal like that with 4,800 NRSF.  

Depends on location but many times small facilities are in small markets so your fill up time could be fairly slow.  Obviously very area specific
I found there is not enough revenue to justify hiring management and even software can be pricy for the revenue being generated on small facilities.  That can create low returns OR more work for you if you are taking care of things manually yourself.  The upside is it is small enough you can do all the work and not kill yourself.  I'd personally stay away from a deal like that unless you just want in the game to learn it and expand to bigger deals later. 

Sizing of units also depends on your demographic but my experience has been people don't usually want much smaller than a 10x10 and if they are in a small market don't want to pay the prices of the bigger units.  Probably the majority should be in the 10x10 range with maybe a couple smaller and couple bigger so you have options for clients.  People can always rent more than one but very difficult split up the sq ft of a bigger unit.  Especially with such limited space I'd stick to smaller sized units.  

I am under contract to purchase a deal in the Midland TX area and am looking to connect with other investors, brokers, lenders, and contractors in the area!  I am from Colorado but will be in the area in the next month!  Please reach out if you are interested in connecting or know of any real estate meetups or events that would be good to attend while I am there.  I am primarily in the Self Storage industry but have done single family, multifamily, house hacking and flipping as well!  

@Devin McGinley   First off congrats on getting your first home and hacking it!  That's awesome and sounds like the deal is going well for you!  

1. Have you asked your lender about how much you could pull out on the refi?  I know you have a little equity but it seems like getting cash out sometimes they want more like 80% loan to value which would leave you a little short.  Same problem me and wife ran into after putting 5% down on our first house hack.  This would take a little longer but with your housing being paid for it would probably not take you long to save the down payment for the next house.  

2.  Call a few property management companies.  Sometimes they have no spaces left in the units they manage and would be happy to refer some potential renters to you!  Post an add on Facebook and talk to realtors.  Lots of demand so with a little effort I don't think you'll have trouble finding renters.  

3. Will you continue to rent your new house to your 2 friends?  If so I think this is a great plan.  you'll have two properties mostly paying for themselves and a place to live that you are happy with.  Its a natural first step and gets you your first real rental.  That will give you experience to know what you want to do next.  Single family, multi family, commercial.. 

I am a local investor and insurance agent in El Paso county.  Let me know if I can be of assistance!  Always happy to talk! 

@Rob Thompson

Sounds like you probably did ok buying in 14 and holding it!  Congrats on taking the leap!

@Ramon Pena

Congratulations on retiring!  Thank you for your service!  Excited for you that all that hard work is paying off!  I'm an investor in Colorado Springs if you ever need someone to bounce ideas off or want to meet for lunch feel free to reach out!  Would love to connect! 

@Vincent Grossi  That is good! Sounds like you are prequalified. Deals go so fast I would definitely make sure you have the financing ready to go so you can move quickly when the right deal does come along!  

Have you talked with a lender and gotten any kind of preapproval?  I'm not too familiar with that area but I know the mls is pretty sparse! Good ones go really fast!   I'll keep my eyes out now that I know what you are looking for.  I can also help get you numbers on the insurance side as you start to look at deals.  Hit me up if I can be of assistance!