All Forum Posts by: David Bates

Thanks Henry, I appreciate the great info. I'll use it to hopefully run some good numbers.

i'm interested in a storage unit warehouse in east tn. that currently has 35 units and the ability to add 30 to 35 more all in a 10400 sq ft warehouse under 1 roof. the property has space for boat and equipment storage outside. there is a small college just a couple of blocks away. but the building isn't on a main road.It will also need added security and fence upgrades.Its listed for 154,000.

A little about me: just purchased my first investment property in Tellico plains Tn in feb. this year.for 204,000. A cabin called The eagles nest. i have it listed on airbnb. I have a local guy there managing it(superhost). He took it from 7 bookings a month to completely booking it out the last 2 months and is listed as one the best in the area on airbnb.

My question is: I'm not sure if this a good investment and really how run the numbers. Also, i would need an investor to help me with this property and remodel -something that i have never used before and scares me some- I'm just now starting to make a profit on my cabin and have ways to go before breaking even on my cash investment. I'm 54 and my goals are to have 5 or more income producing properties in the next 6 years that will supplement me in retirement in the next 8 to 10 years. I'm looking for investments that are going to grow but they just need to pay for themselves and recover my cash investment in the next couple of years. Of course if it all grows quicker all the better. I also work about 70 hours a week.

Thanks for any input and advice.

David Bates Castalian Springs Tn

@Frank Maratta

Thanks I'll check that out today.

But yes that was right about the roof being on our primary resident.

@Matt Hurley

Thanks for your reply. We have about 6000 on hand and the quote on the roof was 3700. We owe 68000 on our house and it should appraise for 140000 to 160000.

I'm going to use my homes equity to help with my first brrr purchase. (Don't know what that is yet.) We have some money to home repairs to help with the appraisal. We need a new roof but that will leave us not much money in the bank for the loan qualifing. So to roof or not to roof is the question.