All Forum Posts by: Dee Brock

@Tarquinn Curry will she give you access to get in?

I tried to read some of the replies, but there was a lot. My advice is find a group of people and network. I think you will learn more from talking to people in your area who aren't trying to sell you something. Think about it?....Local people you can build a relationship with who have done it before or.. is in the same boat as you. You might find someone whos thinking just like you. Don't waste money. I learned everything from research, but MOST importantly by doing my first deal. Everyone says that.. but its true. Close your eyes and jump!!

BP is free and has everything you need to learn.. Just my feedback. GL

@Jason Delgado Alonzo You said you were waiting 8mo to a year to get your ducks in a row. I find myself finding some of the best houses avail out there are foreclosures and the only people who can bid on them first are owner occupied loans. I just thought if you are going to wait a year find a good house that you can learn all the tricks and house hack. Then in one year you can rent that out and get a multi family. Multi family homes are hard to find right now. I have heard of ppl waiting 1 year AND then start looking. Then it takes them a year to find one which is 2 years later. Just a thought

@Maurice George I called and email probably 10 banks and credit unions a while back and spoke to many of them. The best I was able to find was Tulsa Federal Credit union. The great news about them was they will loan up to 85% on a refi. What is almost even better is they pull the AVM first and if thats high enough then they use that number and you dont have to pay for an appraisal. Let me know if you want my guys number. He does investing as well so hes perfect loan officer for investors. They do portfolio loans too. He said there is NO max on amount of loans.. just said its all about that portfolio. My last refi I didnt even have to provide anything other than address and lease contract for new tenant. I did however have to order an appraisal because their AVM came in at 190k and I needed 210k. Good news was appraisal came in at 210k after and win win.. smooth

@Jason Delgado Alonzo I know you have been a lot of advice and I can honestly said I have not read all the replies. SO maybe this has been mentioned.  If you are waiting upto a year would you consider buying a single family home first. 

I learned so much from my first house. It will give you a chance to possibly fail but learn from it. You could still house hack. Just and idea.

@Zach Quick I ended up getting it for 109k That would put my cap rate at 7.9%. Plan is to keep for 2 years and raise rent and sell at 150k. That's the "plan" If I can get that then it would be a win. 150k would be a 7.6% Cap rate.

Thanks for the feedback. 

@Zach Quick They only have one vacancy as of right now. They have half of their units grandfathered in at 55.00 when going rate is 65-80.00 and still currently at that rate.

I called around to other units and those are all full. It looks like the demand is there.

I would raise rent probably 5-10.00 each unit. You would think 10.00 wouldn't make or break someone using your storage unit. I would manage it myself. Not a lot of profit in this deal to have someone else manage it.

I feel like maybe I answered my own question... What do you think?

@Brian Wagers I never got notified because you didnt use the "@" sign. :)

Not sure how covid has changed much, but we need to just set a date and meet up. What you think?

looking at buying a self storage. They are asking 125k when they bought it 2 years ago for 65k. The cap rate is 7.13% on that 125k

I know its tough to get an idea of the value of a self storage. They didnt really do anything other than paint, new security cameras and " increase rent" on 3 units of 18 total.  

NOI is 8,916.00

I guess my question is.. How can I know whats a good deal and if I should pay 125 on a property that sold for 65k 2 years ago?

@Lauren L. before I did my first deal I ran BRRRR numbers on multiple properties and then submitted it to bigger pockets family ( I think its share) and you would be surprised with the amount of users who gave me feedback on what was right and what was wrong. It helps a lot.