All Forum Posts by: Drew McKinney

Hey everyone,

I have some properties in Beaver county and we’re considering selling a few of them.  Most are in New Brighton and Rochester.  Reach out if interested in them or to talk about re investing in Beaver county.

Drew

Hey Mark, that’s awesome!  I agree that there is always a way to make it work if the deal is good enough.  We have equity in our other properties but none are free and clear.  I have considered asking a seller or two that owner financed their properties when we bought them to take a second position and obtain a line of credit with a bank on those.  Not sure I want to ask them for that though.  I am leaning more towards getting a SBA loan with the longer amortization and less money down. I am going to reach out to some of those lenders this week and obtain some more info regarding SBA vs conventional.

Drew

Thanks guys!  Working with a seller now, tossing around how I’m going to put another piece of the pie together.

I have a third of the down payment available, asking him to take a second mortgage back for the other third.  Just have to come up with that in between piece.  I have other properties and could sell some of them off over then next year or two to generate the money to pay back a private lender? 

I have used some private lenders in the past but on a somewhat smaller scale and paid back after a refinance. 

I’m planning on improving and keeping this facility.  My thought is a private lender for that part of down payment and pay back with the sale of my other properties.  

Think the bank would be open to something like that? Or any other thoughts and suggestions?

Drew

Hello everyone,

Are there specific lenders out there for existing self storage facilities nationwide?  Or have any of you had success with smaller local banks that have an appetite for self storage?

Thanks!

Drew

Nicely done! Congrats on your success!

Congrats Ola!

Thanks everyone,  

The single families were 5% down 

4.5% interest for 15 years

91k for all three.  All two bedroom homes in the same town and two are next to each other.

Thanks Effram, We buy and hold and we will hold these for the long term.  Some are low on rents with long term tenants that were never raised and a few of the single families have long term tenants with low rents that we plan raise/update if and when they move out.

Drew

A few weeks ago I was able to close on 13 units from one seller and 3 single family homes from another on the same day.  Both seller financed.  The point to the title of this thread is have you ever felt like you were doing something you shouldn't be doing as far as time management/waste?  Well I bet I was pulling up that silly Facebooker 20 plus times a day, yuck ( was probably more like 40) :)  And I know many use this as a tool for their business, but I wasn't.  I was looking at what Joe had for breakfast.

The day I quit the facebooker I decided to pull up several smaller 7-8 units multifamily buildings in the area whom which I knew who the owners names were just by taking notice or writing them down while driving through town and then checking the county website.  That day I noticed a few had changed hands and I knew that particular owner owned around 70 units or so in the area.  Facebooker free I had plenty of free time to track this guy down via his small business he owned  ( he doesn't have a cell, nor email).  I gave him a call and said I noticed that you have sold a few rentals in the recent past and was wondering if you would want to sell more, he replied sure, I'll sell them all.   Very nice guy, he unfortunately had a death in the family within the last two years and was ready to go a different direction.

After meeting him initially it took about another 6 months of phone calls/negotiations to get it all wrapped up.

It ended up being an 8 unit, with a large vacant lot next to it.  Two duplexes and a single family.

The other 3 home purchases were pretty similar, I noticed this guy had 18 or so properties from the county website.  I gave him a call we talked about rentals and selling and he was more than happy to start thinking about retiring/not taking phone calls from tenants.  I actually bought a duplex from this seller first a few months prior using conventional financing, then we were able to come to seller finance terms on the 3 singles.  

I guess the takeaway to my long winded facebooker story is that we all have the same 24 hours in a day.  If we take advantage of the time that we all have and not waste it then there are plenty of opportunities out there to be found.

Drew

Hey Mitch,

Thank you very much for the reply.  The second part of what you said is probably what I will go with if it all transpires.  I feel good about the deal and the values but I still would rather not have them in a second position.

Thanks again!

Drew