All Forum Posts by: Ethan Moore

Daniel, did you go to the event? 

Ok, long story short (and I can fill you in on story details if you would like), but here are the facts. We have 3 single family rental homes right now, and we recently got the opportunity to buy a storage facility completely seller financed. The owners are older couple who would really like monthly income and to sell to us (we've developed a good but fast relationship with them). 

1.4M sell price, 4% interest locked in and amortized for 25 maybe 30yrs. None of these numbers are agreed upon yet, but thats one deal they offered us. Pretty cool numbers! Facility makes $142,000 a year but it is about 15% under the market rates in the area. (they haven't raised prices in YEARS). Expenses around $40k, however at least 5k is personal expenses that they run through their business. (we have another business that we already run our personal stuff through) I think in 2 years I can get the facility to make about $160,000 pretty easily. I can give you more numbers if you would like (but the numbers make enough sense to us and we like the deal pretty good) 

BUT, I have never done a seller financed deal before and I definitely have never done a deal of $1.4M. What are some hesitations, questions you would ask if it were your deal? Whats the first step I need to take after we agree upon a price and numbers? Should I go straight to my attorney and have them write up the contract? Can their attorney write up the contract and I would just have my attorney look it over? Is there steps that I should take before talking to my attorney, would any attorney work or should I use someone who specifically deals with these types of things? 

Thanks for any advice! I'll try to get on here as fast as possible and answer any questions you might have. also, if you personally own storage facility, I would LOVE to talk to you! 

Hey fellow investors! I am looking at making an offer on a distressed storage unit facility. (its not for sale or listed) I need to find the owners and make them an offer. Ok, so here's all I know.... The storage facility (only about 70 units, 8x10's and 12x15's maybe?) I believe it was purchased by an Indian group, from what ive heard the only reason they bought it is because it was attached to a gas station that they bought. I think they also own 5 more gas stations in the area. the storage unit facility is NOT being taken care of and may not even be bringing them ANY income at all. (they are in the gas station business). It looks run down, half the doors are just left open, pretty sure homeless people might be sleeping there. BUT, its not even in a bad part of town... they just dont keep up with it. 

SO, sounds like it could be a great opportunity? I hope with your help I can find out! 

1. What is the best way to get ahold of the owners, and how? 

2. It should bring in about $4,000 month once I get it 90% rented. How much is that worth? Keep in mind, there is a lot more room on this property to build more units 3x as much units. 

3. Should I find a commercial real estate agent to work through this deal with me? I've only ever invested into single families before. 

4. what are some creative offers you would present to the owners? 

Michael, thank you for the valuabe information! I will discuss with my lending company, and possibly look for another lender if need be. Thanks again! 

We made an offer on a duplex for the owners asking price under the terms that he would finance 15% down payment. I know how to get the conventional loan, but how and who should set up the legalities of the partial owner financing? do i go to my title company? I am clueless on that. Thank you all!

Anyone heard of Branson, MO? Thats where I live, Basically a smaller version of Pigeon Forge, Tennessee. The town thrives on tourism. 

Do any of do nightly rentals? I'd love to hear from you and how you calculate your profits etc. 

Hey everyone! I know several of you are big fans of finding deals via mailings. I currently have 2 rental properties found on the MLS. (House hacked them)

What are some great resources I could utilize to start spending marketing $ on mailings? Also resources for creating lists and finding those address to mail to? 

Its hard to find a great deal on the MLS and I would like to use the BRRR strategy for my next property. Thanks in advance!

I'm a brand new investor myself, but to me you also want to look at your property taxes, insurances... mortgage insurance? maybe not the later if your Dad is financing the deal. 

What will your monthly payments be after you add up the above... its also a bit older of a property so you might be putting a bit of money into repairs that you will want to account for in your monthly budget. Just a few thoughts. hope this helps

I just wanted to introduce myself here online, I love the podcasts and I am so excited to learn more about real estate investing and hear from all of you guys out there. I know I have a lot to learn and am just excited about finding a great resource like BP. I use discussion forums for my power washing company to help learn and its always a great resource. I currently own 2 single family rental properties  and love the passive income/investment. I'm looking forwarding to buying my 3rd soon! Can't wait to meet more of you and get a little more involved.