All Forum Posts by: Farris Gosea

Research comps in your area of storage facilities and see what they go for, cap rates usually lower than residential if its a good one. 

Where in the midwest are you looking? I am based in NWI area, I buy only off market, on market mostly everywhere is like this with compressed cap rates due to the low rates you can finance with. 

Illinois is terrible right now if you are looking there, I would not touch that place. 

Yes, the new buyer will buy subject to tenants rights. You will have to provide leases during the due diligence process and they may ask for estoppels, who is your realtor ?

Got it, I am not familiar with the area, so I cannot say that the place is on the way up and deserves the price tag or just over valued, I do not see a major market correction coming in the near future though. 

Depending on areas, some are over priced for sure, others are fine and will continue to go up. What area are you in?

What is the current rent on the property? Have you considered refinancing it and then you can keep it and have some extra tax free money on your pocket? The market is up all around so selling a good deal to buy an average deal and lose money on taxes doesn't make sense in my head. 

@Kevin Panella would love to connect, I own 62 units in NWI and have thought about moving into the Indy market to acquire some larger properties there. 

@Luke Andersen Northwest Indiana is a fantastic market to buy in for a multitude of reasons. I own 62 units here and I love it. The cash flow is great, it is only 30 minutes from Chicago, making it pretty much a suburb of Chicago with low taxes and fantastic tenant landlord laws. Tenants and buyers are flocking here en masse due to the situation Illinois is in and the rising taxes, definitely check it out if you haven't. 

@Michael J Scanlon if you can’t tell me why it’s better then I think there is nothing left to discuss haha. Thanks man!

@Michael J Scanlon I mean I’m genuinely curious why you think it’s better. So would appreciate some solid points on it and comparisons. The ones you initially put are not correct about NWI apart from maybe appreciation has been better there I have no clue, but that’s not a reason to invest right now even if you are right. If it’s up 100k over a year. Sounds like a worse time to buy there