All Forum Posts by: Jun Wang

Thanks Michael.

I trusted my PM too much.  I should have had conversation with handyman prior to job to confirm everything. Lesson learned for next time. 

Thanks Richard to your input.  Good to have second opinion =) 

Hi Richard, see below for the original condition of the fence. The handyman came and gave me a quote (695) to repair the fallen fence (about 20 ft) and rehung the gate. I asked Tammy to add a new post near the gate latch because it was wobbly so I knew it going to fail sooner or later.

See attached below for the before and after photos. not sure of the type of wood, I would assume it was pressure treated at least. thanks 

hi, 

just had my fallen fence and gate repaired by my property management-recommended handyman.  see the screenshot below. am I wrong to think that this is an outrageous price for 3 new 4x4 posts and a few picket fences? 

for comparison, I had a quote to replace the whole 65ft section of the fallen fence for a total of $2300. I did not want to wait 10 weeks lead time so I chose to repair it for now. I am now thinking I should have waited. 

I email the PM about the price, and their response is below. is it time to find a different PM ? 

"I guess that's just what he charges for materials and labor. " 

Hello, 

hope everybody is doing well. What is the opinion on becoming real estate appraiser ?  currently have a W2 that requires 40 hours per week, looking to branch into another part time hustle/ career that is real estate related.  Hoping this new hustle/career can eventually turn into business and replace my W2 in few year. 

Is it possible to get started as an appraiser part time ( weekend and after 5pm during the weekday currently) ?   I can meet the education requirements, just worry about the supervisor/ mentor.  Do they entertain training somebody part time ?   Anybody in the Huntsville AL area open to accepting trainee ? 

Thanks, any input with help my journey.( 3 properties so far). 

Following

Looking into MTR around Nashville. Any zip code recommendations that is fairly priced ? 

the current monthly income was ~5000 

insurance: 2200 /year 

tax: 2300/ year 

monthly expense (software, electric, internet, etc) : ~500 

he did not really account for monthly repairs or future CapEX ( good condition facility, and any small stuff he took care of himself) 

he is currently in talks with another big group investor. maybe another reason he priced it so high, 

it is definitely growing area. 

thanks 

thanks, everybody for the support. 

I think the deal just fell thru. seller is asking for 1 million using a 5 % cap rate. I don't think I can even convince the bank to offer a loan considering the number. The debt to coverage ratio is nowhere near 1, so I don't think any bank would even consider it

The current owner is doing most of the maintenance himself, so his calculation has very little monthly expense which leads to the high valuation. 

I think I should learn from this experience and walk away. =) 

Yes raise rent to market rate. 

Only addition would be maybe new camera system.  

The seller has not disclosed a sale price, we are meeting next week. 

Thanks 

hi,

just got my first direct mail response back from the owner of the facility. hoping everybody can share their opinion on this deal.

10000 sq ft

90 units ( mixture of 10x5, 10x10, 10x15,)

currently 95% full with monthly revenue of about $5000

able to raise rent and achieve monthly revenue of about $6500

no extra land available for expansion

pretty much turn key facility with fence, concrete, some camera, light, and etc.

good location near residential house and apartments with 1 life storage about 4 miles out.

what would be a fair sale price?

keep in mind that this will be my first facility so not looking to get rich but more so educate myself about self-storage.

thanks everybody