All Forum Posts by: J Polanco

Was able to to get into the webinar now received the Zoom link. Thanks! 

@Scott Krone The link for the webinar unfortunately did not work, just gives a message that you are having a webinar. And I received the message below 

Self Storage Webinar

Thank you for submitting the form. See you at the Webinar!

I never even thought of finding people through the local church that is a fantastic idea. Since you would assume and hope that anyone interested from the church would be very dependable. 

@George Fitz Great thanks for the insight! Are you just putting up an add on Craigslist to find someone? Or networking with anyone you get to know in the community (like the seller or broker who was selling the property etc.) to find the person? 

Hi everyone I initially started my investment search in multi family but have since pivoted to self storage after having conversations with several people investing in the self storage and in multi family. The operations aspect using remote management and software for a majority of tasks in a self storage business and renting is right up my alley as I currently work for a real estate tech company in operations/sales. My main concern is how to find someone to be the boots on the ground at the facility if I am a few states away and managing remote. Especially when it comes down to smaller towns sub 20k population. 

Are you all just getting someone as a 1099 contractor? What kind of pay are you offering or is it just task based pay? How many hours on average are you usually needing someone? The property I am negotiating is at a 96% occupancy rate currently but I would be expanding on the property after acquiring. 53 units on the property now. 

Location is a tertiary market about 30 minutes from a market with a bit under 500k residents.  

Any insight would be much appreciated!

@Steven Lowe This is great advice thanks! I agree with you that some people have unrealistic expectations. That's why I am being very conservative with my numbers and leaving room for any issues that come up. Since they most likely will in a project with a 100 yr old property. 

@John Warren Awesome I will give you a call Monday so we can chat some more!

Hi everyone! Just starting the search for my first investment property in the Chicago area. Mainly looking at 2-4 flats. In the southwest side of the city or near southwestern/west burbs like Berwyn/Cicero and Forest Park.

Started off thinking of a BRRRR but after running the numbers and chatting with @johnwarren I'm now leaning towards a value add property for long time buy and hold. So most likely will end up with a 3-4 unit building.

Anyone have any lenders they can recommend for deals like this? Have up to 150k for the down payment.

Thanks in advance!

@Charniece Polk Welcome to BP! Just signed up myself about a week ago. Already have had great advice from people on here. Good luck with the RE exam. I remember when I took mine several years back. It can be daunting but it is worth it for sure. Feel free to reach out if there is anything I can ever help with! 

@John Warren Looking forward to meeting as well! You make some good points with the prices currently it's looking really tight on finding the right deal to try and BRRRR. I am also looking to hold on to properties long term. So I may be better suited to use the cash and find a property in a stronger area with some room to add value. Even though the entry price may be higher.

That may be a smarter way to go and not end up with several 2 flats. Just to try and trade up at a later point.

Running the numbers even on lower priced neighborhoods with full gut rehabs the margins are not huge. Since the ARV does not grow a huge amount. Also a lot more property management intense. Which is another factor to consider. Self manageable properties to begin with versus having a PM.

Lots to think about and strategize...