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All Forum Posts by: Justin Frank

Justin Frank has started 9 posts and replied 230 times.

Post: Advice wanted: unique rural investment property

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

@Elijah H.

I am from the Yelm area as well. Awesome you are getting so close to making your first deal. This deal would scare me personally simply because I don’t think there is a very good exit strategy. It sounds like you could cashflow on the property and there are a lot of options for income. However, as you stated most of the structures (your income) is not permitted and/or not legal which could be a very big problem. On top of that if all of your mobiles were goneand you were to get an appraisal to finance on the property it wouldn’t match or exceed the current seller asking price and at this point you would have yourself a resedential home that is not cash flowing which then turns this deal into an expense. I would decide what’s your exit strategy could be on this property and what legal forms of income you can get from this property and then present an offer to the seller based on that. 

Post: My first deal and I would like to have a second opinion on please

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

Hi @Matthew Koch,

Unless I am missing something there is no details in this post about the home and/or there is no link to view your analysis on the BP calculators 

Post: StorEdge vs Sitelink vs Easy Storage

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

@Jamie Brayton

We currently use sitelink. This is the only software I am familiar with and it seems to be pretty basic, straightforward and easy to use. I can’t comment on other programs as I haven’t used them. My partner however was with I believe storage solutions and moved to sitelink because he felt it was better. Not sure why. I think all of them will work well. 

Post: Owner financing or MLO on self storage facility

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

@Brandon Patrick

I would listen to @Joshua Watts advice. Be patient and don’t give in to buying at a 5cap unless you just absolutely need to get rid of money and/or are ok with overpaying and getting you’re moeny back at 5% a year. 

Post: Storage Units Management Software

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

@Bryan Crawford

What are the details on your facility? If you have interest in sharing I am always looking at storage purchase opportunities. 

Justin 

Post: TurnKey In Washington State

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

@James Link

I would have to agree with @Larry Fried

Post: Self Storage Resources

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

@Nik Moushon

I would absolutely be interested in developing on the east side of the state. I have a couple of great individuals who are very experienced in storage design and development. If you wanted to chat feel free to send me a message so we could exchange contact information. 

Post: West Cleveland luxury Triplex! $1,415 PROFIT MONTHLY!

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

Hi Jorge, are taxes accurate at $68/mo for this property? I would be interested in more info on this property. 

Post: Self Storage Resources

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

@Nik Moushon

And just as I express my opinion of tapering back on my self storage search the recent BP email has me second guessing. If you haven’t read this I recommend doing so. 

https://www.biggerpockets.com/renewsblog/high-demand-continues-self-storage/?utm_source=newsletter

Post: Opinions on Shaker and Garfield Heights for multifamily?

Justin FrankPosted
  • Rental Property Investor
  • Tacoma, WA
  • Posts 244
  • Votes 140

@Mike M. 

I wish I could help you with this mike. I would love to see people’s opinion on this. I am looking to invest in these areas as well. I hope you get some good answers and good luck