All Forum Posts by: Kevin May

Thanks everyone for the great info.  I'm working on mailers and phone numbers to reach out to the owners in different ways.  If I had the owners address and sent them a mailer and/or phone call would I be wasting my time mailing to the facility address say 2 weeks later? 

thanks again

@Michael Wagner thanks and nice blog post.  You mentioned letters, but have you tried post cards?  if so how is the response rate vs letters?  I will be reading more as this process continues.

@Greg Dickerson i'm doing some research to track down some of the owners.  I would rather talk to them and make more of a personal connection so down the road they will call.

thanks

Hi

Are mailers the best way to communicate to owners of self storage facilities to express interest in buying? I've tried calling the numbers on the signs but only to get the manager or front desk workers, which neither seems willing to give owner info and I doubt they pass on my info. Has anyone had luck with mailers? Other options?  

thanks for any info

kevin 

@Jacob Murphy. What area was the property in? I’ve never had any trouble or any of those terms before. My rehab loans I get from them are 15% down with them funding the rehab cost. I closed on 2 properties in less than 10 days a few months ago. Now if you are buying in price hill or bad areas they will have different terms. Sorry you didn’t have a good experience but they have some big investors in the Cincinnati area they work with. Talk to them before getting something under contract and explain what your plans are, maybe that will help.

Kevin

Most seasoning periods I’ve seen are 6 months but I would call Spring valley bank and talk to Dave Wittkamp. They have different products that may help you. I do all my cash-out refi through them. If you need Dave’s number DM me.

Kevin

@Joe Splitrock  I do not take advantage of him or anyone. This is a guy that was making $10 in a factory before being fired for moving to slow. This guy approached me about work. I don’t know how much you pay people to hang blinds, change furnace filters, change batteries in smoke detectors and do some painting but I’ll give him your contact info since it’s a lot more than I do. Amazon starts out at $15/hr so why doesn’t everyone from Walmart and Wendy’s go there?  Come on, people like to do certain things(even for less money) and be treated like humans. 

Second I forward every document and record every penny over to my cpa. I was asking a question of what was the best approach for me going forward because this guy wants to work.  Thanks to Tim and other BP members I have a call into my tax guy to figure out the best way. 

But taking advantage of a vet, HARDLY 

Kevin

@Tim Johnson he’s working 40 + hrs right now but that will slow down to about half in a few months. I pay 12/hr. He’s an older Veteran who just wants to do smaller jobs like painting. He doesn’t need health insurance since he is a veteran.

@Edward Liu thanks for the info. I see my cpa in a few weeks and will go over this. Thanks again

Hey everyone,

I have a tenant that I pay hourly for handyman projects at all the properties I own. I was thinking for liability(him breaking tenants property or anything else that could happen) reasons about making him an employee. But would it be easier and better for me to have him create an LLC and I just hire the Llc? Any thoughts on this subject would be helpful, thanks. Kevin

@Levi Benton if you are finding something for 60k and only 30k rehab in otr I would be very hesitant. Something doesn’t look or sound correct. Are you finding comps on same street? Are you familiar with area? If you want DM me address and I’ll look at more comps in mls and see if I can help you. I’m no expert in otr but in that area prices are higher for buildings falling down unless it is in the bad/wrong area. Thanks kevin