All Forum Posts by: Kyle Baker

I'm a small operation, but I bill the 1st of every month. It's much easier to keep track of what's coming in and who is overdue and by how much. I don't have enough units to fully automate, so I do my billing manually. The advantage is I have full control over the process and can and do work with those customers with abnormal circumstances. Word of mouth has done very well for me for this reason. If you have a lot of units, automation and billing on the 1st is the way to go.

Best of luck!

Kyle

Hi Braden,

Thanks for your reply. I was more referencing how to find people willing to invest here on BP. I have a couple of deals which look great. I guess I'd like to know more about how to find people to ask. Curious to hear your thoughts on this.

Thanks!

Kyle

Hi All,

I'm curious about the best way to go about soliciting investors here on BP. Does anyone know of the best way to do this without screwing it up? 

Thank you in advance!

Kyle

My last one was $3,000 on an SBA loan for a 40 unit plus office self storage facility. Wasn't particularly pleased with that number...

@Tyler Hogan I figured I'd weigh in on this, as I'm in sort of a unique position not as common as some. I'm 32 years old, and still a very new RE investor. First, I cannot say enough good things about the Roth IRA. It is simply the best retirement plan out there, bar none. Before I started doing some RE investing (I specialize currently in self storage) I tried to fund my Roth as much as possible. The last two years I have focused on RE and have (regrettably) not been able to contribute anything to the Roth. However, because of my full-time work as a Firefighter/ Paramedic, I will have the benefit of state retirement. One of my part-time Paramedic jobs ALSO affords me a state retirement plan with a town match. My plans are defined-benefit plans, which basically means that I will get the same pension amount every year with COLAs until I croak! So that's an added benefit I have which makes me worry a little less about my Roth.

All this being said, I'm a big fan of investing across a diverse array of options. In addition to RE investing and retirement, I also do some robo-investing via Wealthfront and Fundrise (I really like Wealthfront). Wealthfront has performed BETTER than my Roth (by a considerable amount), and I have access to the money any time if absolutely needed. I think you have the income to "spread it around" and do a bit of everything. I disagree that you can't really "dabble" in real estate. You can if you pick the right types of properties. I think you're on the right track continuing to "max out" your retirement accounts while you have the opportunity. If you eventually want to go full steam ahead with real estate, you still won't have regretted socking away all that retirement cash!

Thanks, and great question! 

Kyle

@Timothy Swenton, glad to hear you're doing well with the L/A property. It IS a great market there, and I'm hoping we "buy and hold" investors can push out some of the "slum lords" still operating in the area. I am always looking for new opportunities for sure. As you may imagine, right now funding is getting tight. By the winter I will own four commercial properties including that small MHP. I was looking at the same MHP in Lisbon, and no I do not think it's too large. Right now, my preference would be to have as many occupied pads and as FEW "park-owned" homes as possible to avoid headaches associated with rental and maintenance, but that may change as I grow and expand. There seems to be a fair amount of savvy MHP investors who do very well with that here on BP. I'm really enjoying the ride thus far, and I'm looking forward to expanding. I'm always up for sharing ideas any time!

Thanks a lot!

Kyle

How long is this meeting scheduled to run? I am working in Mexico/ Rumford until 6pm, but I'd really like to try and make it for the later portion if there is such a thing. Thank you!

Hi Matt,

I was tire-kicking about buying it to run it or hire someone to run it for me for a profit. I was more or less curious to see if anyone had been doing anything similar and what they thought about it in general. Most of my interest is in commercial real estate at this point. Hopefully by year's end I will have a portfolio of 4 commercial income properties; 3 self storage facilities and one small mobile home park. 

Thanks!

Kyle

Hi All,

I am just curious to hear what everyone thinks about car washes as commercial investment properties. I'm watching one, but right now the price is far too high to even consider moving on it. Any and all thoughts are welcome. 

Thank you!

@Harrison Smith, thank you for the invite. I will certainly take you up on that. Southern Maine will be an area I will be expanding into for sure. As you know, it's a slow process when you're starting out. One step, one property at a time, I plan to keep plugging along. I will be in touch. @Dan Barli, thank you very much! I am hoping my strategy pays off for me. It's looking really good right now! Thanks again, guys!

Kyle