All Forum Posts by: Kyle Woodruff

Thanks Brad...I will absolutely be doing some reading tonight! I'm so scared to do the wrong thing. 

Hey Brad! Thank you for the reply.  These are amazing questions.  However, I am having trouble finding the answers to some of these.  Many of my competitors do not have prices listed and request a quote.  It has been difficult to find concrete information.  I am not sure I have a competitive advantage besides prices being a little less.  I am just trying to utilize every square inch of the property I can.  I am noticing many of the competitors are drive up storage where mine will be mostly climate controlled. I was thinking of doing some partitioned walls to add flexibility to unit sizes but I am having a hard time finding some. 

Hi Everyone! Need help with self storage design. I bought a property with 3 apartment units and 13 storage units on the back ...an old barn and garage was also on the property and I am turning those into storage as well. In the barn area I am adding 16 5x7 storage units ..in the garage I am having a debate...do I add four 5x5 storage units...(2) 5x10 storage units..or (2) 5x5 storage unit and (1) 5x10...my conundrum is I could make more money with the 5x5 but I want to have an option if someone wants a bigger climate controlled unit, however on paper that doesn't make as much money as (4) 5x5 units...ughhh help

Thanks for the reply!! I actually want to wholesale the deal and want being that the seller is open to creative strategy I am just trying to figure out all of the options so it is seamless for the cash buyer 

Hi Everyone,

I need help and telling me why this does not work.  Here is the scenario.

I originally wanted to do a subject to deal but seller was a little worried about it.  Here is the stats

Seller owes 80k on the house. Wants to sell for 90k.  I don't want to pay 90k cash but what if.....

I structure a land contract for 90k with a 10k payment due at closing to the seller. 

I make payments to the seller in the amount of the loan amount they currently pay. 

Say they pay $500 per month for the loan.  That is what I would pay the seller in payments per month to cover that loan cost. 

I wouldn't get the deed to the property but it would provide a little more security for the seller and make them feel more comfortable, while still only having me put 10k into the deal vs. 90k. 

Question. Can I do a land contract when someone owes on the property? Will the land contract trigger the due on sale clause if we are technically not transferring the deed?  Am I missing anything in this? 

Thanks everyone.  Happy hunting!

Hi @Corey Woodruff I would consider talking to your brother on this one.  I am told he is much better looking and smarter than you.  

For an update on this to everyone this was my brothers first park and since he is one of the top mobile home park owners in the country.  

Ambition and good ole fashioned hard work has certainly paid off.  Congrats little brotha..I just wish I would have found real estate investing sooner!! 

Thank you for the input Jenny! I think it is beneficial to keep it in its vurrent format 

Very cool way of analyzing it @Eric Goldman

It seems like everything I find that people want to sell is unique and not a cookie cutter way of analyzing the deal.

I recently just purchased a 4 unit building with 13 storage units on the property. I have found nothing like that within 500 miles of my area to see what a CAP rate would be...Am I safe to use a commercial apartment building as a comp?

I feel like that is what an appraiser would do but I am not sure. 

Another question...If I do a value add like a rental box truck will that be factored into my property evaluation? I wasn't sure because its not technically apart of the property and more a asset of the business, and can move with me if I were to sell.   

Thanks again for all the help

It seems as if I have been drawn to odd properties that are hard to evaluate.  This example is no exception but can make a big difference in the potential appraisal of the property. 

So this is a mixed use property.  A business on the main level, and two 2 bed 1 bath units on the upper level. The property, according to tax records, is zoned as a commercial property.  

However, will an appraiser use a commercial type evaluation such as CAP rates, or can they have the flexibility to use a residential comp type format?

Are they bound do go one way or another or because it is a mixed property, do they have flexibility to determine which way it should be appraised? 

This can make a big difference the in evaluation of a property and has caused me to go gray way sooner than I would have liked :) 

As always I appreciate the insight and efforts of my Bigger Pockets Colleagues.  

Thank you for the reference...I have been reading a ton  of literature and always looking for another book..I'm going to buy it right now...thank you for the recommendation