All Forum Posts by: Lance Jorgenson

Investment Info:

Other commercial investment investment in Idaho Falls.

Purchase price: $6,100,000
Cash invested: $150,000

I invested in this property as part of a Syndication. I am a partner with my Sister 50/50 we are 5% owners in the property. Based off the performa after 5 years we should of made 21% per year or 105% return. I am super excited to learn and see how this works since this is my first investment in Syndication and Self Storage.

What made you interested in investing in this type of deal?

The Opportunity to invest in Self Storage and that after 5 years is to cash out refy and get all of our money back plus some and have infinite return.

How did you find this deal and how did you negotiate it?

Was at a Slreia Monthly meeting and through talking with people ran into the Tyler who was putting the deal all together and was able to meet up with him later and after going over the deal I wanted in.

How did you finance this deal?

My personal savings

How did you add value to the deal?

There is the opportunity to raise rents on some tenants that have been renting for a long time and also there is a open ground where we have add in more units.

What was the outcome?

Hoping to learn how self Storage works. and build my asset base so I can invest in more properties

Lessons learned? Challenges?

It is strange for me to not have more ownership I am pretty much in the back seat along for the ride. I awesome ride just not driving.

What gets me excited about STR is that it would be awesome to have a one in locations that I can travel around with my Family. Ultimate goal would be to have 4-6 around the country. I have interest in St George just because I have family that live there and could give me references.

@Alyssa Lukish  Where you able to purchase a Short Term rental property? If so how has it been working out for you? 

I am starting to think of how I want to live when I retire and would Love to have a Short Term Rental Properties around the World. 

Thinking, Florida, Hawaii, Utah, Costa Rica, Italy 

I was able to buy a Commercial Property where it was owner financed at 0% down.  I bought it from them by building a relationship with the owner and found out that they would prefer owner financed to avoid capital gains and to spread out the income to support the life style. Win Win

@MarieChele Porter One thing I would be worried about is how other tenants in your building will feel about living next to a Felon. I feel it would be hard to keep good tenants and also might be hard to get people to rent knowing that a felon is in the bldg. I would being welling to try it out if it was a SFH and you got maybe a higher deposit then normal and kept everything in the wives name. It is defiantly a very tricky situation

@Scott R Roerig way to go the hardest for me was getting the first one. Salt Lake has huge upside on long term investment strategy 

@Joe Villeneuve great point. So on my 3 plex property I purchased it 2 years ago for $345,000 with $90,000k down. After all expense (Repairs, Loan, Property management, etc....)  I was able to cash flow $1800 a year. push got $3,000 in tax savings each year. I just sold it for $450,000 with a cash out of $168,000.00 after all fees. Which I put into purchasing with partners an property with 29 units.  I'm not to sure what it is called but the increase in value on my Asset made me way more in the CF.  It gets me excited to see my net worth increasing.  

So as I have started to invest in real estate in the beginning I was so worried about making sure that it was making a really good cash flow. But now I am more interested into building up Assets and expanding my portfolio and increasing their value so I can build up net worth.  The appreciation on my recent 3 plex I held for 2 years made me way more then I ever was hoping to make on cash flow.  I know that my ultimate goal needs to be is build up until I can secure a large property to Cash Flow and be truly wealthy.  I am blessed that I have a great W-2 job that makes more then I need to cover my life style. 

Where are you focusing on right now? 

What are you looking to accomplish? 

This is the same owner that we bought the my Castle Gate property from.  It was my partner contact and did the negotiations.   

Investment Info:

Industrial industrial investment investment in Salt Lake City.

Purchase price: $2,200,000
Cash invested: $5,000

33,000 sqft industrial bldg.

What made you interested in investing in this type of deal?

It is a bldg. that my company was currently renting and the owner offer us a killer deal we couldn't pass up. He sold it to us at a $600,000 off the market value

How did you find this deal and how did you negotiate it?

Was renting the bldg.

How did you finance this deal?

The owner is financing the deal at 1%

How did you add value to the deal?

Going to hold it and slowly increase rent and wait for the value to increase

What was the outcome?

Great additional to my portfolio

Lessons learned? Challenges?

Always to ready

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Rad Dye CBRE