All Forum Posts by: Richard Mann

My kids before they went out

@Michael Wagner - Thank you for the advice. I was hoping you would see the post as I have read many of your previous posts concerning storage units.

@Greg W. - Thank you for the very detailed information. It is exactly what I was looking for.

I guess I will probably have go wait a bit or find a smaller storage site. The one in my town that is for sale is about 600k and I would have to liquidate something to come up with the down payment. Can't afford to do that at this point in my investing career. However, where there's a will there's a way, so maybe I just need to put on the thinking cap.

I have read and bookmarked several of the many posts I have read concerning investing in self storage sites. There is one that is for sale in my area and I would be interested.

How many years back should I go in looking at their books for rental history and profitability?

I assume I will need a commercial loan for this type of investment. Is there anything special I should prepare for in seeking this type of loan out?

I work as an insurance agent and make about 45K / yr but we have no debt.

Will I need to have a down payment? If so, what percentage?

Any information concerning the financing of this type of investment would be greatly appreciated.

There are many "rules" for sfh's are there any for commercial/industrial properties.

Thanks

@Stephanie Dupuis - any chance I could grab a copy of that spreadsheet as well?

Thanks in advance.

@David J. - priceless

As those before me have said, that's a great start.

However, that being said, as a young man in college, living with his parents, and only a part time job I would assume that you don't have any money in the game yourself because you said, "We were able to get these deals because we paid all cash and because they were bank owned properties."

Having the means to pay all cash make his makes the game a LOT easier, but as you continue to read and learn this may or may not be the best use of cash.

Most people on this board were not in such an enviable position when they started and had to learn how to find or save the money themselves to begin. They had to learn the ropes through much hard work and education. They had to balance, family, friends, budgets, and jobs, to even begin thinking about REI.

Please don't think that I am bashing you because you have advantages that many do not but please don't think that everything is easy because you do have advantages.

Many men and women have lost fortunes in their lifetimes and had to start over with nothing. Anyone who started with nothing and became successful will tell you that becoming successful is NOT easy.

Just 2 cents worth from a guy who doesn't have a lot of money but has no debt and understands that money is not the be all, end all of what is "success" in life.

Hey @Kathryn Orr

Welcome to the boards. I am down in the Springs and we (my wife and I) have a very similar goal as yours. Good Luck and if you make it down here to the Springs give me a call and we can all grab a drink or something.

We have 2 bids on properties, one for a flip (we think) and one for a buy and hold.

On the home that we might flip, if we were to get it, it needs a LOT of clean up in the home and the yard. Other than that it needs stuff like carpet, paint, some drywall patching, a new furnace (they took it out) and appliances. Really not in that bad a shape as far as I can tell.

Since we are pretty new at this I ask my contractor friends a lot of questions. I found this site: http://www.homewyse.com/services/index.html and so far it seems pretty accurate based on questions I have my contractor friends. The site has just about anything I could envision needing at some point.

Has anyone else seen or used this site and what were/are your thoughts on their accuracy?

Thanks

Rick

Very nice!

Can't find those kind of deals in Colorado Springs, at least not that I am aware of.

Nice work!

Hey @Kyle Doney

Welcome to the group. I am down in Colorado Springs. If you ever get down this way give me a call and let's have a drink, whatever that is to you.

Looking forward to getting to know you better as you participate.

Rick

You are already doing more than most @Lisa Ryan so I commend you. I am much farther along than you in age and just now getting into real estate for the same reason(s). I am 58 and want to retire no later than 62. So our goal is to buy rental properties a couple different ways. We are looking for houses in lower income areas that will cash flow well but are not war zones, just middle class people who can't afford higher end homes. We also want to purchase rental homes in areas that will not cash flow as well but will appreciate at a faster and higher rate.

Our initial goal is to purchase somewhere between 12 and 20 homes between now and the time I wish to retire. We just put in our first bid on a short sale home that if accepted will net us about $500/month. If we need to go a little higher that's ok because it is in pretty good shape with probably no more than 3k needed for repair and it's ready to move in.

Anyway, good luck with your plan, I think you could actually move much faster and have much more than your initial plan but really it's your goal and if you are happy with it then just continue to work for it