All Forum Posts by: Matthew Rembish

@Scott Snow

Scott, 

I think that might have been one of the most informative responses I have ever got on this site, thank you so much! For someone trying to syndicate a deal such as this, how harshly does a bank look at me? I assume that they're not going to like the fact that a portion of any positive cash flow will go to investors to pay interest. Is there anything else you would suggest to a person in my position with no experience in the way of storage but with a lot of construction experience (being an engineer) and verbal commitments from other silent investors interested in investing in something of this size with me. Is SBA the right route?

@George Fitz

Thank you very much for you input George! And I will definitely check them out.

Can you refinance the SBA loan into a conventional loan? I'm still VERY new at this...  

@Richard Copeland

Thanks Richard, and will do!

@Stephanie P.

Stephanie, 

Thank you for the feedback. Can you elaborate a little bit on what you mean by "stated income?" Is that kind of like going conventional but with more down or is it something completely different?

I've been recently looking into some storage facilities and although I have a good idea of my area's cap rates, average facility NOI for particular size facilities, etc., I'm still unsure of the costs associated with financing a building. I'm aware that you can get 75-80% financing through a 7A SBA loan, but what I still don't know is:

 a. How much would a monthly payment be on a million dollar property with 20% down? Are there any online calculators for that that are accurate?

b. How long do you have to wait before refinancing? Are there any additional costs when you do?

c. How much, approximately, are closing costs for a million dollar property?

Does anyone know where I can get this in PDF format? I don't really like the kindle app but I'd still be willing to pay for the PDF. Thanks!

@James Seely

Thank you very much for the input, James. I have been reading some of Scott Meyer's material and I will definitely check out that analyzer. I understand there are definitely limitations but from what I've read, they definitely seem to have more pros than cons, especially when comparing them to apartment complexes, which is what I was originally aiming to do. Thanks!

@Michael Derespinis

Excellent, thank you so much for all of the information Mike! I actually just finished Scott Meyer's book last week but I will certainly check out Mark Helm and the other websites you suggested. Thanks for the tip!

@Account Closed

That's great Isaac, I will definitely check it out. And absolutely, would you have any time to talk this week?

@Jay Hinrichs

That's really interesting, it sounds like it makes a lot more sense then going the apartment route, which is what I was orginially planning on doing. I've been interested in storage since high school but always thought of it as more of an endgame. Sounds like it it totally possible to pull off given the right property and right pool of investors.