All Forum Posts by: Mike Carr

This will be my first year attending the Self Storage World Expo in Vegas. Extremely excited to attend.

Anyone been to this event? Suggestions for booths to hit or speakers to listen to?  I am trying to do a lot of networking and learning out there. 

Thanks

I used databaseusa. I crossed referenced the list with my county site for accuracy. Pretty solid list right off the bat. The only properties I got rid of were ones that did not fit my criteria...size, location, etc.

Dwight Schrute. 

Im all in on properties for about $50-60k but rent for $900-1000. Still not worth the time. So i put my rentals on market and learned commercial RE (self storage). One purchase would bring in income equal to 10-20 sfr rentals. So i know where my time is best spent. 

BRRRR in the sfr world has worked for some people. From a tax perspective it works on lowering your tax burden if you have have high income. I would never try to live off of cash flow from sfr rentals even if I had 20+. It really all depends on your goals and what you want out of it. Thats the beauty of RE.

Dont forget, you can also use the BRRRR with commercial properties. Thats where the real magic is in my opinion.

Take $100 and read some books on basic RE and sales stuff. Stay acrive on BP. Then go to your local REIA and find a succesful wholesaler. Pitch them the idea of joint venturing on a few deals so you can learn the process.

Spend a few thousand on direct mail, take the calls, go to the appointments, consult the numbers with the partner, put it under contract and then have your partner secure the buyer and other details.

Win-win...partner gets to close a deal without marketing and you get the education. After 2 you will see how simple it really is. And i guatantee that you will have learned more from this than putting up $20k. 

Thats just and example for wholesaling. You can do this type of partnership with any investment strategy. 

@Mario Brown Great work. Do you have partners on this deal? 

Looks like a lot of upside. What are your plans in the next coming years on this particular project. Refinance to recoup capital and hold long or sell for the equity?

Absolutely amazing. Thanks for putting this post together. The interior renovations come out great.

@Account Closed Amazing story. Very inspiring. How many leads/offers did you have to go through before you found this one? How are you sourcing your deals....brokers, mailers, cold calling, etc?

I would buy as many self storage facilities as i could with $15million while also building out an asset management team to handle everything. Then use the track record to raise more money with the goal to have $1billion in assets under management within 10 years. Then sell everything to wallstreet in 12-15 years at a compressed cap rate. 

Then use the majority of those funds to passively invest in commercial deals. I would hand that to my kids and leave a legacy to be proud of.

Also, somewhere in the middle of this i would start giving back to the community by helping homeless vets and donating to non-peofits.

im working on breaking into self storage. I got a part time assistant managers job at a local facility. Best experience of my life, as far as education goes. Within 2 months i learned more about storage than all of the  blogs,videos, and books combined. Nothing beats the experience.

My suggestion is to look for a company aggresively expanding. This is where you will see how a real company operates and how they transition new properties into their portfolio. Also, dont look for job postings...call every company you want to work for and pitch them on why they should hire you. This is how i got my job...they werent even looking for new employees when they hired me.

Good luck