All Forum Posts by: Mike Carr

Awesome story. Love the hustle and determination 

Educate yourself as much as you can on what niche you want to be in...self storage or MHP's. Partner with someone who has a lot of experience in that niche. Provide value by finding and managing the deal while the partner brings their experience and ability to raise money... it might not be a lot of equity % on the first few but the important thing is the experience and building a track record. You could also offer to throw money in deals as well. Once you have experience do them on your own. Take the profits (from cash flow/refi/or selling the deal) and put them passively (LP) in other deals so your money is constantly working for you. You should be able to get to $20k a month in 8 years no problem. The more money you throw in other peoples deals the more passive your investing career will be. 

That's just my opinion... I don't have $300k or $20k passively. But this is the path I am trying to take to get there. 

Good luck!

I've never done this but I've heard that the portable shipping containers dont need much as far as rezoning because they are not fixed in place...they are more like sheds. You can get a 40 foot container with 3 roll up doors already installed. So it sounds easier the  actually building them. But like I said, I have never done this so its just my two cents. 

What about just paving the lot and renting out parking spaces. Seems much easier and less costly. 

yup that's it. 

check out Chris McClatchey. He has a video about 1.5 hours long (i believe its called the power of zero) on buying apartments with 100% owner financing. Ton of gold nuggets in that video on finding and putting these types of deals together. 

I heard someone suggest this before...rent a 5x5 at your local competition and see how their lease is set up. It will also give you insight towards your competition; how well their sales pitch is, facility overall appearance, other unit prices, move-in specials offered, etc. This can also help determine where your facility stands with the competition and adjust accordingly. (Would be even better if a big reit is in your area because their leases are air tight).

Also, if you have a relationship with a property manager you can see if they will share theirs. 

Get an attorney to review in either scenario. 

Congrats. How much work does it need overall? How long do you plan on holding it?

Love hearing stories like this...keeps me motivated.

@Mark ByrgeSitelink has been a popular managemenet software for running multiple facilities. They can all be accessed through your computer from any location to either look at whats going on during the day or to actually control tasks and change items. PTI security also has a good selection of security systems that integrate right into the computer and I believe they even have mobile access.  Also check out "selfstoragecams" for full security camera packages. 

(Not sure if i am allowed to post the actual names. I am not affiliated with any of the companies.)

Not sure about the cost for either. But I know they are popular among the facilities I have seen/managed. 

@Jonathan H. How about putting in coin/card operated washer and dryer machines? I believe you can go through a 3rd party company that services them as well.  Maybe throw in a small laundry soap vending machine...or even a food/soda vending machine. 

@Jeremiah T. Welcome. I believe there is a tab under "community" up top that has a meet up section.  What experience do you have with Self Storage and Multi-family?