All Forum Posts by: Mitchell C Johnson

Hi Zach, thanks for the comment. I maybe should have been clearer in my original post. Keeping the purchase price under $1 million would simplify the deal's capital structure but I have access to private capital that could increase that figure if a compelling deal arose. The square footage figure mentioned in the post is a target figure but is certainly flexible. I am seeking a medium facility because it can offer the advantages of a larger facility, but can support operational expenses better than a small facility. 

I'd also consider other markets as well, especially in a partnership structure. Would you be willing to connect me with any self storage brokers you know? Thanks!

 Thank you, Brandon! I will reach out to them! 

I am seeking to acquire a medium (50,000+ SF) value-add self storage facility in the following areas (in preferential order):

1) North Port 

2) Port St. Lucie 

3) Deltona

4) Clearwater 

5) Gainesville 

Ideally, I would like to keep the purchase price under $1 million.

Has anyone worked with a commercial broker that specializes in self-storage in those areas? Thank you in advance!

Hello! I am seeking to acquire a medium (50,000+ SF) value-add self storage facility in the following areas (in preferential order):

1) Woodbury
2) Maple Grove
3) Lakeville
4) Blaine
5) Rochester
6) St Cloud

Ideally, I would like to keep the purchase price under $1 million.

Has anyone worked with a commercial broker that specializes in self-storage in those areas? Thank you in advance!

What ZIP codes do you think are the most appealing in MN? We are buy-and-hold multifamily investors.

Our top 5 are below. Do you agree? Which ones should we also consider?

Our target ZIP codes are population-weighted with high rentership and rental rates among our target demographic that include positive socioeconomic drivers including population growth, job creation, economic diversification, school quality, and proximity to modern conveniences.

Targeted ZIP Codes (in preferential order):

1. 55416
2. 55124
3. 55343
4. 55113
5. 55112

Hey Griffin, welcome to BP. The forums and podcasts are great resources, so keep diving deep in those.

I interviewed at least 2-3 options for the following service providers when building out our business. I sorted them based on five interrelated functions: property acquisition, legal, financing, operations, and asset management. Remember, you want the best option not necessarily the cheapest. 

Property Acquisition Team
Commercial Broker
Property Manager

Legal Team
Accountant
Attorney
Insurance Agent

Financing Team
Lender
Private Capital

Operations Team
Contractors

Asset Management Team

Always ask for referrals when discussing real estate with these service providers. 

Hope that helps! 

11% minimum return, comprised of 6% cap, 3% appreciation, 2% loan paydown

Thank you everyone for all the information! 

Hello! I am a multifamily real estate investor that focuses on small multifamily properties (5-10 units). My market, along with most markets, has increased substantially, so there are not as many properties available locally. I am considering expanding into other, more attractive markets via investing in multifamily syndications. I wanted to solicit your references (good and bad) for multifamily syndicators.

What firms/operators would you recommend for investing in multifamily limited partnerships?

Thank you in advance!