All Forum Posts by: Molly Morlino

@Ronnie McClain - So what ended up happening?  I live in SM... curious!

 We're actually looking into RV/Boat storage (on some different acreage).  We'll hopefully be starting that this summer... OR more "little houses" in the fall!

@Zach Quick

The building is about 200 ft long and 80 ft deep.  Each space is 40 x 13.  We built these straight out instead of slanted, so they require more land (aprox 1 acre per building).  You can squeeze more onto less space if you were to slant, because you don't need nearly the turning radius.  

Each building cost about $115k to build.

Thanks for the responses folks!  We have covered parking - not full enclosed.

We have 64 covered (40 ft x 13 ft) RV and boat storage spaces in Kyle, TX.  We currently get $85/mo per space (not inc tax) and we rarely have vacancies for more than 12 hours.  In other words, it's been a great investment.  They sit on 2 acres.  We already owned the land so the improvements cost about $200k (site prep, building the covered storage, etc)

So... We're looking at more land about 20 minutes west of San Marcos, TX.  It's unrestricted and has 200 feet of 32 road frontage.  We have seen uncovered storage do very well.  We have run the numbers and expect we could get about $45 per space and would squeeze about 250 *uncovered* spaces on this land.

This would require grading, putting down road base, security lighting, cameras, an 8 ft perimeter fence with gate (not automatic).  We wouldn't really need to add anything else, I don't think... basically renting the land out.

Does anyone have any thoughts or opinions?  There's a serious lack of RV storage in the area.  We have friends with 240 spots who, like us, aren't vacant for long.  We do all of our payments through Cozy, which makes it easy.  It's a high turnover but it's easy to keep up with, with little maintenance.

Quick update... We're signing leases this weekend for 12 month lease terms and monthly prices of $1095 and $1145 (they have 2 dogs and we charge "pet rent")!  We have the security deposits and first months of rent already in (we used Cozy).  It feels SO good to have money coming in (and not going out)!

 It's definitely something we will look into!  We plan on 4-6 more monthly rentals on this land, then an additional 10+ on another parcel of land.  We live near the "wine trail" of Fredericksburg, TX so we'll be looking into that for nightly rentals.  That would be phase 3, as we want to get some solid financial footing before diving into that.  But probably 5+ years!

Bump :-)

I couldn't quite decide where to post this... Please move it if necessary!

We just built our first two rentals (see here).  They will be rented this week for what we asked - $1095/mo.  Great return on investment... we are VERY excited!

Anyway... They are built on land that we are leasing from my parents.  We are paying approximately $220/mo for both homes.  These are not individual lots, it has never been subdivided.

My question is... and I think I know the answer, but I want to check... Can we pull a HELOC on these homes even though we don't own the land?

We have a legal lease that we can produce.  The homes are valued at about $65k without the land (we built them for $40k) and we own them outright - no mortgage or debt.  We both have excellent credit in the 800s.

We also have about $130k in equity in our primary residence, which we will take advantage of.

We're not in a huge rush... I need a minimum of 6 months to recharge, as I did most of the work myself (my husband worked on weekends).

We have several applications in now... Looks like they will both be rented this week!

We plan on building 4-6 more on this land.  I'm looking forward to a nice, long break!  But in about  a year we'll be back at it again!

I already have a LONG waiting list of people interested in the next batch of "Little Houses" :-D