All Forum Posts by: Matt Y.

Thanks for the reply on here Randy!  I have emailed you 6 times and none received a response.  I thought you were a ghost...haha.  I did text your number to get text-updates but it didn't work either.  I figured the number was broke--but I will call you as requested now that I know it works.  However, I won't bother you on a Sunday night.  It can wait until the weekdays. :)

I can tell you probably spent a fortune by using infusionsoft.  Hopefully others are not having link problems and playback problems I had.

Excellent idea @Shiloh Lundahl !!!!!!

A lot of 30 year fixed type loans that go on the secondary market will either require 6 months of ownership or it will be a more complicated underwriting process.  From what I've seen others do, it's by far easier to do at the 6 month mark, providing have a renter in place that signed a year lease.

The suggestion to inquire with a lender about how to the refinance before closing is a good idea just so that you have a plan from the start.  It doesn't need to be "set up" as in paperwork signed.  If you are lender shopping, but confident you can get financing due to a W-2 job and good credit, then I think it's OK to compare all your options when you're ready to refinance rather than now.  If you think you could have trouble getting the loan, better to have a plan from the beginning (especially if using hard money or private money because the cost of holding could get very expensive if there are delays).

My 2020 experience.

The web based course is hard to operate.  The website is terrible.  You can download the videos but it repeats itself, out of order, and missing content.  It's really haphazard.  Further, he advertises you can create your land trusts for free with the education but the way he recommends doing it costs $720/yr through his referral.  Some of the state info is outdated.

That being said, I learned a lot....and I learned a baseline of enough to feel pretty confident I understand land trusts now.  I think the course is overpriced and there's lot of emphasis on "extreme outcome" stories and less emphasis of what to actually do in a practical way.  I am not the guy that wants 5 entities involved in owning one property...just help me keep it simple

Lastly, I should point out that he doesn't respond to emails.  There's zero support even with his buggy website.  You have to be really motivated (like I was) to let a video load for many hours to watch 30 minutes.  Was the course worth $500 compared to other real estate investing courses---NO.  Was the course worth $500 when considering my next best option was to learn from an attorney how to do it--YES.

You should review the current written lease to see what it says about pets.  I wouldn't risk ruining a relationship with the tenant and just not renew the lease when it expires according to the laws in your area.

Be verrrry careful if you're investing in the DFW metroplex.  It's been called a no-fly zone with all the self storage development coming online there.  Sounds great but most investors in all areas seem to love buying at the height of the market.  Also LOTS of sophisticated self storage investors in your space there.

Interesting thread...and I like your creativity!

Sounds like you are estimating $300-$400/mo in lot rent?  That seems high but maybe not in your area.  How far away are your closest competitors and what are they charging?

I would tend to think a 1 acre site is too small.  How many RV's can you park there?  And does the current zoning allow for it?

Lastly, I'm not sure what to say about the "there's not much to go wrong" comment.  There WILL be a thousand things that go wrong.  That's par for the course for any business owner.  Doesn't mean it won't be worth it, potentially.

Where would be a good place to start to learn about the marketing side?

My assumption is the best deal in the world with the best attorney prepared contracts mean nothing if someone can't get the deals in front of accredited investors.  Thoughts?

It all varies.  I know people that have investors that they are paying 6% and also a lot in the 15-18% range.  The good news is that is literally depends on who you know and your ability to negotiate with them.  Right now there is more capital than investments out there...it's driving the cost of capital down.  I'm looking to invest or lend locally and I'm competing with what I call retail investors that don't want much profit.

$9000 / $275000 = 3.27% on your money

I'd strongly consider selling.  You can probably use leverage and get a cash on cash return of 15%.  Your $275k would then be making you $41k.