All Forum Posts by: Parker Fairfield

 
I'd love to learn more about owning a warehouse ... and your thoughts on it. 
What/who is your target audience? What are the PROS & CONS of owning it? How's the revenue? How long do they tend to stay?

Thanks!

@Drew Forte
I'm guessing that @Ronald Rohde and I share the same perspective 

My thoughts:

1. By allowing a storage area on your lot -you'll ultimately be responsible for any theft, etc. 
2. By allowing your tenant to install whatever, you have less bargaining room when any next tenant installs whatever too 
3. If the tenant doesn't do it to code, it'll be your fault first
4. The tenant is going to do a 1/2 *** job - you'll pay more and end up with a proper structure
5. Why would you want to lose the revenue stream?
   
   I highly suggest you get in touch with your network and find out building code, what sort of structures you can put on your lot, and what the safest, best options are
   
   **NOTE** A container is NOT a secure choice UNLESS you take pains to make it secure. AND you can NOT put an additional roll up door in its side and call it secure.  I had one when I ran the roofing company - and someone (one of my guys? maybe) backed a pickup truck with a 2/10 in its bed into the roll-up garage door ripping it off its roller track... 

For RESIDENTIAL ROOFS I would ONLY use www.ibroof.com 's PVC

For commercial consider the following (plus any others!) PVC will last longer, or TPO which will be cheaper for the material. Manufacturers include
www.jm.com
https://usa.sarnafil.sika.com
www.carlislesyntec.com
and GAF https://www.gaf.com/en-us/roofing-products/commerc...

Michelle, 
Have you considered TPO or PVC rolled roofing? Here are two roofs that a company I built up (and sold) did - and I did the selling, and I ran the crew that put them on:

• http://bit.ly/BereanSchool
• http://bit.ly/OldLevitzFremont

Both systems were similar in size to your 900 squares (1 square - 100sq feet; its a roofing term). 

There's no down side to using it IMO. You would NOT need to tear off the previous. You can insulate it easily. You can control the water flow EASILY by using built up sheets UNDERNEATH it to direct the water where you want it to go. It'll save TONS of money in the summertime - as it will reflect 95+% of the sun's energy without insulation (it looses its reflective nature when lots of debris builds up on it - so considering cleaning it at  the beginning of each summer. 

1. Get up on your roof, 
2. Take photos of the whole thing - especially anything ugly, old, dirty, or confusing to you. DIGITAL PHOTOS ARE FREE
3. Take photos of everything that sticks thru your roof (pipes, antennas, etc). 
4. Visit your local ABC Roofing Supply and show them your photos
5. Ask them for the local COMMERCIAL sales reps for the TPO and PVC suppliers ... you want to have them all come to your building and discuss with you their products, warranties, and their "CERTIFIED" roofers; the certified roofers can sell warranties - even if you don't BUY the extra warranty, it's good to know which companies are certified (which required training). 
6. Lowest Price is NOT Highest Value - but HIGHEST PRICE is NOT HIGHEST VALUE either. 
7. Build into the bid that you want them to water test your entire roof; it's a rare request but easy to do. (Force them to block the drains, and to flood the roof with hoses. (They're not creating a pool - they're creating LOTS of water hitting an area at once. START at the most difficult details (corners, drains, etc.). If the contractor is afraid of WRITING THIS into the agreement, they are worried of their team. 

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Bartlett.

Purchase price: $175,000

Cash invested: $50,000

1900 farm house which was converted to 3 units.
I redid all of the hard wood floors, repainted, put in a patio and a hot tub.

Entire house listing: www.airbnb.com/rooms/16251499
· 1st floor listing: www.airbnb.com/rooms/16249133
· 2nd floor listing: www.airbnb.com/rooms/16250535
CHECK OUT THE SNOW MELT SYSTEM by the hot tub!
· 3rd floor listing: www.airbnb.com/rooms/16251131

What made you interested in investing in this type of deal?

Passive Income

How did you find this deal and how did you negotiate it?

Zillow.com I think
I was living in China at the time, and contacted several real estate agents who helped me look at it remotely.

How did you finance this deal?

Cash

How did you add value to the deal?

the wood floors, building out the 3rd floor as an apartment, putting in a large patio WITH SNOW MELT SYSTEM, and putting in the 7 person hot tub outside.

In the process of adding closed cell spray foam everywhere

What was the outcome?

It's turning out about 60,000 in annual income.

Lessons learned? Challenges?

I should have done the insulation inspection faster

Above, you can see that the exterior wall has very poor insulation around the plug (Purple is cold, white is hottest)

Here's the door from the inside - look at the cold air coming in. In NH that's a lot of wasted energy.

Greetings! 你好！Buenos dias! 

We're now in the process of moving back to the USA (me, my wife Judy, & our 2 teen boys) - back to the Conway NH area.

Judy, our elder son PJ, me, and Kyle Fairfield

We've properties in the Conway NH area - and are trying to buy another property here now. Additionally we have properties in China and in Thailand.

Judy and I are many things and if you're interested, <snip> private message me ... I just found out I can't share my LinkedIn address. Shortly stated, we are multi-lingual, hard working and hard playing, and family & friend focused. We are setting up our new lives here in the Conway / Fryeburg area - and hoping to meet new friends. 

We are both about to finish studying for our NH real estate licenses (I think I'll take the test in the next few weeks) and we are looking to meet up with others in the region that enjoy things related to property ownership ....

Also, here in Conway NH / Fryeburg ME we are building a property management company ... and a "green" focused construction company (I've run/built a successful construction company focusing on roofing (residential and commercial - and focused on reducing energy costs via roofing) again.

So if you're looking forward to meeting/discussing with others interested in:

• buying/selling (and the discussion of) properties
• property management
• AirBnB (and other short-term) rentals
• Long-term rentals
• investing in real estate projects
• construction (from general to geothermal air heat, solar electric, hydro electric)

then just add me; Judy and I both are using this account right now. It'd be great to make more friends in the area - we've never lived here full-time.

Finally - I'm trying to decide if I should buy the BP membership

Did you?

Here's a question about it - trying to get people to leave their thoughts. It'd be great if you left thoughts there - i'm trying to get more replies - so that more people leave their replies too.

https://www.biggerpockets.com/forums/311/topics/67...

 Man - it'll take me 2hrs to get there ... and I JUST see it now

How long does it run? Seriously considering driving down

I guess I can't "quote" text - to help clarify replies to separate sections of others' posts.

<blockquote>

Originally posted by @Mary D.:

<snip>

2 great books that have helped me, actually 3...<snip>... Rich Dad Poor Dad & Cash Flow Quadrant - Robert Kiyosaki. This one is new to me & am practicing this awesome ritual. Miracle Morning - Hal Elron. Podcasts157 & 284 are great!

</blockquote>

I love knowing what others work on ... I've not heard of Hal Elron... I'll search for him!

For all that are reading my posts, I'd love to connect here at BP

We're just now moving back to the USA (me, my wife & kids) - back to the Conway NH area.

We've 4 properties in the Conway NH area - and am trying to buy another house here now. Additionally we have properties in China and in Thailand.

Also, here in Conway NH / Fryeburg ME we are building a property management company ... and a "green" focused construction company; yes I've run/built a very succesful construction company focusing on roofing (residential and commercial - and focused on reducing energy costs via roofing).

So if you're looking forward to meeting/discussing with someone interested in:

• - property management
• - investing in projects
• - construction (from general to geothermal air heat, solar electric, hydro electric)

then just add me.

You can find me on Linkedin by searching for Parker Fairfield

Finally - I'm trying to decide if I should buy the BP membership

Did you?

Here's a question about it - trying to get people to leave their thoughts. It'd be great if you left thoughts there - i'm trying to get more replies - so that more people leave their replies too.

https://www.biggerpockets.com/forums/311/topics/67...

Welcome to the property investment game. 

I'd LOVE to see a list of the podcasts, blogs, and other internet sources - it'd be awesome if you just copy/pasted them all into a text file, and uploading it (or sending it out). THE BEST would be to create a Google DRIVE spreadsheet -that then is opened to trusted people for updating. 

IMO, your dog definitely needs to (be trained to) not bark - regardless of the building it's in. 

With regards to allowing pets - we allow pets, but we charge extra security deposit on top of the original deposit.

With regards to sound deadening - look into spray foam or packed insulation; I prefer spray foam. (There are two types - closed cell spray foam and open cell spray foam; closed is waterproof and fire resistant - open is not and is not). You'll get insulation and sound deadening.

Financially - the BEST part about getting the multi-family is:

1. you can put yourself  in the SMALLEST unit - and maximize your rent
2. that will minimize your total expenses to the maximum extent
3. which will help you the MOST with your debt, and getting started off in life.

For all that are reading my posts, I'd love to connect here at BP

We're just now moving back to the USA (me, my wife & kids) - back to the Conway NH area.

We've 4 properties in the Conway NH area - and am trying to buy another house here now. Additionally we have properties in China and in Thailand.

Also, here in Conway NH / Fryeburg ME we are building a property management company ... and a "green" focused construction company; yes I've run/built a very successful construction company focusing on roofing (residential and commercial - and focused on reducing energy costs via roofing).

So if you're looking forward to meeting/discussing with someone interested in:

• property management
• investing in projects
• construction (from general to geothermal air heat, solar electric, hydro electric)

then just add me.

Finally - I'm trying to decide if I should buy the BP membership

Did you?

Here's a question about it - trying to get people to leave their thoughts. It'd be great if you left thoughts there - i'm trying to get more replies - so that more people leave their replies too.

https://www.biggerpockets.com/forums/311/topics/67...