All Forum Posts by: Patrick Flanagan

What are some of the most important things when looking to purchase a storage facility? Besides the obvious of buying right. I’m going to start contacting owners asking if they want to sell their facility and I’d like to know some things I should be looking for.

Is there a general rule for how big the population in a area needs to be? Or do I really need to be focusing on the location of the property?

Thank you for your help! 

I hear a lot of people that love investing in self storage. I’ve read about all the fluff and awesome story’s how their value adds made them tons of money after the refi. I’ve heard several investors on the bp podcast say that 80% are owned by mom and pop shops, so it’s easier to land a deal because you are dealing with someone that might want out of the business.

So id like to hear some story’s or things that were nightmares when trying to buy and manage a storage facility. As well as things you did to over come those problems. I’m trying to get the opposite opinion from someone on what things to avoid so I don’t end up making some big mistakes.

I would Just like to see both sides of the story.

Thank you,

Pat

@Jeff S.

@Jeff S.

Very true, my rental is in Lebanon, Or.

Albany is good, it’s a very big area and lots of fine companies their. but I think the path of progress has ran through there already. What I mean is it seems like a lot of people are looking to rent and buy in the smaller surrounding towns that might be cheaper.

But most of the houses around will not cash flow. I’ve been sending email and mailers to all the multi family homes around the Lebanon and Albany area. For the ones that respond they don’t want to sell their properties or they only want top dollar. It just seems like I’m spinning my wheels trying to find a good enough deal that makes sense as a rental, I just lost my first duplex in a town outside of Portland. After 2 months they decided not to sell.

So I’m making offers and trying to find deals. But it seems as if my time could be better used investing out of state, so I’m going to find a market and look for my core 4.

Looking to invest in out of state Markets. I was curious if anyone could point me in a direction to a market I can start researching for brrrr properties. I live near Portland, Or and it’s just to expensive for me to play here.

Could you please give me some info on why you picked that market and how many deals you’ve done.

If there is anything I can help any investor with in the Oregon area please let me know. I’m a electrician, I own 1 rental(trying to build up my portfolio), my mother owns and manages a very large property management company. If you need me as a cross reference on a property or a second set of eyes on a place please let me know and I can help out in any way possible.

Have a great day

@Adam Tafel

Thank you for all the advice! It is a off market deal

Hey bp!

My wife is a new real estate agent and with this virus going around she has had a very hard time reaching new clients.

Obviously this is a hard time for us all, but what are some tips she can be doing right now to learn and benefit her as a new agent?

Im in the process of trying to buy a duplex from a family friend. For my current house I used the VA home loan, the house had to be move in ready. This duplex I'm looking at is 2700 square foot and built in 1998 so its not a very old building. The issue is, the one unit has no carpet, no trim, small bathroom subflooring rot from a toilet leak, and the outside of the building needs new paint. This was all caused from a tenant(besides outside paint), very easy fixes. My question is can I get approved for a FHA 3.5% down home owner occupied loan if there are fixes that need to be made to the property??? I plan on living in the property with my wife and fixing the property up while we live in it.

thanks,

Pat!

@Frank Lesowske what specific areas??

@Brittany Flanagan welcome to bp!!

Good morning,

I was just curious if anyone else has done this. So I’d like a buy a piece of land a build a liveable shop on it, While At a later time I build my house.

Is it possible to get a construction loan that ties in the land and the shop into 1 loan?

Or will I have to have 50% down for a traditional land loan