All Forum Posts by: Peter Dimaira

Hey! I have some intuitive info on this one. Facebook has a vast array of groups which are specific for investors from all over the country and some with 30,000+ members. I dug up this link on Facebook groups for real estate lmk if this helps you otherwise apps like connected investors will help you too. 

Hey thanks I will check these out! Sent a request btw..

I am trying to help out my uncle by selling his properties and I am wondering if there are any free websites I can list his commercial properties on? Any help would be appreciated. 

I agree with several other people here, maybe you should go back to school but take a break and take a shot while you have the vigor to do so. However, make sure you are prepared for the down time while waiting to make the money.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $81,000
Cash invested: $40,000

I was given this property by my grandfather in exchange for 81k liquid cash exchange. I was still a teenager hen I purchased this property but since it went into a trust, my parents saw the paperwork through. I recently sold it for 246,000

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

I was young, it was a gift in exchange for my life savings.

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

Family transaction

How did you finance this deal?

Cash

How did you add value to the deal?

Time and remodeling

What was the outcome?

500% profit

Lessons learned? Challenges?

Don't do business deals with family they get salty.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No

Please let me know if this helps. I'd be happy to send you more info

I actually took out an FHA Loan for an investment property in Colorado a couple years back and I was thinking the same thing. You're better off holding the property and paying towards it to receive a better ROI. That's if you're looking to invest in more property. In my experience when you approach a bank about a loan wether it be for a commercial property lender or hard money lender they always look to see if you own a home or at least have financed one. 

You also have to remember that with FHA loans they do an inspection and certain homes are not qualified because of damage to roof or foundation and I am sure several other things as well. I will attach an inspection infographic so you can see what I am talking about.

I couldn't agree more with @Sam Green Self Storage is a great business to get into, but it's important to do your research on the trending market first. If you just open up a facility and expect it to be filled the next day, it's not that easy. I would definitely do some research on what kind of budget it takes to keep the place thriving and so forth. Research on upkeep etc. etc. The reason I say this is because when this was first posted on biggerpockets.com the industry was different and capturing leads was by far easier. Now heavily trafficked keywords need to compete with 1 million results. The idea is getting it into the first page and eventually above the fold. 

The main objective is to take advantage of the google business listing because there's a bigger chance of you getting yourself indexed on first page there quicker than your actual website. Then focus on advertising in websites that your competitors are using for leads. 

I can promise you one thing though, if you're not taking care of the customer and making sure they're happy, you're a dime a dozen as a self storage facility. Nine times out of ten you're one of ten other places within a 5 mile radius. If you don't provide exceptional service, they will never come back again. the whole, "Under New Management" isn't a good look for businesses. It's extremely important to make sure that the back end office process is flawless. 

I will illustrate an example: Guy gets hired by a company in Garfield New Jersey because of his familiarity with the industry and the relationships he has, but then decides to bring in his vendors he has a rapport already built up with as aggregators and Space Control etc. There's nothing stopping him from fixing the numbers or tampering with the data because that guy or gal has full control. I am having an experience with this right now. Not to mention if the guy or gal leaves or is let go then having proper management over all of these avenues becomes a headache because you do have the administrative access under full corporate control.