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All Forum Posts by: Phil Sneed

Phil Sneed has started 2 posts and replied 6 times.

@Charles Wisniewski

Sounds great Charles!

@Charles Wisniewski

Hi Charles! We’ve just completed site plans and permitting for a brand new Self-Storage development here in Austin, TX. If you’re interested in investing and potentially joining our investment group please let me know.

@David Morovitz

Hi David. If you’ll PM I can provide an executive summary on a $3.6 M self storage development I have underway in Austin.

@Cirilo Villar

First of kuddos to you for already having self awareness of your current financial situation and then thinking ahead. Secondly, get a credit card with $1000 limit. Spend monthly but pay off the balance completely and religiously every month. Pay ALL bills early. Make this practice the focal point of your investment strategy forever but especially the next two years or so. Excellent credit is the cornerstone to your financial credibility and acumen. Next, continue doing what you're already doing - put yourself out there, network, gain contacts. Read and further your education in REI. Get well versed on taxes. As they say it's not what you earn but what you keep that determines your wealth. Disregard tax education and kiss everything you've earned goodbye. Save up cash. Lastly, be patient. At your age there's no patience but if you can adopt patience and minimize risk with each investment while removing emotion from your business decisions you may exceed your own expectations. Good luck. You're already ahead of most of your peers.

Investment Info:

Office Space buy & hold investment.

Purchase price: $850,000
Cash invested: $100,000
Sale price: $985,000

Sourced, acquired office pad-site to accomodate the growing needs of a business I owned. The office was completed to our design specifications and has met our 10 year expansion plan and slightly exceeded our financial objectives when it was recently sold.

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

Although we are in an unrelated business outside real estate, the need for office space to house our growing business gave me a reason to invest in commercial real estate.

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

We searched for affordable property throughout southern Williamson County. This property was affordable and offered top value based on construction costs at the time. In addition, the office finish out design afforded us the opportunity to customize the office layout while taking into consideration optimum re-sale value at time of exit.

How did you finance this deal?

Deal was financed through conventional bank financing with modest down payment.

How did you add value to the deal?

We renovated the office in 2014 to appeal to a growing millennial workforce

What was the outcome?

The office investment property was sold at asking price in 2018 with multiple offers. We were very pleased with the outcome.

Lessons learned? Challenges?

Become well versed on condominium regimes before investing in one. The risk are no more substantial than other investments but very different. It pays to understand who owns the common grounds, the building roof and exterior, what aspects of the property are insured by which policies, etc.

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

yes, my wife

Investment Info:

Office Space commercial investment investment in Round Rock.

Purchase price: $216,000
Cash invested: $41,000
Sale price: $240,000

Office Condo

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

It was an owner-occupied investment a small business I own.

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

Searched office space within the target sub-market of Round Rock that would meet the start-up needs of a third-party logistics firm.

How did you finance this deal?

substantial cash down with remainder financed through conventional bank loan.

How did you add value to the deal?

No material improvements were made to the property.

What was the outcome?

The five-year objective for office space was met with acceptable ROI

Lessons learned? Challenges?

Office condominiums do not appreciate significantly in value

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

Yes, my wife.