All Forum Posts by: Ryan Buchanan

 I have a property under contract and am going through the rezoning process now with the County. The nearby city is interested in considering an annexation. I am hesitant because of potential future restrictions and higher taxes down the road with the city vs county... thoughts? Also, and tips to convince the county to let me rezone are appreciated! 

I appreciate the insight. The seller wanted a "ballpark" offer without digging into financials. It was over a zoom call with minor details. The plan was to sit down with him once he is more interested in selling which he said was 2-3 years per his retirement plan. I told him this number could most definitely go up or down and maybe should have given a range. Let me ask you this... on market stabilized self storage facilities take nearly 15 years to recoup your initial investment. What is the logic or math behind getting a deal like this? Most have negative cash flow with 25% down and 30 yr term. Just trying to wrap my head around all this. I'm used to SFH where it takes only a couple years to recoup your investment back.

I am looking to put in more offers on a few self storage facilities and want to get other opinions on one example offer price. I do not want to lowball anyone but am obviously looking to get a good deal. Coming from only SFH rentals, I do not have a great gauge for expenses etc. I have been using 35% for my calculation. Is this too high? I have been adding taxes and insurance in addition to this. Property/offer details are as followed... Size: 22,000 sq ft Occupency: 100% Estimated Gross Rent: $11,000 (unsure of economic occ and if everyone is at street rate) Land is 3 acres. Offer price: $850k

I have spoke to about 5 other folks and have a few more to call. I just wanted to do a "gut" check since I normally avoid the big banks for mortgages. Thanks for the feedback. 

Has anyone had good experience using chase bank for a cash out refi? They are the only folks I can find to meet my criteria but I want to get some feedback because I normally use a smaller bank or CU. They are offering no seasoning, 75% LTV, 4.75% interest, 30 yr, $2800 closing costs. This is for a SFH in Ohio.

They did say it was old damage and has been repaired. Just looking to get a second opinion since I think it’s a little hard to tell exactly how extensive the damage was. I’m no expert on termites by any means I have just been doing some reading online. 

These came back from a termite inspection. The one pile is from outside under the deck. Should I be concerned? Termites have been removed for a while but this is previous damage. I have no experience with termites. 

Thank you. 

Thank you guys

I am renting to a company so it’s employees have housing for the next 6 months. They want me to fill out a W9. Any issues with this? I am fairly new especially with the tax side of the business. I know I need to talk to my CPA as well but figured I would try to get some insight in the mean time.