All Forum Posts by: Ryan Bono

That's awesome @John Litz I'm sure that's tough to do but it will be worth it! Let me know how that goes!

@Max Shaw Hey Max, I appreciate the insight there. We are going to Little Rock in March and I will definitely place my eyes on something before we buy it. In the mean time, if I have a property I am seriously considering, can I direct message you the address and get your opinion?
Thanks again Max!

@Luke Spencer I am not on the management side but I can tell you it took 2+ years to fill 300 units at one of our facilities and the other just hit 300 units in 12/13 months so it really depends on the demographics, and local housing market trend, the more people moving in and out the higher the demand for storage.
I think if you're looking at a saturated market then the upfront cash to turn the warehouse into self storage is not a good idea but then again, maybe those operators are on back roads ( low visibility ) and don't push google ads well. Maybe you can do it better than them? Is your warehouse on a main road?

Hey @Jaycee Greene someone on our team handles the acquisition and lending/banking portion, we only do the monthly bank draws for construction costs!

Hey, Thank you for sending that one over, yes I did see that one and recently underwrote it and I don't think it is the right one for me! @Jaycee Greene

Hey @Jaycee Greene, great questions. I would be willing to do some value add component/renovations. Luckily, I am in construction and have a background in renovations. Price range is about $600,000 to 1.4 Million. Most ideal would be seller financing, but open to creative strategies for a cash-flowing property. 

Hey @Jaycee Greene, we typically get loans from smaller local banks. We do have to come up with 40-60% of the LTV through investor money! The bank/lender helps with he remainder of the building and construction costs. They are pretty unique conversions, it does take considerable time, effort and money!

Hey BP Community! 

My wife and I on the search for our 5th property and looking to go for a 6-12 unit multi-family. We own SFHs in Columbia SC and like that market. I've also heard great things about Little Rock Arkansas. Would love to hear form some Multi-Family owners/operators in these markets about pros/cons and specifically neighborhoods to avoid.

My wife and I have been to Columbia SC many times and, while we have never been to Little Rock Arkansas, we plan on going in Late March! 

P.S; We live in Wilmington NC so both markets would be "long distance" P.S.P.S there are no reasonably priced multi family properties local to us. We've always invested out of state and that is not a real hurdle for us. 

Would appreciate any insights! Thank you!

Just completed my third self-storage conversion in October with my W2 job at Elm Builders. My first start to finish was in Gastonia NC, then Burlington NC then this one in Lexington NC. Currently have three more in progress right now in both North Carolina and South Carolina. Our team buys the properties and converts them and manages them so it has been a great learning experience seeing all three phases from taking down a project, renovating the building then managing the lease up. We pretty much only do climate controlled self storage. Pretty cool stuff and I just thought I'd share some pictures and be a resource to anyone trying to do this as well. I don't know everything ( I'm better on the construction/building/renovation side of things) but DM me if this is something you are interested in doing and I will help anyway that I can!

Thank you Shannon!