All Forum Posts by: Saverio Nestico

I have a 60 unit storage facility in Edgefield, SC. I currently have an interest rate of 10% from Live Oak Bank. Which makes it difficult for positive cash flow. Looking for an angel investor for 6% return on $340K.. Purchase price was $640k and owe $340k. Open to conversations

Thanks Zach for jumping in. The management is fully remote and the U-Haul is only a drop off and pickup that is managed by U-Haul. We just supply the location and they do the marketing  

I have a 60 unit storage facility with a U-haul dealer located in Edgefield, SC and I’m considering to get a management company to replace the ESS system i have. I have owned the property for 18 months and can’t get over 80-85% occupancy. I made some nice curb appeal improvements, added parking spot rentals, added the U-haul dealer, improved internet presence, advertised in local papers and are affiliated with MySpareFoot. I am also looking into a self service Amazon hub and other self service stations. Any recommendations for management companies?

Let me help rephrase your question a bit to get a specific answer you are looking for @Hector Valadez. i am currently selling a property in Philadelphia and need to do a 1031 exchange. I want to get out of this market so we are currently doing a market analysis of all 50 states to narrow it down to 5 states and then 1 state. We identified 6-8 key metrics that we are evaluating (Population Growth, Landlord-Tenant Friendly, Cost of Living Index, Regional Price Parity, Average Rent, job Growth, Rental Vacancy Rate). A metric we are having difficulty finding answers to is identifying the average real estate transaction costs by state (In particular, transfer tax and property tax) and what are the required operating costs to manage a property (ex. In Philadelphia we have annual housing rental license, annual fire alarm certification, annual trash refuse fee, etc…)

@Jim Kittridge thanks Jim for the feedback 

@Paul Moore good stuff! Thanks Paul

@Taylor L. Good stuff! Thanks Taylor

Looking to connect with any investors that have experience in self storage investments. Looking for feedback on entering the self storage investment niche. I am interested in exploring the option of divesting my interests in residential real estate and entering into a investment where the tenants don't sleep. Any feedback or guidance would be helpful

I agree with you. And thanks for the feedback...

But my main reason for posting the question was to determine if it is wiser to do 100% seller financing with negative cash flow or spend the $150k for a 6-7% CoC return.