All Forum Posts by: Scarlett Mulligan

Hi, All!
I have an office space I have been renting for 3.3 years.   I had right of first refusal written into the lease should he want to sell in the future.  

The monthly rent payment is quite low - Less than $11/sqft./yr (similar area spaces are $17-22/sqft/yr).  I would like to purchase the building:  1. to make some modifications in the building to optimize the space for business growth (adding an additional revenue stream & creating space for another support staff member)  2. prop owner is aging.  I would like to avoid potential complications of children or wife should he pass away.   The location works well for my business. 

He is willing to sell to me today well below market value ($375,000) w/ 20% down, 20 year mortgage at 5%, no points.  Area comps put property value around $425-$450,000 range.   

I do not have 20% down - will take 6 months minimum to create it. I do have an experienced REI / friend who is willing to lend the $75k but I do not want to tie up his money for longer than necessary. It is my understanding I would need to wait one year to refi the mortgage for larger than original amount.

I was considering borrowing the 20% down from the friend, closing the deal quickly,  then take out a second mortgage to pay off the hard money lender

Any other creative solutions / ideas?  Thanks!

I love the idea of self storage.   It seems to me this industry will continue to grow.  I was watching a couple millennials interact with three older generations (father, grandmother & great grandmother) last week.   I noticed the millennials & the father were completely disengaged & tuned into their phones ..... Big surprise there, huh?!  Ha!  

Anyway, I continued to reflect on this interaction & (in typical entrepreneurial brainstorming response) attempted to identify needs that may arise within this dynamic.  What kept coming up for me is that the human brain is hardwired for connection.  Our society's quality of connection is diminishing.  Because the survival instinct will always win out over the rational brain & our elders continue to pass on our younger generations will, as a method of "connecting" hold on to   more & more stuff going forward.  

@Terry Campbell where do you recommend looking for industry standards & 3rd party consultants?  I can not find your website information on your profile - can you share it? 

@George Fitz & @Ali Boone - do you have any recommendations on the best places to do research related to storage facilities?   

Thanks for a great topic, @Lukas Zupan...... best of luck!

@Paul Sandhu -  My guess is that cleaning person isn't really free......... LOLOLOLOL!

Following this thread ..... hope you have another meetup soon!  Thanks!

@Matt Walden  

I like the image you have attached & would like to use the software that produced it.  Can you share where that came from.  Thanks!  

Best of luck with the deal.  

@Meghan McCallum ... so far this may be my most favorite episode. I'm about to start my 1st review listen. I was just so relatable. Great to hear Brene Brown is part of your business philosophy/ business approach. I'm just starting out in my 40's. I find my default mindset is scarcity. At least I'm aware! Thanks for sharing your journey. Looking forward to learning more! Scarlett

Love seeing such a success story ...... Congratulations!

@Rodney Harris - I need nutrition help!  I've been giving a lot of consideration to low carb lifestyle.  I just listened to David Osborn podcast.  He talked about health being synonymous with wealth .... it gave me a different perspective toward changing my eating habits.  

I've enjoyed reading about all who have participated.... thank you!  

I am a physician assistant currently making a transition out of the ER into Urgent Care. One of the primary reasons for doing this is to open up my head space so I can concentrate more on myself & my well being rather than focusing on my patient's condition, charting, billing & coding. My patients will be far less challenging in the UC environment which will allow me more energy to focus on learning all I can about REI.

Patient care was once a passion for me.  The insurance industry has created a less patient friendly environment.  After 12 years of practice, I've decided the never ending administrative demands & perpetual focus on billing that I'd be much more fulfilled doing something for myself.  If I'm going to be working in a business world then I might as well make it official.....LOL!  I came in with a servant's heart.  Seems I'm only serving the CEO .... the patient is simply a means to an end.  My medical knowledge is now my commodity, no longer my zeal.  

I look forward to what lies ahead!  I've been a lurking member for 7 months  & will soon (July) have much more time to dedicate in the direction of financial freedom.