All Forum Posts by: Patrick H.

I have, Wyoming is a good state for a LLC.

Happy to share!  Not sure if anyone would believe me or not on this but the only time I spend is reviewing the monthly reports and cutting my manager a check which might be a hour a month.  If I raise rents, or expand then It's more.  My wife does the book keeping which takes here a bit of time.  Its the least management intensive of all the real estate I own.  It was a different story when I first bought it of course but it is a smooth running machine now.  Happy investing!

Sorry guys been a long time since I've logged in to Bigger Pockets.  I bought the second location made some improvements and raised the rents.  It was a good move. Both properties have performed extremely well and I couldn't be happier with them. Storage is one of the easiest to manage out off all my different types of investments.  Of course having a good manager and software system is paramount.  Good luck to all.

Ive only got one storage business and there are much more experienced investors on here but I will answer what I can.

Sure sounds like Pella by your descriptions.  If so Pella does have a strong rental market as of now.  How ever Ive seen rough times there some what over the years.  But overall its a good town to invest in as long as Vermeer and Pella Corp stick around.  Pella has a duplex phenomenon, there are a ton of them and they are still going up.  I own a few and I know most of the contractors that are building them for their own portfolio.  The building isn't likely to stop either.  Pella has a decent tenant base but the cost per unit to buy is high (IMO)  Could be way better than some Colorado markets however that are on fire right now.  If it doesn't cash flow well then I don't participate.    

Do a test ad that is the best way to find out the demand.  Or just look in the paper and see what there are for For Rent ads.

Best of luck

I Agree,  crunch the numbers first.   Then look into the loss of business income with your insurance agent for the natural disaster.  

Welcome to the club!  Congratulations!

Sure thing,  feel free to use the pics!  

Here is the new 15 unit location.

Just now finishing up cleaning up the new property with new roll up doors, landscaping,  and some paint.  Raised the rent almost double the day I took it over.  NOBODY moved out.  Just raised rents again on re rents.  Hard to say how many calls we are getting from the new location but it stands out for sure.  I also bought a red Ford Truck and fully decal ed it out with our name Red Door Storage for a mobile advertising sign.