All Forum Posts by: Steve Cheslock

@Jarod Hall Hello Jared, thank you for the feedback.  I tried using a PM but the site doesn't allow me to send something to you.  Do you have to be a colleague before I can PM you?  Relatively new to this site.  

@Clayton Plank Thank you very much for the feedback, much appreciated.

@Michael Wagner Thank you very much for the feedback.  I will look into both of those suggestions today.  Much appreciated.  

I am currently looking into self storage and was curious if anyone would have an architects they would recommend.  We have already completed a feasibility study on our market and are currently looking at a few different locations.  

This is our first time venturing into self storage and was curious if more seasoned investors in this space recommend using local architects or would they recommend using a firm that specializes in self storage units?  If you do suggest using a firm that specializes in this market do you have any recommendations?  

Thank you.  

Hello, 

I'm going to be a first time home owner and planning on purchasing soon. Based on my income I am pre-approved for an FHA loan of $325K. Mortgage broker at the bank said he can get me a standard 203K loan and therefore I have a lot of options. My personal feeling is that I'd prefer to take advantage of this opportunity and centralize my focus on a fixer up over something more turn key because my ceiling for building in equity would be higher (with the right deal of course).

For some baseline knowledge I'm currently single/no kids and my goal is to live in this residence only to fulfill the FHA loan requirement. After reaching the necessary time I plan on moving to something smaller and using this property as an investment property. I live in a very expensive market where a normal 3/2 on .25 acres is probably $325K-$350K. This area appreciates well and 3/2 rentals can usually command anywhere from $2200-$2800/mo.

Taking a look on the MLS I see a 3/2 that "is in need of remodeling or tear down" listed for $250K, and has been on the market for 6 months. What is important to note is the property located in a multifamily zone (up to 3 units for lot size), I called the zoning office to confirm. I'm thinking I can probably get the property as is for $220K, which would leave me with $110K to play with if I wanted. I would personally love to take advantage of the multi-family zoning and the eventual goal would be to add units. But I highly doubt $110K would be enough to add even one unit and fix up the existing residence.

I know there are probably a lot of details I'm leaving out but I'm curious how others with more experience would approach this.  Should I just buy the property now, fix up the residence that is there and worry about the other units later?  Knowing that my goal is to eventually add units is there anything I should be taking into account if I do plan to just fix up the current residence at this time?  Any outside the box ideas on how I can maybe swing fixing up the house and adding on a unit at the same time?  Any other thoughts I am completely missing?  

Like I mentioned I'm new at this so any feedback is appreciated.  Also please don't hold back on any criticism, I'm here to learn and my feelings won't be hurt if I'm told my thinking is way off base.  

Thanks in advance.  

@Scott Meyers Thank you for your response, this is very helpful.  I will certainly be in touch with you if I have any other questions that pop up.  I am not sure what I can do for you, but if there is anything I can do for you to provide any value please do not hesitate to ask.  Thanks again.  

@Charlie McCurry Thank you very much for your insight.  Much appreciated.  

I am currently looking at getting into the self storage space and am in the middle of doing my due diligence.  I am looking into the process, costs and a feasibility study.  I currently have the opportunity to purchase some commercial property about two miles off the main road. The neighborhood is safe and clean, the only issue is that it is not on the main road.

I am curious if a successful marketing campaign (or any other ideas) is strong enough to offset the disadvantage of not being on the "main road", or is not being on the "main road" a big hurdle to overcome.  

*Note the town I am looking in has a population of 90,000.  

Thank you in advance for any help.  

@Tatiana Santiago thanks... I'll see you at the next meeting.

I live in Norwalk and new to Bigger Pockets. When/where do they meet?