All Forum Posts by: Thomas Jackson

I don’t know what kind of income you are trying to achieve but cash flowing in San Diego, let alone California to replace working it’s probably out of the question. You could OOS invest in  a state in the Midwest and do this easily, but California is going to be nearly impossible. 

@Chris Mcdonald  I’m always looking to connect and chat real estate. I’m out of town for another month but I’ll pm you my contact information and we can get something on the books. 

Yeah I second @Jacob Bock.....you can most likely go with gravel for the boat/RV storage....at least for now. Concrete or asphalt is our second largest expense while building our current indoor RV storage facility. Also if you pave it all now, you won’t be able to add buildings later. I would highly consider building indoor storage for the local boat and RV owners.... also small business owners love them. 

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $21,500

Student off campus housing at the University of Akron. Any "normal" investor would have looked at this place one time and said "F**K That". But my brothers and I love a challenge and the more distressed the property, the better..... we say. The house is getting an entirely new foundation and basically everything from the inside to the outside will be new. We believe this is the ultimate BRRRR and only time will tell. We hope to be completed by spring 2020.

What made you interested in investing in this type of deal?

University off campus rental property, very high cash flowing properties with zero vacancies.

How did you find this deal and how did you negotiate it?

Found the house listed for sale online and made an offer after viewing the property.

How did you finance this deal?

Cash Buy

How did you add value to the deal?

Currently rehabbing the entire house!

What was the outcome?

Outcome has not come yet, but the outcome will be a high cash flowing turnkey rental property that we will hold for EVER!

Lessons learned? Challenges?

Pay less!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Alex Siphers - RE Agent

Why did the lender back out on you? 

Agree with @Zach Quick, although our facility is not up and running yet........ from all of the research we have done to get to this point I would agree. Way less turnover and issues collecting rent. Management can literally be done remotely with access to a computer and a cell phone......We have 49 large units being built and they have 12 month leases and we anticipate them to be fully occupied quickly. Essential once they are full, sit back and collect the checks. Well not literally, because all of that is handled online as well, which takes out the human element again. Our biggest cost, other than your given things like property taxes..... is going to be snow plowing, but that's only a few months a year. The whole reason we got into extra large storage, was the ability to have little to no overhead. We run a business now that has hundreds of thousands in overhead and you wake up every day wondering why you are doing it still!

Investment Info:

Other commercial investment investment.

XL Storage - Medina

My father and I are currently building our first self storage facility in Medina, OH. It is not your typical self-storage facility though...... It will consist of 49 extra large units (for our customers extra large storage needs). The bays are roughly 16' x 50' with one main overhead door and a man door on the opposite side. Post frame construction, with all metal siding, roofing and interior walls. The units will have heat and electricity.

Investment Info:

Other commercial investment investment.

XL Storage - Medina

My father and I are currently building our first self storage facility in Medina, OH. It is not your typical self-storage facility though...... It will consist of 49 extra large units (for our customers extra large storage needs). The bays are roughly 16' x 50' with one main overhead door and a man door on the opposite side. Post frame construction, with all metal siding, roofing and interior walls. The units will have heat and electricity. Phase one to be completed by years end, and entire project completed by mid 2020.

Investment Info:

Other commercial investment investment.

XL Storage - Medina

My father and I are currently building our first self storage facility in Medina, OH. It is not your typical self-storage facility though...... It will consist of 49 extra large units (for our customers extra large storage needs). The bays are roughly 16' x 50' with one main overhead door and a man door on the opposite side. Post frame construction, with all metal siding, roofing and interior walls. The units will have heat and electricity. Phase one to be completed by years end, and entire project completed by mid 2020.

@Tudor Pop my brother runs a very good remodeling company in Cleveland. He specializes in flips and rental properties for other investors. He can make anything turn-key and knows a lot about the local communities. He’s not on BP but his company name is Jackson Remodeling and I can pm you his number if you’d like.