All Forum Posts by: Thomas Jackson

Do you honestly think that lowering the price by $5,000 brought the offers? I struggle with this all the time and actually running into the issue currently. I always want to sell for the highest amount and I figure people would still make an offer on the house, even if it was below my asking. For me personally, if I walked a house and liked it at $335k, I would still offer, its not like I would wait for a $5k price drop and then go "hell ya, lets make an offer"  But maybe that's what the average person thinks....... or are realtors too lazy to write up lower than asking offers........ Always puts me in a pickle. I have a house right now that I know is worth the asking price, but showings have slowed down and I'm considering a price drop to pick up more potential buyers......always tough!

Has anyone ever used a hard money loan to purchase a property at auction? I've purchased homes at auction before, but typically I had enough cash to pay for the properties in full. I'm currently looking at higher priced properties that would require me to use a hard money loan. I don't know if the logistics work for something that you basically won't know if you buy it until the day of the auction. Any insight would be helpful!

Thanks,

I have won multiple homes at the sheriff sales and have gotten them at very good prices. Typically the bank will only buy the house back for what is owed. Typically a bank representative will bid the exact amount owed on the loan and then even leave the courthouse and let others bid it higher. Sheriff sales are popular now so in my experience the margins are getting smaller and smaller as more people show up to auction to bid. Anything is possible when it comes to the auctions, but good luck!! 

@Chris Stranad All of the above! Small business storage will equate to around 75% of the occupancy. But the unit sizes are around 16’x50’ so pretty much whatever you can store in that space! 

We are building a roughly 37,000 square foot facility right now from the ground up in Medina, OH. Doing a ton of the work ourselves because we also own a construction company. We are in the $35/sqft area, but if we didn’t do a lot of the work, it would be well into the $40-45/ sqft range. We also had it appraised for well over $60/sqft so we are in the clear! It’s also an XL storage facility, so much bigger units/buildings, so our costs are more than typical self storage facilities. Here’s a picture of them going up currently.... 

Currently in the first phase of construction for our XL Storage facility located in Medina, Ohio. Specializing in extra large storage spaces. Took us about a year of planning and permits, but finally broke ground 3 weeks ago. 

What size buildings, what type of buildings, and is the land cleared? 

@Leslie Posvancz is the house in the LLC's name or in your personal name?

@Zack D'Aiello maybe I’m just an *******, but you can creativity get that tenant to move out before the lease is up. No way in hell would I be losing $400/month. Make them move out, Airbnb the place for double your mortgage in Mission valley at probably 75% occupancy. Think outside the box here, last thing I would do is sell.