All Forum Posts by: Brian H.

Hey everyone! I love this thread so far.  

This, self-storage, is my larger long-term investment goal. 

I have a property flip under my belt... netted around $35k.  Closed on my first rentals at the end of 2018, one quadplex, three duplexes, 1 single family. All in one package. Fantastic cash flow. The package is over the elusive 2% rule too! Such a lucky find. So grateful for it. But, I want to do storage!

I have a few people that are interested in a potential joint-venture for building a facility.  I have already spent a lot of time researching this industry overall.  It's really cool.

My main question right now is, how do you all go about determining occupancy percentages for already existing facilities in an area?  I feel like they wouldn't be into myself just calling and asking, since I could be potential competition. Right?

Do you have some good ways of figuring this out?  

Also, is there a sort of rule-of-thumb for the distance between facilities? When I am determining occupancy percentages... what sort of mileage radius from my desired location should I use? 

I am sure I will have other questions.  Thank you all for any help and information!

Hey everyone,

Whenever I am looking into a property, owners, ownership history, past sales, etc. on tax assessors websites I always see the statistic "Percent Good" or "% Good" for the buildings.  What is this? I know it is based off of some sort of table used to value properties... but is it a number I could use in my negotiations? Would it help me more clearly understand the worth of a property?  

Just always looking for more tools to slip into my negotiation tool belt!

Also, any info anyone can provide on ways to utilize the assessor's sites to better negotiate deals would be greatly appreciated!

Thank you!

Originally posted by @Brandon Schlichter:

Originally posted by @Brian H.:

@Brandon Schlichter first,congrats. I went from 0 to 11 units in 2018. Somehow while running a kitchen 70+ hours a week. But REI is my exit strategy from the restaurant world.

I'd love to chat. Pick your brain some. Also, would love to see the videos on the laundromat piece.

Have you looked into self-storage? It is a Cash cow in the right locations. Absurd how much passive income they can bring in.

 I've looked into it a bit, a good friend of mine who has a near-identical rags to riches background is crazy over them. I Could see myself doing a self-storage development in the future, just not in the next year or so. He's crazy about self-storage, i'm crazy about laundromats , go figure (Granted we're both nuts about rentals in the mean time).

 Yeah, that is one of my main long-term goals. Just hard to do without making it a joint venture.  Almost went in 50/50 with someone on a nice 2-acre facility, but they had a friend ahead of me that was on the fence. They ended up wanting in so they went 50/50 and here I am lol I was pretty excited. We are in a quickly growing college town with all storage facilities at 95% or higher occupancy. So much room for more. Oh well!

@Brandon Schlichter first,congrats. I went from 0 to 11 units in 2018. Somehow while running a kitchen 70+ hours a week. But REI is my exit strategy from the restaurant world.

I'd love to chat. Pick your brain some. Also, would love to see the videos on the laundromat piece.

Have you looked into self-storage? It is a Cash cow in the right locations. Absurd how much passive income they can bring in.

@Brian Miller start with a LOT of education. Self-education. Plenty of great books. Also the forums here are filled with so much free.knowledge, as well as the blog. Don't jump in too quick. Better to start slow and safe and then, when you are more comfortable, start scaling up more quickly.

@Christopher Smith you will get there!

Thanks @Robert Ombres

Curious as well, if I can get the purchase covered from a private lender but still need money for rehab. Is there a good resource for just those funds? Or is that also usually hard money lenders?

Is it possible to find conventional lenders or mortgage brokers that have loan packages with rehab options for investors?  20y - 30y loans with the ability to get extra for the rehab of a flip?

I have used conventional for a flip in the past where I paid for the rehab out of pocket but wanted to see about getting the rehab wrapped into the loan.  It is in an area that is too "rural" for HMLs but it is a high demand neighborhood, so I am confident in the potential to flip the property... just not sure how to best finance this?

Hey folks!

I was curious if anyone can recommend any conventional lenders that have investment property loans that allow me to get lending for the rehab as well? For flipping a property, not buy and hold. Still fine with 30 yr. note though... for minimal holding costs.  

Was looking to see who anyone of you has used in NC or maybe bordering states as well that lend in NC?

Thanks so much!

@Craig Jeppesen Appreciate it. I'm still going for it. I like the numbers on my end in my market. Rents will very likely be able to raised. They are under market. But I like to run my analysis using the rent rate that is coming in right now. Anything extra after the deal is cherry on top.