All Forum Posts by: Tim Puffer

@Jay Helms - @Michael Wagner makes some good points. Is it only the 1 acre with the current building for sale, or is there more land that would come with the deal? With it being built in 2004 (which is the same year as my facility Phase 2) You may be looking at needing to replace some doors, door handles, sliding locks on the doors, possibly repainting the building. You need to factor in these repair/maintenance numbers into your evaluation.

Is it gated? Security Cameras? Electronic keypad? Is it paved or gravel? Have you done a basic market demand study? What is the current occupancy %?

@Victoria S.- Would these be your first properties?

@Heather M. L. - I used an FHA loan for my house. In my experience having used one myself and talking to my two best friends who have also house hacked - FHA loans aren't that difficult.

Don't let the PMI scare you away!! Run the numbers and include the cost of PMI. Only make a purchase where the numbers work. The numbers work on my duplex having factored PMI. Once I move out and rent the unit I'm living in my cashflow will be $500 per month on the building.

I'd say save tapping your 401(K) for when you graduate to a 5+ unit building! :)

@Neel Shah - Pipe bursts are typically covered. Your policy could say otherwise however. It all depends on the language in the contract. Have you contacted your agent yet?

@Brian Gunning - I use storEDGE and like it. The functionality and user interface is solid. Also their customer support is awesome. Easy Storage is also a solid platform! You won't go wrong with either of them. 

Also - if you end up closing definitely look to raise rates. At 100% full that says to me rates are too low.

@Brad P. - Mark is right - insurance seems high - but that may be the case in Texas. Be sure to get multiple quotes. 

What is the economic occupancy on the place?

What is the supply index?

What is the economic forecast? Are people moving to the area for jobs and what is the median income?

@Account Closed - Awesome man! Even better than the deal is that your son is healthy now. It's great that you began this at a mindset of doing it for a purpose and not just for the money.

Fortune finds the prepared. If you put in the work good things will happen. Keep Crushing it!

@Dan Farkas - Keep hitting doubles and you'll win the game! 

@Noah Norton - Awesome man! You have so much time ahead of you. You have time to really crush it! Definitely try to find someone willing to let you learn in exchange for you working for them doing something. Most likely you will need to work for free. Which is OK! The knowledge you gain will be extremely valuable. 

@Tab Teehee - Will the market support those upgrades? Meaning - will you be able to get the increased rents you will need commensurate with the upgrades you're doing.