All Forum Posts by: Travis Rogers

Hi Folks!

I have a few single family rentals (Oregon and Texas) and they're doing great, and I have a large amount of equity in each house. I live in Oregon and am purchasing a storage facility in Texas for $450k, the bank will finance 80%. I'm looking to use cash for 10% and maybe cash for the other 10% as well, or finance the other 10% with my HELOC at 3.99%, or a hard money lender. I'm considering looking for someone to finance that other 10%. If anyone can advise me on who I can reach out to, or if anyone is interested in financing the other 10% let me know. I have the cash, or the HELOC, but want to keep some capital for future purchases so I'm considering having a hard money lender cover 10%. This is a cash flowing business and I'll improve it by cutting expenses and increasing revenue, it's a 9% cap rate, my financial situation is solid and I can come in with the down but am thinking I would prefer a hard money lender. Thanks for any advice, referrals, or whatever you feel like writing in the comments.

-Travis

@Caleb Longino Awesome, thanks again! Yes, looks like about 80-90k in Georgetown which is a perfect size town to live in. For storage investing the cap rates get better under 25k population, and smaller, but still may be worth it with appreciation in Georgetown. That area will explode! Have a great weekend and thank you for the info

@Caleb Longino Thanks for the info! I have fam in Temple, and am currently under negotiation and working with fam to make something happen. Quick question, what does FF stand for? I'll review Georgetown, my fam is building a home in Salado, a little closer to Georgetown than where they are in Temple. I try to target smaller towns and higher cap's but will take a peek at Georgetown today, I'm still in the negotiating phase on one I'm looking at now, so nothing's set in stone yet, always good to look at other options! Thanks again! 

Hi Folks! I have an SFR in Temple, Texas that is doing well. I'm currently looking at options for storage facilities in Belton, Texas (or smaller towns around that area). Is anyone in the storage market, or have any insight on that market/area? Unfortunately I currently live in Oregon which makes it a little challenging. Thank you in advance for any info

    

@Eli Zachary Goodwin congrats!! I'm in Eugene as well. I have a few rentals and about to make a larger leap into storage out of state. RE is the best investment you will make over the long term! Best wishes!

@Tyler Baltus I live and have invested in eugene. I also have the best realtor in town, just referred him to a friend who had great results as well. I've worked with him for over 10 years now, certain months he's #1 in Lane County, but he's always available, and a nice guy! The market is hot here, so I'm not seeing deals, but feel free to reach out with any questions. Just a heads up, I'm on vacation with my son so my responses will be delayed. All the best!

I agree with @Rachel H. and @Jay Hinrichs. Personally I stay away from those type of tenants and rentals. I learned watching my dad with a triplex in a bad area, he spent more time trying to get paid a small amount for each unit and then taking care of them after one would get trashed. High maintenance. My preference is above mid, to high-end rentals in good school districts. You get paid more per unit, and tenants seem to be respectful most of the time, they are truly passive. That said, if I could find a good MFH park, in a decent area, that is a great option. Dealing with them in bad shape is tough unless you can change it to a nicer park. In this situation that would be tough I would think. Maybe it could be done, but the payoff wouldn't be worth the time, cost, and effort to me (just my opinion). Good deals on MFH parks are hard to come by right now, they are a hot commodity that will continue to do well if times turn, which seems likely in the near future. They also can't be built so there are a limited amount making them harder to come by, increasing the sales price. Therefore, they're in a sellers market. Again, just my opinion, I don't want to be negative, but also would hate to see someone spend a lot of what they probably worked hard for to realize there may have been a better deal out there. All the best regardless! 

@Cory Carlson Thank you for the info/advice! I appreciate it and will try to reach out this week or next.

@JJ P. Thanks! Unfortunately I can't payoff my property w/out cash-out. I will just save $300/mo refi on my primary, which looks like what I'll do and seems to be the best approach for me. It would be nice to pull some out and pickup another property, but timing's not right for me. I'm more of a turtle investor and it has paid me well, just not going to be super rich, but that's not my goal. Financial freedom is better than the risk of trying to be a billionaire. I will definitely check out Financial Mentor, thanks for the suggestion! Locked in my rate today figuring if a vaccine comes out the rates/market will go up, I think my decision is made, always tough to decide but not a bad thing to save $300/mo so I'm happy with it. Appreciate the input, I lived in Diego 20 years ago, best 1M+ city in the nation IMHO!!

@Anthony Bellesbach thank you for your comments. I don't pay PMI, I avoid it like the plague :). Yes, my current strategy with these three is long term, and weather the storm when it comes, to come out ahead on the other side. I have also considered selling one or two and putting that into storage units or multi-fam, not sure though if I could do a 1031 since it wouldn't be like property, and if so there would be a huge tax hit. I try to avoid tax hits too.