All Forum Posts by: Troy Reed

Investment Info:

Other commercial investment investment in New Braunfels.

River Gate Self Storage and Parking
As of Dec 2020 we have taken ownership of a second self storage facility plus acreage to expand.

How did you finance this deal?

Local commercial bank that has been very flexible and easy to deal with

How did you add value to the deal?

We will be adding covered parking and retail space on the vacant land

@Quinity Williams

Did you ever find a good contractor in San Antonio?

@Jerel Ehlert that’s the exact process we went through. Although we had all the right steps, the bank still balked at the series at first.

@Scott Smith I wish our attorney had give us a heads up and we could’ve ensured a bank before going through the whole process. We lucked out that a local bank was so willing to work with us!

I'd like to share my adventure with a Series LLC. This was recommended by my attorney and after more research it seemed like good route to take. The first series was set up in October 2018 and my bank, First Commercial Bank here in TX was willing to provide the loan and set up an account even though they were hesitant about it. The second series was just established at the beginning of January and after going through all the steps, FCB stated they weren't comfortable with the series and did an exception for us the the first time. After much back and forth with our attorney and their regulators, etc they decided series LLC's should be a part of their customer base and have rewritten their policies to accept them (and us). I am thrilled that we helped convince them to change and I would highly recommend FCB to anyone looking for a smaller bank to do business with. I was surprised that more banks weren't willing to work with Series LLC's but this is something to keep in mind when you're setting up your strategy. Make sure you find a bank willing to work with a series.

Is that quote per house or for both?  I just received a quote for about $1000/ yr on a duplex north of San Antonio.  I can give you the name of the agent but this is the first time I’ve used them.  They came highly recommended and work with multiple insurance companies.  The lowest quote was through Safeco.