All Forum Posts by: Waylen Herdman

@Michael Wagner

You have some great material, I need to stop reading your blog and actually get back to work! :)

I imagine financing will be much tougher with buying a storage facility as opposed to buying a small multifamily. What software do you guys use at your facilities, Sitelink, Storage Commander?

For the last year or so I had planned to house hack once I  had an ample amount saved up. I currently work at a self-storage facility making peanuts and offhandedly had an idea to buy a smallish Self-storage facility (<200k) and live on the property. More than a few had an apartment attached to the office that were in within my price range. Granted, these locations are usually in a small podunk town but it doesn't hurt to look deeper into the idea.

I've only worked at my location for a little under a year so I definitely am not proclaiming to be an expert on all things self storage.

What are some issues I should be aware of if I decided to go this route? Should I even flirt with this idea or stick to a 2-4 unit place to start? Thoughts?

@Grant Rothenburger

Both are W2 jobs surprisingly.

My concern is the $ for a downpayment for sure, I'll burn the bridge of obtaining a mortgage once I get there.

I realize taking 2 weeks off every 5 months severely hinders my growth within a company but at this point in my life I don't want to let go of the relationship (Ask me again in a few years :p). It does really suck knowing that I'm not in the position to leverage a pay raise. That's why I feel taking the higher paying job is more beneficial to me right now as I can use that immediate pay raise to acquire my first property substantially quicker. 

An extra $5 an hour over only 6 months (Which is how long I'd work there, maybe 7 if it stays warmer outside longer than normal)  is 5k which is miniscule in the grand scheme of things but is massive for me to acquire that first property.

I completley agree with you, I will still pursue a career in PM regardless of whether I take this job or not. I guess my thinking is:

Previous Job = Immediate Pay Increase = Quicker acquisation of a House Hack Property = Closer to my RE and personal goals.

Once I were to acquire the house then I will pursue PM as a career no doubt about it. 

Another option would be to work part time at both places to maximize the experience/money intake.

I COULD ask for a raise but I need to be diplomatic about it, my situation is an odd one where I'm needing to take 2 week off every 4-5 months to visit my SO which is an absoluite hinderance to growth within the company I'm at right now while at my previous job, they are more understanding about my situation and needing to take time off.

I'm 22 and used to work at a seasonal company last summer spraying peoples yards for mosquitos and was getting paid $17/HR. I left the job after the season and got a job as a property manager for a Storage Facility. I love being a PM and see it as a career for me. I initially got started in PM befcause I plan on owning some rentals in the not-so-distant future (under a year, maybe year and a half). The only issue is that I'm getting paid $12/HR and thus, will take longer for me to acquire my first house-hack rental.

I've just received a text from my former employee that if I go back to this company, not only will I stay at the $17/HR BUT during the offseason (November-March) I will get paid $400 a week for no work if I stay on until next year. I did the math and that's an additional 8k and thats only if I don't work from Nov-March.

What do you think is smarter? I'm leaning towards my previous job but I absolutley see myself in the PM field, would you take the great money for a year or two then delve deeper into PM or just to stick it out with a PM job?

Thanks for the information guys. I have a lot of research to do, hoping to find a place by mid-summer or EOY at the latest. I'll definitely be reaching out to a few of you once I get closer to seriously purchasing something.

@Daniel Hyman

Very interesting. I know what I'll be doing today! Thanks. :)

I'm born and raised in Franklin, TN but have been looking elsewhere to buy my first property through FHA. Clarksville and Bowling Green are my top two choices thus far. What are some of the best and worst zip codes in Clarksville, is there anything I should know before seriously browsing for a duplex/triplex/quad in this location? What should I beware of?

I would most likely want to market to APSU Grad Students/Faculty as my first choice. 

I have been interested in house hacking for a while. trying to learn more more everyday while building up my capital for a down payment+reserves and expecting to pull the trigger in the next 6-12 months. However, I also see myself working somewhere that offers a live in apartment on the property (Apartment Complex PM or Residential Hall director for a college). My questions involves the legality of such a scenario: Can I use an FHA loan if I plan on only staying there on the weekends? In a perfect world I would acquire a 4/2 duplex, 2/1 each side and rent one side and rent a room on my side. Does this seem possible or are the legal ramifications too risky to pursue this?

Currently I'm 22, living with my father and am paying for a useless degree (Theatre, 32k debt ~4.5%). I don't have a career pertaining to my degree but have just recently scored a PT job in a Symphony and hoping I can work myself up someday to a FT position in any department. Anyways, my FT job is is related to pest management and is not something I love at all but it pays decently well for my age and degree (30-40k year). I'm desperately looking for a career change but am so blasted indecisive! I go back and forth on pursuing a career in real estate or just a higher paying position (I would slave away if I was able to work in an air conditioned office and sit on a nice chair :) ) My initial plan has been to pay off my student loans which would take ~1.5-2 years, wait for my GF to move to the USA (3 years from now) and then move into a Multifamily with an FHA loan and rent the other units. I've been reading up on posts here on BP and listening to podcasts like crazy and am starting to feel that it would be smarter to not wait the ~3 years to pay off my student loans and wait for my GF to move here and just jump right in, albeit with ultra conservatism and proper education prior to pulling the trigger.

I live in Middle TN and anyone who lives here knows this area's housing market is red hot and too pricey for me! Plus, when my GF does move here to the states we have planned on moving farther North as she doesn't like the heat, humidity, and bugs :). This basically means that I'm open to move anywhere more North then TN. I've been looking a lot recently at the midwest as it would fit our criteria and prices are generally lower with stable rent rates. I guess my main question is whether it would be smarter for me to research my *** off on potential markets and eventually move to one of them pursuing a pest management field where I'm certain I could find work or to stay put here in TN for another 2 years or so and try to sharpen the axe so to speak and find a career with more opportunities/higher pay while paying off my student loans? For what it's worth I have been trying desperately to get into the property management industry with no success. I have read that      Leasing Agent --> Assistant Property Manager --> Property Management is the most common route but I can't even get an interview as a leasing agent, presumably because I don't have any sales experience which is unfortunate, but that's also something working for Terminix/Orkin could fulfill as those are commission jobs. Thanks guys!