Ohhhhh my! SUPER sorry that I'm late getting back to the party. We did some big renovations on a residential property we have, so I haven't had much time to spend on BP lately! @Daniel Brown, we went with a local bank after using a local credit union before that. We got a 4.5% interest with a 20 year am, and we actually did a cashout for $157k to pay ourselves back. The best part is that I'm happy to report that our appraisal came back more than double what we paid for it a year prior :)
@Steven Lowe, our facilities are in Yelm and Rainier, WA. Sorry, I realize that was unclear when I said "2 lots." So we actually bought 2 more facilities. 2 locations owned by the same person. We are doing an owner finance on those (yay!) and if those were to be appraised, I'm 100% confident they would also appraise for double what we paid. Those 2 locations were bought off market, we just got in touch with the owner and asked if he wanted to sell. He's 77 and wanted to retire, but loves the payment we make every month! The old owner hadn't build out the lots to their best potential, so because they are all actually modular units (hint: modular units don't count as buildings but are instead personal property, so the property taxes are WAY lower than what we would pay if they were permanent structures), so we are moving units around (using a large rough terrain forklift with extended forks) and are currently prepping to add 60 more modular units to one of the locations and will add more to the other location later.
