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re: Buying investment properties...
Posted on 6/5/14 at 10:46 pm to stout
Posted on 6/5/14 at 10:46 pm to stout
I disagree, it's all I'm doing right now new. I like how when a tenant leaves it doesn't hurt, you have a retail or office tenant leave and you spend all that money on TI and brokers fee getting a new one not to mention the money lost with a vacancy. You lose some and you get some new tenants all the time storage units. My favorite part is the rv and boat parking outside that you get paid on for without any buildout . Plus there are bigger groups buying up well run facilities right now at $35-$40 SF so you just need to build under that. Also they are easy to run you just have one guy in a apartment that keeps it maintained. May not work everywhere but they key is to build near high concentrations of multi families seems to work best. Buying land cheap in good proximity is the biggest challenge.
Also i would only do bank drafts, never leave it as a bill to pay. I found people moving and downsizing during the downturn made vacancys lower?
Also i would only do bank drafts, never leave it as a bill to pay. I found people moving and downsizing during the downturn made vacancys lower?
This post was edited on 6/5/14 at 10:49 pm
2
Posted on 6/5/14 at 10:51 pm to trillhog
It may be different where you are at. Units around here are a dime a dozen. People pop them up in their front yards if they have an acre or two to spare.
Posted on 6/5/14 at 10:57 pm to trillhog
Boat/RV garages =/= climate cool. I would 100% do boat/rv garages. My friends family owns some none ac garages. It's roughly 80/20 in terms of rv spaces and smaller units but they make an absolute killing. Last time I spoke to him about it they had a 30 person/ company waiting list. My unit with them that fits my bay boat plus all my hunting gear is 350/ month. They prob have about 200 units total
It does have road frontage. That's my dilemma. Do I hold out and wait for one huge check that's bound to come in the next 5 years and sell the property as is? don't do anything w the property and just let it appreciate for the next 20 years? or let it appreciate and at the same time bring in some cash flow for a decade or two
It does have road frontage. That's my dilemma. Do I hold out and wait for one huge check that's bound to come in the next 5 years and sell the property as is? don't do anything w the property and just let it appreciate for the next 20 years? or let it appreciate and at the same time bring in some cash flow for a decade or two
This post was edited on 6/5/14 at 11:05 pm
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