Skip to content
Commercial Real Estate Investing

User Stats

21
Posts
4
Votes
Tyson Dierschke
  • Investor
  • Rosenberg, TX
4
Votes |
21
Posts

What do I do now? Wanting to get into Boat and RV storage.

Tyson Dierschke
  • Investor
  • Rosenberg, TX
Posted Oct 22 2015, 11:39

I have a lot on my mind and a lot of questions, but I'm going to try to get to the point as quickly as possible. I am new to investing and I'm still trying to figure out exactly what I want to do. I have a pretty good idea, but I'm still not to a point where I feel I'm ready to dive in just yet. So here I go, I hope this doesn't turn out too too long.

I currently own one SFR as an investment property (newly refinanced for better interest rate and cashflow). I have roughly $40k in equity in this property and it is currently in the second year of a two year lease. This was my first primary residence which I decided to keep as a rental property after scaling up due to a growing family. However, I think I've decided that landlording may not be the best route for me.

I also have a $20k retirement account from a previous employer that, even though it's gaining 7% annually, I feel could be put to better use. Those are my main assets in play here, with the retirement account being the first primary source of capital.

Through investing, my goal is to generate enough passive income to replace the majority or all of my current pay, which would then allow me to effectively retire from the rat race and focus on my own entrepreneurial goals instead of someone else's. I realize that this is a business and is not 100% hands off, but I am willing to put in the work to make this happen.

I was (and still am) originally interested in building or purchasing an existing boat and rv storage business. In researching this, I discovered the wider world of real estate investing which ultimately led me to BP, of which I've been a member and observer for almost a year.

After spending a lot of the previous year attempting to learn as much of the real estate industry as possible, I think I've decided to shift my focus back to the commercial / business side and begin a serious attempt to make things happen. I'm just not real sure how or where to begin.

I've considered buying a few acres of land and building a new facility, however, I don't think I have enough capital of my own, and it doesn't seem that most commercial lenders are very fond of taking risks on this type of business. I've considered looking for private lenders, but I don't even know who or how to approach them.

I've also thought about buying an existing business, but again I run into the issue of securing financing. Without a track record and with my limited funds, I'm not sure that I'd be able to get into something worth getting into.

Lastly, I've considered approaching a current owner / operator of an existing business to discuss the possibility of a partnership for a new or existing facility, or to discuss other possible investment opportunities. Although I don't have a world of money, I am skilled in many construction and maintenance related fields which could be beneficial to an operator. The problem is that I have no idea how to even approach this possibility.

I am an educated blue collar guy (with some white collar experience), but I am not a businessman. I am trying to get a good grip on my finances and make them grow so I can live the life I want to live and, at the same time, be the provider my family needs me to be. I have a good job and excellent credit, so I feel like I can do more. I am trying to learn as much as I can about what I'm trying to do here, but I always end up wanting to know everything before I take the next step("Analysis Paralysis" I believe this is referred to as). I know this isn't possible, but I guess it's just my nature. I love to learn.

So, first of all thank you if you've made it this far, I knew I couldn't keep it short. What I'm looking for is advice. Where do I go next? Am I even in the ballpark of being able to realize my goals? Does anyone have any real world experience in this business that they can share? I feel like I'm ready to move, but my feet are stuck in cement. Thanks again for reading! And thanks in advance for any guidance.

Tyson

Loading replies...