All Forum Posts by: Armaan Premjee

Investment Info:

Other commercial investment investment.

Purchase price: $1,000,000
Cash invested: $200,000

78-unit climate controlled self storage facility that I bought for $1M.
Raised rents, improved occupancy and overall asset performance.
6 months later, I began expansion and spent $330k adding an additional 51 units.
Asset is now worth $2.3M.

What made you interested in investing in this type of deal?

Self Storage is a growing asset class. Lot of mom and pop owners charging under-market rents.

How did you find this deal and how did you negotiate it?

Found it off Crexi. I asked the broker what was lowest price selling was willing to accept and made an offer for that amount. They had it listed for $1.5M but the seller was willing to take $1M. He was a developer who built it to sell it.

How did you finance this deal?

Private lender @ 9% interest-only. It was cash-flow negative when I got the deal under contract. New construction with 30% occupancy. And being my first deal, a traditional lender was definitely not going to finance this. In 6 months, I refinanced out the private lender and got a bank to lend at 4.25% interest rate and pay $300k for the expansion.

How did you add value to the deal?

Raised rents, Improved the website and google my business page, added tenant insurance/protection plans to generate additional income. Implemented a call center.

What was the outcome?

$1M in value creation

Lessons learned? Challenges?

Always look at your competitors. If they're 100% full with a waiting list, it's a great sign. I implemented a referral program where I would pay neighboring facilities $75 per tenant they sent my way that moved in, and this helped tremendously with my lease-up.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Dallas Capital Bank was awesome! They're the ones I refi'd with.

 Hi @Patrick Megill and welcome to the BP community. I'm 25 years old and live in Florida as well. I've been doing real estate investing for the past 4 years and it's completely changed my life. I've gone from being broke to becoming a millionaire with over $10k/month in passive income. And it wouldn't have been possibly without this awesome community that is so generous with their knowledge. I'm looking to give back and help newbies and would love to get on the phone with you to learn more about your pain points and see how I can be of help.  

Hi Kenneth,

Welcome to the BP community. It's one that has completely changed my life. You're definitely in the right place, and I'd like to congratulate you on getting started.

Through the knowledge I've got in this community, I've been able to get into real estate, and in the past 4 years, I've generated over $1M in net profit by wholesaling vacant land. I've then deployed that capital into cash-flowing assets like self storage facilities. I'd love to speak with you over the phone to get an idea as to what your pain points are and how I can be of help.

Best,

Armaan

Hi Cody, have you considered wholesaling? It's a very lucrative business model that doesn't require much upfront capital and if done correctly, can change your life. In the past 4 years, I've generated over $1M in net profit by wholesaling vacant land. I've then deployed that capital into cash-flowing assets like self storage facilities. I'd love to speak with you over the phone to get an idea as to what your pain points are and how I can be of help.

Hi Ezekiel,

Welcome to BiggerPockets. You've come to the right place to get started. This platform has literally changed my life, and it's nice to see new members join the community. In the past 4 years, I've wholesaled over 55 properties and generated $1M+ in net profit. Wholesaling can be a very lucrative business that doesn't require a lot of upfront capital. I don't sell any courses/programs, but I'm in the process of building something. I'd love to speak with you over the phone to get an idea as to what your pain points are and how I can be of help.

Best,

Armaan

@Paul Hoffman are you still looking to get into this business? I was thinking of buying mark podolsky's toolkit and it would be nice to have someone to split the cost with.

Hello Bigger pockets members,

I have been sending out a lot of direct mail. I have been receiving my data from the county's delinquent tax lists. I have been filtering this data to delete any addresses that don't make sense. I am still getting 10% of my mail as undeliverable. Any advise on how I can verify these addresses beforehand? 

Congratulations @Alex Kamunyo! This is fantastic! I am 21 years old and want to get into BRRRR investing in Dallas. You are an inspiration for me brother. Keep it up!

Hello Bigger Pockets members,

I'm Armaan and I am a new Pro member with no real estate investing experience. I am looking for a mentor in the greater Dallas area who can show me how to find deals and fund them. In return I will be your assistant for free and help you with everyday chores (calls, direct mail, data entry, emails, etc). I am very strong with Excel and have experience with direct mail marketing. I also recently became a licensed real estate agent in California and Texas.

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I am in the same position. I do not work for a company but require a business card as I am regularly attending networking events. Any suggestions of how I should go about this? I have never done a real estate deal before but flipping/investing interests me.