All Forum Posts by: Ayne C.

I'm getting shiny object syndrome again.....urgh. I know nothing about self storage and yet this caught my attention (price is is 299k) : "Here is a turn-key mini-storage facility with an option for seller financing. The property consists of 22 units that are 80% occupied. Most units are large with the majority measuring 10'x20.' In addition to the mini storage units, there are 11 spaces in the rear measuring approximately 12'x35' which can be leased for boat, RV, and vehicle storage. There are also two office spaces in the main building that can be leased for maximum income. The property is currently generating between $2500 - $2,800 monthly but we estimate the pro forma income to be $3500 once offices and RV spaces are leased. The property has around-the-clock camera surveillance and automatic gates as well. The City of Port Richey has given a preliminary approval for a second building which gives a new owner the opportunity to add at least 20 more units for $2000 or more in additional revenue. The roof was replaced in 2010, new asphalt lot and new rolling doors were replaced in 2017. Pasco County is booming and there is a big upside with this investment.

@Mandi Martinez I just called the number on a for sale sign in Plant City, near my current rehab. The house is Navy blue. The agent said the house sold for full asking after 10 days on the market. I say move forward mentally and pay attention to the feedback once it hits the market. I can't see the pictures from my phone but I'm sure it will be alright. 😀

Thanks everyone. I'm sold. I didn't realize it would save me on accountants hourly fees. I'm new to the whole LLC and professional services thing, I hope it's all worth it and I get to keep more of my money.

Hi all I'm sitting at 5 units right now and decided to optimize my tax situation. Is QuickBooks worth the $20 a month?? That's what my new accountant recommended, just wondering if that's not overkill for my small operation.

Originally posted by @Richard McLain:

@Ayne C. I don't think the community banks cared, but I certainly didn't want the personal liability exposure, so I always put title in my LLC. I think the banks EXPECTED them to be in an LLC. You need to get out and talk to bankers. Maybe a "credibility packet" of your experience, etc, might help. I have not heard of many people getting stuck on this step, unless there are underlying credit issues you are facing (or have faced in the past). It's just a matter talking to enough bankers to find the one with the appetite.

 Thank you for the advise!  I'm not sure why this strep always intimidate me.  My credit is excellent, we have 6 years experience with rentals (albeit our record keeping has been terrible) and my partner has a good job income.

I'll Google for credibility packet.  If you are kind enough to want to share a template, my email is Ayne.cardona@Gmail. Com

@Richard McLain Did the local community banks prefer you hold title vs an LLC or did it matter? (Honestly this is the part I'm stuck on right now, finding a lender to grow with)

Thank you for posting.  I'm so glad of your successes!!   Sometimes all we need is time.  Were you doing conventional financing followed by portfolio and commercial?  Sounds like a "get rich slowly scheme".

Why does my formatting never come through? Urgh.

@Matthew Perry I have a goal of owning a 10-20 unit multi family asset by Q2 of 2020. Working backwards my goals for 2019 are: Q1 (1) cash out refinance out of my two current BRRRR (2) get into a fourplex with potential to cashflow 200+ per door (3) set up QuickBooks Q2 (1) big vacation (2) optimize the fourplex Q3 and Q4 no idea. I can't see this far down the path

Get it locked up with an offer and make it contingent to inspection .  You can back out of you don't like it.