All Forum Posts by: Brandon Jack Reneau

This will be my first commercial and development deal. I have the land and plan to build  Boat and RV storage and potentially some other self storage products. We're about 1 mile from the lake and the feasibility studies look great. I have a hunch that the best route for me to take is to partner with some self storage development experience....

If you've done a JV how did you find your partner?

Are there any red flags that I should be aware of? 

We have plans that are currently being tweaked to build a boat/Rv self storage facility 1.5 miles away from the main boat ramp near a popular lake. This is on 4.2 acres with 152 units and 65,100 covered sqft (this will most likely change) 

We are considering finding a partner and creating a JV. This is our first deal and we have no experience but the numbers look great and the demand is there.

What is the best route to finding a partner? I know this deal may be too small for some developers but I would prefer to partner with someone that has experience. I am confident I can get the funds from friends/family but I hear that isn't always the best route on your first development. 

• The median single family home in Montgomery costs $458,000, which is a 7.13% increase from last month but a 6.77%
  increase year over year. Interest Rates have dropped slightly and are currently sitting at 6.49% on average for a conventional loan. 
• My name is Brandon Reneau, your Montgomery County Realtor there's a lot of opinions out there about the real estate market but I'm here to provide you with the facts. 

According to the experts at Realtors Property Resource—a premier data provider and a tool from the National Association of Realtors—we’ve got some interesting trends to discuss. Right now, we’re looking at 4.66 Months of Inventory. So, what does that mean for buyers and sellers?

This inventory level still places us in a seller's market which may be surprise to most people. But, here’s where it gets interesting. Compared to June, we’ve absorbed .2 months of Inventory. Which indicates the seller's are slightly gaining more control. Will the market continue to slightly favorite seller's in Montgomery? I will have more data in the beginning of September however the real estate market is always changing and we could see it shift into more of a buyer's market. However, interest rates are expected to go down slightly and that may encourage more people to move. When we look back to July of 2023, the market wasn't nearly as balanced as it is this year. 

The List to Sold Price percentage. Right now, this figure is holding steady at an impressive 97.1%. What does this mean? Well, sellers in Montgomery are still achieving strong sale prices relative to their listing prices.

Currently, homes in Montgomery are selling in a median of 37 days. This indicates that properties are moving off the market relatively quickly. Now, how does this compare to last month? We’re seeing a slight change in the pace. Homes are either selling a bit faster than the previous month. Specifically, it's 3 days quicker than last month and if we compare this to the same time last year, the current median of 37 days is 12 days slower than it was in July 2023. This gives us a broader perspective on how market dynamics are shifting over time.

To recap: Strong List to Sold Price percentage and relatively quick Days on Market suggest a healthy and active market in Montgomery.

If you're interested in a further break down of any of this information or would like to know more about the rental market please let me know. I serve all of Montgomery County and am working on putting market reports out for the different cities every month. If there's any data that you would like me to provide on top of this to paint a clearer picture please leave a comment and let me know. 

My tenants lease is up and they notified me that termites are in the house the same day they moved out. Is this something I can deduct from their security deposit if there is more damage due to them not notifying me immediately? 

I'm looking to get a construction loan for a Boat/RV self storage facility and refinance into a SBA loan in a year or two. I have a decent amount of debt free real estate that I'd like to use as collateral or sell for a down payment. If you know of any lenders that will work with first time developers please send them my way! 

We own the property that is going to be developed outright. Have the feasibility study done and are working with city to finalize our plans. 

I am looking for financing for a self storage development. I've spoken to a couple lenders, most of them say SBA is doable but one said I can't get a SBA for a development. 

What options are there for a ground up development? I have enough equity in other assets to develop the property. My fiancé and I have good income/credit.  

Someone mentioned refinancing my properties and buying CDs then getting a line of credit. I'm not sure if that's the best option for us considering the interest rates. 

Hey @Bill Snyder I'm working on pricing some Canopy covers now. Did you find a supplier that you liked? 

@Brad S. It will be a commercial property. That will only be used for RV/Boat self storage. 

I have 4 acres. Im looking to improve one acre with outdoor & covered parking (in phase 1). 

I'm wondering if the improvements + cash flow will add enough value for me to refinance and start developing the other 3 acres. 

Hello BP,

I'm working on getting a boat/RV storage facility built. When it comes to refinancing will the parking spaces/covered spaces income be considered in the appraisal value when it's time to refinance? Is there a good way to develop one of these facilities and get the most bang for your buck when you refinance?