All Forum Posts by: Geordy Rostad

@Noam Adler

It depends how serious you'd like to be taken.

You could call yourself NA property management but that might also send the wrong message.

You could try to go high tech with "PM2 Inc." or something like that.

Whatever you pick, keep it short and/or easy to abbreviate. Most important, go look try to grab the web domain, facebook, and twitter for it and make sure they are available. If not, you might want to choose a different name.

Back Side Management abbreviates to BS Management. I'd call that a fail.

@Bill Kramer

These houses both sound like good candidates for the BRRRR strategy. Buy, rehab, rent, refi, repeat. There's even a book on this strategy:

https://www.biggerpockets.com/store/brrrr-ultimate

@Maksim Easley

$25/mo?!?  No way, that's a giveaway price.

What does a 10x20 storage unit rent for in your area? You need to look that up and then adjust your price from there. Is the garage 1 car or 2 car? Check some Craigslist comps too:

https://wichita.craigslist.org/prk/d/storage-unit/6911227816.html

If the park owns the trailers, that is the first thing you would need to fix. You want  the occupants of them to own the trailers. You just want to be renting the spaces out, not maintaining the crusty old trailers. You'd want to clean them up and sell them with owner-financing maybe for $3k-$5k/ea. Maybe more for the vacant one after you clean it up. Sell them on a contract for 18% interest or something. This would get you a much better income stream and drastically reduce your management effort.

I take all the income and expenses and throw it into the Bigger Pockets calculators or a spreadsheet or something like that. Then I work with the numbers until they tell me something I'm comfortable with and then make an offer if I decide it's worth an attempt.

@Dylan Arveson

It's natural for people to want to push the market but often it backfires if they push too hard. Especially if it's a price-sensitive market segment in the first place.

Usually if they market for too high of a price, they will have to go through a series of price reductions over an extended market time. They often end up getting less for it than if they had just priced it at market in the first place and paid a bunch of interest during the holding period to add insult to injury.

@Jason Haddad

You can just have your investor carry a note with a first lien on the property. Talk to your escrow person.

@Nandy B.

"Hi so and so, I'm interested in this property. Would the seller be willing to carry paper on it?"

Definitely don't be afraid to ask that. I ask on every MF deal I analyze. Sometimes they say yes, sometimes they say no. No one is ever offended I ask.

@Maksim Easley

This sounds like it could potentially be a great deal. The obvious way to finance it is with owner financing. Buy it for $30k, put $10k down and then make payments to the owner.

Sounds like it needs more than $5,000 of work to get it performing at a good level.

Is there room to add more trailers? How much will the garage rent for? How many of the trailers does the park own?

You could probably finance the whole thing off a prosper.com loan. Interest might be high...

@Zachary Gwin

Sounds like you have a solid plan of action at this point but you should check out the book Financial Freedom by Grant Sabatier. It has some excellent ideas about reducing your expenses drastically and finding ways to free cash up to pay off debts.

Another good book can be found in the BP bookstore here:

https://www.biggerpockets.com/store/real-estate-note-investing-ultimate

Even if you don't want to buy notes, there is a lot of great information in there that was unexpected. It was unlike any other real estate book I have recently read. Trust me, it's worth your time.

Good luck on your journey!

@Bruce P.

Leviton is a great brand for plugs and switches. I prefer the ones that have side screws opposed to just pushing them. It takes longer to fiddle with but it's much more solid and less of a fire hazard for extended high amperage uses. Probably a good thing in a rental.