All Forum Posts by: Greg W.

Yes, you need to save more money, but in order to save more, you need to make more. Get another job, get a higher paying job or start a business or do all 3. Start now. TODAY. Report back what steps you accomplished today and each day.

You should open a Fidelity account and deposit your money in a money market fund (SPRXX). The interest is much better than in a savings account at a bank. Have your paycheck automatically deposited into the money market. You can keep a checking account at the local bank if you want. With Fidelity you can also invest in their Zero Funds which don't charge management fees. So your paycheck goes into the MM fund, then once per month, you automatically move money to your checking to pay bills. That way you are earning the most interest possible for the longest time possible. You can also get a Fidelity debit card that absorbs all ATM fees, if you need cash. Schwab offers almost exactly the same products and I like them both. 

Then, you should be working multiple jobs to save up cash. You are young and you have energy, so work a lot while you don't have any other commitments or people depending on you. Maybe work in the RE business somehow; lending, assistant to an agent, the trades or start your own business like lawncare or landscaping to generate money. Income (W2/business) comes sustains RE, RE doesn't sustain income, at least for quite some time, unless you happen upon a unicorn property.

Then buy a multifamily place, use everyone's income to get a loan on it (there are financing programs around this) and have other people help to pay your mortgage. 

You can charge them a fee, but if they left stuff, they probably don't want it and won't pay a fee to get it back. You'll most likely just end up disposing of it.

I would maybe buy where you want to end up living, unless you want to own a rental in IC if don't live there anymore. Otherwise your hold period will be fairly short. She'll be busy with Med School and then it's residency. You'll want to live on the west side of campus so she can walk to school and not have to deal with parking. 

Go work for a property management company as an on-site cleaner, handyman, leasing agent, whatever. Work for a brokerage or an agent as some type of assistant. Same thing could be done with a design/build company. Or just shadow them during the year, without a a job, to see what the job is like and if you would want to do the type of work they are doing. A mortgage company could be another option. Try them all and see what you like.

@Henry Clark Are you (owners) the ones who travel among the 80 miles of facilities to reset the units and pick up trash or do you have someone as a 1099 do it?

I have my current tenants try to find new tenants for me. They get their friends or I post on Zillow and have the current tenants do showings, usually bunched into a groups so it's not a major hassle for them. Then I give the current tenants a $100 finders fee if they find someone who ends up signing a lease. In my mind, showings are the biggest headache for self-managing from a distance, because of the time required and people no showing, etc.

I would second Tyler's suggestion. It's not terribly difficult to manage from a distance. I do it from halfway across the country for multiple properties. You need to find your handyman, plumber, hvac person, and maybe a cleaner, depending if that's needed. When you find a bigger, better place near you, then you can 1031 into it, if you don't want to hold it any longer.

@Christopher Salatino What's the cap rate of the place you mention? What are other properties trading for in your area (a commercial broker who specializes in self-storage would know). Also, what is the price per square foot cost and the same with other nearby recently solds? Those will give you a better idea if it's a deal or not. Also check the economic occupancy, not just the physical occupancy. Are their rents low compared to other self storage properties in the area or would you be able to push them? Just a few things to check into.

How did you find good local help for the part-time management and oversight of the rv park and storage? What type of person did you end up with, as in, do they have another job or just wanted to work for you? How are you paying them; as an employee or a contractor?