All Forum Posts by: Greg W.

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?

Have you looked at Trachte in Sun Prairie? They build all over the country. There might be a local Cleary or Wick builder in the area too.

I'm going to triple down on Erie. Great quote. There are local Erie reps all over the local area, if you just search for them.

Hi Zach, congratulations on graduating from U of I. Get a W2 job lined up as it’s easier to get a loan from a bank with W2 income. If you don’t have a job yet, consider one in the industry; realtor, sales, so you are in deal flow, construction of some kind, accounting, etc. Get a job based on what you want to learn. Go analyze a bunch of deals and then when you are comfortable with the numbers, go buy one. Good luck and Go Hawks!

I used RAM Construction for a deck in Apple Valley and they did a really nice job. They are based in Bloomington and have done a ton of work on rentals in the AV and MSP areas. I'll DM their contact information.

Figure out a way to come up with enough money for the 10% down; Family, friends, whomever. Then get the SBA loan.

Hi Chris, great job finding your first storage deal! It sounds like it's going to be a really good property for you.
1. Insurance; why not use the insurance company the current owner is using? You can also try, Trustant Insurance (formerly AB Schmitz) in Kenosha.
2. You can use an SBA loan for a storage facility with only 10% down. Talk with Nick Collins at Bank 5 Nine in Oconomowoc.
Good luck!

Hi Ashley, please contact @Doug W. who is a contractor in Alexandria. He communicates well, is honest and does quality work.

I charge a $50/mo pet rent and $250 pet deposit. It’s also a good idea to see or meet the pet first.

All of your expenses are about spot on. Your insurance may be about $1200/yr, electric you might be able to cut in half with LED lights unless it’s the gate or something else keeping that cost at $60. 80% full is about where you want to be, maybe slightly more so you have available units when people call. I like that you can expand. My question is, where will more people come from? Is the town growing? Are there nearby towns that don’t have facilities (usually a 3-5mile radius is how far people want to travel for storage)? Are there more expensive storage units further away that people will drive to yours for?
You will have to self-manage which shouldn’t be a problem as there probably won’t be many calls and you have someone in the area to throw locks on, sweep, etc. I have someone doing something similar and pay around $200/mo, which includes mowing.