All Forum Posts by: Joshua Watts

Janel,

Your right persistence did pay off I called the owners every three month for something like two years and they always said not right now but to keep checking back. So I did!

Thanks Zach for the congrats,

I finance the project with a bank in the area. Matter of fact I had never used them before. My "down payment" was other real estate that I had paid off. So I did not pay any cash down. Matter of fact I got $36,000.00 at closing from seller concessions. The additions were paid out of cash flow and the 36k. 

Thanks Brandon,

I did not own this one during the great recession but I did own (and still do) another facility in Marion county Tennessee that did well. I think what happened is people started moving in with each other (or back at Mom and Dad house) during the recession and had to store there stuff. Matter of fact we were expanding during the recession.   

Jason thanks,

I would say I got two that I would recommend. 

Betcoinc.com and Pro Steel Buildings by Brad Perry

Investment Info:

commercial investment investment in Tullahoma.

Purchase price: $3,861,000
Cash invested: $1

Purchased 940 unit self storage facility.

What made you interested in investing in this type of deal?

Had a much smaller facility in the area and felt that there was huge opportunity in increasing rents.

How did you find this deal and how did you negotiate it?

Cold called for two years until the family sold the facility to me.

How did you finance this deal?

Local bank

How did you add value to the deal?

Increased the rents, added climate control, added parking, kicked the people that were not paying out, and added retail (locks and packing supplies), cut expenses (cutting personal)

What was the outcome?

good cash flow

Hi Megan my name is Josh. I live in the Southeast and work full time as a real estate investor. You are getting lots of advice here and without knowing any details it would be hard to help you. With that being said I can give you some perimeters that I go by. Don't think of it as money per door think of it as dollars invested. If you buy a 100K house (or whatever) expect at the least $300 cash flow each month after everything is paid including your bank payment. And this number is assuming 100% is financed. With that being said if you put 20% down you should add this "saving" back into your cash flow. I am doing a little bigger deals but the same perimeters apply. If I buy a 1 million apartment I shoot for no less than $3,000 per month. Hope this helps..let me know.