All Forum Posts by: Richard Lorenzen

Investment Info:

Large multi-family (5+ units) commercial investment investment.

I am a principal with 2 other partners in a ground-up self-storage facility in Gilbert called Envy Self-Storage and RV. The project opened for business in October 2018.

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

I have been pursuing a career in real estate development and commercial investments since college.

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

After making connections in the Self-Storage industry, I partnered with a land owner and peer developer to build a new self-storage facility. After conducting a market analysis and financial feasibility study we engaged professional consultants to check our underwriting. There was demand in the area and we moved forward. The project took approximately 2.5 years to complete from idea to opening the doors.

How did you finance this deal?

Conventional construction loan with 30 months interest only.

How did you add value to the deal?

I provided the financial underwriting, market feasibility, brought in the professional self-storage consultants, and the contractor. I also provided construction management oversight along with the other partners.

What was the outcome?

The facility opened October 2018. The RV is 100% leases with the storage component leasing up according to proforma.

My partner and I are looking to network with local wholesalers to acquire SFRs for rehab in the Phoenix metro area. We can pay cash and close quickly, anything 300k or below. If you have any leads please send me a private message.

BP -

I am a new member from the Phoenix area and currently reside in the east valley. I heard about BP from a real estate buddy of mine. I started my professional career in project management for a large commercial general contractor and am now a project manager for a commercial investor/developer. While I've learned a ton though my professional career thus far I'm dying to do something on my own. My long term goal is to own cash flowing real estate: SFRs, mulit's, and hopefully eventually commercial, but I have to start small. I have residential rehabber contacts, I have access to funds, I just need to find deals. My only complaint about the podcasts (although they are awesome!) is that almost everyone on the podcasts who has grown their portfolio rapidly did it during the downturn because they could pluck deals off the MLS. You can't do that in Phoenix anymore. I'm looking to meet people who I can learn from to find deals. I would of course be willing to partner with anyone who has a deal and needs capital, a contractor or some other value I can hopefully bring to the table. I'm going to start going to the local REIA that meets at Celebrity Theater every month beginning in May. Any other suggestions to find Phx deals would be welcomed!