All Forum Posts by: Mark Byrge

100% financed a 200k property at 5% in April of this year.

Most leases forbid it. I know my leases do. 

Craig, unfortunately that is like asking how much does a house cost. It varies depending on where you are and demand. Rates in my area can vary $100 for the same size unit just by traveling 20 miles. I would suggest contacting like businesses and asking what they charge. Congrats and good luck!

Welcome Mike! You've come to the right place. I've listened to all 155+ podcasts, some multiple times. I've learned most everything I know from this cite and the people I've met through here. There are multiple REIA's in the area to meet like minded people as well. Good luck!

This will get you into most cities for free, a few cities still charge, but most are free. Good luck!

https://is.bsasoftware.com/bsa.is/SelectUnit.aspx?unit=305#M

I had the same thing happen to me when I first got into land lording (water/sewer/garbage). I now monitor it on the SBA website to make sure they are paid. Some cities do not post utilities, so on those cities I make a habit of calling every three months. It was a $2,000 hit for me that I will never forget! Good luck on your Texas homes. Where in Macomb? That is where I live!

Is there possibly a play on this that you just triple net LEASE out the storage units to someone else to run while still retaining the property rights should you have a higher and better use down the road?

This is on a self storage property as well and one of the reasons I ask. I did use some of my lower end SFH property as collateral which is a calculated risk, but reduces the money I bring to the table. The units are 98% rented, however there is room to build another building. I am weighing the option of saving up for the 3rd building, or hammering everything into paying the mortgage off.

I am currently approved for a commercial loan that is amortized over 20 years, but with a 5 year term. At the end of the 5 years, are these typically "refinanceable"? Or should I be aggressively trying to pay this down? I feel that the numbers work favorably and it's a solid investment for both sides, but just looking for input from others that have experience. Thank you in advance!