All Forum Posts by: Patrick H.

 In our lease is states that if you default and don't return our certified letters, calls and news paper adds the contents become ours to do with as we please.  My manager tested it in court and the judge ruled in our favor.  

We give them a long time to reconcile.  The previous owners were too flexible so we are trying to ease in to educating the tenants that they need to be closer to on time.  My competition has late fees and is very strict.  As am I when it comes to my rentals.  But self storage is a little different and I think we actually are more inviting with our flexibility.  

I read the book and took it to heart. he doesn't give a secret sauce on purpose it's meant to give you a different way of thinking. If I hadent of read the book I wouldn't have been able to quit my  job Friday and retired at 36.   The secret sauce is 4 green houses one red hotel. I've read almost all of the rich dad series of books and it has changed my life.

 I am actively trying to expand in the same town and in near by towns.  Biggest issue?  Id say just learning the site link soft ware and figuring out a marketing technique.  Those aren't issues im just very new to the self storage business.  We had a break in attempt.  Ive got 4 units in long term default that we are going to have to clean out.  I own Multi family, duplexes and single family, also just went threw Mobile Home Park boot camp and Self Storage is my favorite as of right now.

We now are well over 75% occupancy every day it ticks up!

 Wyoming financial ins out of Casper,  let me know if you can't find the number I will shoot it to ya.

 Thanks Jerry, most of my properties are in Iowa only the sub division is here.  i prefer the very slow growth of the midwest opposed to the boom and bust here.  My ins is 365 a month for major med.  Its just another rental that pays for my ins is the way i look at it.  Happy hunting to you too!   

It does feel good to have given notice and being that much closer to freedom.

 You sure may, it took a lot of determination and grit to get that job and work my way to the top.  I did it with no education just shear determination and long hours.  Those jobs are out there just have to be crazy determined.  Best of luck to you!

Wow I'm overwhelmed with all the responses!   Thank you so much, all this support is defiantly helping.  

I agree that freedom is priceless, I would rather have it than the W2 money.  I'm leaving the rat race so that I can put all my time in to investing and doing the things that I want to do.   Life is to short to not do that.   

I know dad is looking down smiling ear to ear, he is the one who got me started when he helped me build my first duplex at age 19.  THANKS DAD!

Thanks again everyone!

Thanks everyone!  I have proven that great deals are out there it just takes some work to find them.  I have bought to under performing properties in the last 9 months. After fixing the problems they have rocked me towards my goal.  One a 28 unit retirement apartment and one a 250 unit storage facility.  The apartment had undervalued rents that hadn't been raised in years.  You can read about the storage business here. 

http://www.biggerpockets.com/forums/88/topics/1518...

Again thank you for the support.

Well I'm finally going to do it.  Just typed out my letter of resignation and handing it in Fri.  4-24-15

I'm going to manage my real estate and help out my manager some but mostly look for new deals.  It is not a easy move, wow my brain is working over time knowing I'm giving up a 120k a year position after 11.5 years.  

Robert T. Kiosaki  is the reason why I started heading this direction years go.  I first read his book in 2008.  

Any full time REI's out there have any advice? I need a mentor if there is any body that has the time. I lost my Dad 3 years ago who was my life/business mentor. Ive been a little lost with out his guidance.

Wish me luck!

Thanks in advance!

Patrick

Well its been 5 months owning the Storage facility figured id chime in with a update.

Occupancy was 61% at closing now its at 75%

Property came with a foundation for a 3600sq ft building that never got built. We are getting ready to build it due to the fact that we are filled up 100% on 2 mid size units.

It has been a dream come true!

I haven't bought the other property  that I wanted for the advertising yet still working on it.  So far I haven't needed it.

I went to the ISS expo in Vegas.  It got the creative juices flowing and learned alot.  I'm really starting to like this business a lot!

Thanks for all the advice!