All Forum Posts by: William Murden

@Bernardo Buttler congratulations on the purchase man!!

Okay, so I have my first property under contract. I have the inspection on Tuesday. I know it is in a flood zone for it has flood insurance.

The current flood insurance is about $150/month which totals $1800/year. I know this number will only go up over time. Unless the city does something drastically to change it. What are some of your experiences with a flood zone or flood insurance?? Is it worth the headache every time this area has a Nor'easter or a bad hurricane. Any advice is greatly appreciated. 

@Kris Benson

Would I look this information up myself or should I ask their listing broker for the information?

I would like 7% or better if possible.... The information I have received states it has been above 90% occupancy, and it shows a 7 CAP rate and about 30k in expenses.

@Kris Benson

Yes, buy and hold for now and expansion if needed in future. Is this to much for a first timer? 7 Hours out of state. I have the down payment but I would like to roll the closing costs into the loan. Was looking at the SBA loan for self storage. Seems they cover 90% LTV.

Good evening, I have been thinking about self storage. I have identified one that looks good for a first timer... It is 130+ units with a kiosk. It is 7 hours away. I can visit twice a month or so. My schedule allows for this right now. Does anybody have advice or anyway could point me in the right direction? I am looking out of my area because all of the storage facilities around my area are all class A and asking way to much.

@Hadar Orkibi , I was referring to I have 10% of the 20% down payment needed for a property, could I get another loan to cover the last 10% so I can purchase this property with 20% down.

I am looking at a 6 unit property. I have some of the down payment, could I get a conventional loan to cover rest of the down payment costs and then get my commercial loan? Has anyone tried this?

Also, would this be a good place for self storage investing questions, if not can you direct me to the location.

@Alex Johnson The current asking price is 175k.... I was thinking 130k, is this too low? I can see visible damage on 3 sides of house.

@Josh Caldwell What is the better option, have a home inspector or contractors look at the potential work? I know once under contract I would do home inspection?

This is very helpful, it calms my nerves a little also. Thanks.

@Alex Johnson Thanks, is the seller responsible for any repairs to the property? Is it ok to have contractors look at property or does the house need to be under contract before I can have them look at it?

I am currently looking at a triplex in my area. The numbers work good for my first owner occupant. However, there is a lot of termite damage and the lines aren't sub metered. The sub metering isn't that big of an issue. I am more concerned about the termite damage and cost of repair. Being that this would be my first deal, should I get quotes for cost of repair and then take that off the asking price or do a 203k to get it up to par? I have no problem walking away from the deal, but since I joined BP, I thought I'd reach out for some advice. Thanks in advance.