Mini Storage Structure For Aquiring Investors
I have a question for some of the members who have done this type of thing.
I am able to get 10 investors to put up 40k a piece and myself put up 100k for a total of 500k to start a mini storage project. I plan on dealing with the General contractor and the architect and the lending institutions. I will deal with getting the management set and oversee the whole project.
I thought giving each investor a 6% stake would be fair. I would have the 40% stake. Does this seem like to much or too little or any other ideas of setting the venture up???
Thanks
Why build one? Plenty of established ones out there in your area. Old construction is cheaper than new construction....existing cash flow...plenty of comps...established location.....compare first
If you have to ask that kind of question, you are not ready for an answer nor are you ready to own a 20-40 unit apartment complex.
Read all posts on the forum, buy and read a couple books, and then come back with a more specific question about how you can own a starter complex of 2-4 units, and then sell and move up in the game.
GM,
You have several decisions to make before you can get anything close to an "average" price/unit. What city do you want to own property in? Do you want top of the line or bargain basement property? Think it through.
As far as financing, you could visit with a local bank or mortgage broker, that deals in commercial/apartment lending, to get a feel for what it will take to finance the deal.
Gook luck!
Easy enough to form an LLC and quitclaim your properties into it; but you will get a lot more for them if you sell them individually-
Chris
Take the 80 % and run.
what is the loan size in dollar amount?
$300,000
doing some leg work and saw that you are in Michigan. Is this were the property is? if so, sorry cant help man.
We offer 90% Full doc and up to 80% stated/verified with no square footage or kitchen requirement
Since my post last year I found a 90% LTV lender for condotels. No kidding. It had to be done as a second home, but I purchased a $370k condotel in Hawaii with a down payment of $37k.
PM me if you are still looking and I will give you lender info.
Brian