You should have went ahead and paid the extra $25K to remove the unnecessary dirt because 1/3 of the finished property (entrance hill) is completely unusable which means it's going to have a lower lease rate per sq/ft.
Yes, he lost 1/3 of the usable land by not removing the unnecessary dirt (entrance hill) for an extra $25K upfront but would increase the monthly lease rate had the dirt been removed.
Wait can come one clarify this for me. 350k in, refinanced at 450 and then took all his cash out and was left with 100k. I’m just a bit confused on the exit part. Much appreciated
The exit plan is to refinance only 350k, I could essentially take out 450k but the debt payment would be more than I want. The refi money is tax free also because its not earned income its debt. This is the arbitrage of debt in real estate.
It is in vegas. My primary residence has 1.2 acres, I have a separate driveway on the side of my property that leads around to the very back and I have about half an acre of vacant dirt I rent to people to store rv’s, smaller trucks, etc. long term storage I bring in about $1800/mo and I have a few more spots I can fill. At capacity I can prob generate $2500ish and get messages daily on my fb marketplace ad from people wanting to utilize the space.
You are Kick Ass! Keep going. Keep sharing
Thank you for the support!
The raised lot with fence because of the extra dirt almost seems like a benefit. 👍
I thought so afterwards myself, gives it another level of security.
Congratulations dude!! You deserve it, had a vision and followed it all the way through.
Without a vision we perish!
You should have went ahead and paid the extra $25K to remove the unnecessary dirt because 1/3 of the finished property (entrance hill) is completely unusable which means it's going to have a lower lease rate per sq/ft.
Love seeing deals like this, keep crushing it brotha💪🏾
@@NazThaGod thank you for the support!! Let’s keep investing
Lol that retaining wall was a mistake
Yes, he lost 1/3 of the usable land by not removing the unnecessary dirt (entrance hill) for an extra $25K upfront but would increase the monthly lease rate had the dirt been removed.
And yes this is the magic of real estate! Invest in more real estate.
Rinse and repeat!
Facts!
You did great man ! Im happy for you that was a smart deal and way to use the dirt to your advantage..
Thank you! Yes, need to be able to improvise in this business for sure.
Thanks for the vid., Watching from Kenya, brilliant work.
Thank you for the support! Cheers from California.
Amazing work brother! Very inspiring as well.
Thank you!
What about property taxes and insurance?
Minimal prop expenses but I go over it in the returns.
Diamond in the rough keep up the hustle
Facts!
very nice deal. most people would have not given that plot of land a second thought.
Wait can come one clarify this for me. 350k in, refinanced at 450 and then took all his cash out and was left with 100k. I’m just a bit confused on the exit part. Much appreciated
The exit plan is to refinance only 350k, I could essentially take out 450k but the debt payment would be more than I want. The refi money is tax free also because its not earned income its debt. This is the arbitrage of debt in real estate.
Who did your retaining wall? Would love to use them as well!
I have a good contact for you, send me an email.
Great work!!
Thank you!
Great work brotha!!!
@@Spiff178 thank you! Let me know what deals you’re getting into in your market.
Sorry I guess I jumped the question too soon as you are now just answering it...OOOPS!
Yes, Indeed their are some operating expenses. Very minimal but always taking that into consideration to get real returns.
I appreciate the sharing! How did you find the renter??
I listed it on loopnet.com
What about marketing expenses?
And Andmin expenses?
I am a real estate broker so I marketed to property myself to rent it out on loopnet.com
How did you find tenant
I am a RE broker so I listed it on loopnet.com and tenants started calling me.
Awesome
@@anrod185 thank you for the support!
Could you not have sold the dirt? Or would that have taken too long ?
No one needed it, I tried. Lol
Is parking lot storage in high demand?
It is in vegas. My primary residence has 1.2 acres, I have a separate driveway on the side of my property that leads around to the very back and I have about half an acre of vacant dirt I rent to people to store rv’s, smaller trucks, etc. long term storage I bring in about $1800/mo and I have a few more spots I can fill. At capacity I can prob generate $2500ish and get messages daily on my fb marketplace ad from people wanting to utilize the space.
@@thesnyderteam-lasvegas6614 Amazing way to turn your home into a cash flowing asset!
Take the $350k buy another property and add a flex warehouse.
👍🏼
@@DWestside44 thank you for the support!
Where the heck do you get 350000cash ahaha
SAVE, SAVE, SAVE! I work to earn, I earn to save, I save to invest!
literaly haft the lots is useless with dumb slope cause bh your lazyness crazy you think you can teach people
Useless but bringing in atleast 4700$ a month for 5 years