Chase Giles

I sell real estate so I can buy real estate / 29 and trying to play real world Monopoly

[Chase Giles @chasingrentals]

Here’s how I bought my first Self Storage facility - A story for beginners like me

So you’ve been on retwit and lurked in the background. You’re like me and listened to every episode of @sweatystartup start-up, browse loop net, and dream about hitting tenants with rent increases, BUT you haven’t taken any action. This is how I got started and how I bought my first (small) facility.

After many late nights on Google Maps, tax records, and Google Sheets, I optimistically started mailing letters to a few facility owners to hopefully land an off-market deal… no luck.. dang @bairdk makes this sound easy.

One day I’m cruising Facebook marketplace and think what the heck... I wonder if someone is selling a facility on here. Bingo, small facility in a small town listed for $285,000..Run some numbers… I can do that, let me show the Mrs… like sweet music to my ears she says “We should buy this”.

I found out it’s publicly listed on the MLS (poorly) I’m a Realtor and can barely even find this thing. It had been listed for a few months. 95% occupied, no sign, no Google page, the owner accepts cash and lives up the street. I wrote up an offer for $240,000 and a week later it was accepted.

Now for financing… boy was it hard to find someone to lend on such a small amount. I reached out to a local-ish credit union that did the financing on on my small apartment complex. Thankful for the relationship as they offered the best terms. 80/20 LTV - 25 year am 10 year term- 5-year arm- 6 month Interest only. 7.625% interest rate. Even with in-place rents I cash flowed day 1.

Game plan: Transfer everyone over to digital rent management and start accepting credit cards. Google business page (already getting down calls), QR codes for new leases, and local landscaper is my boots on the ground.

We closed in 2023 and EZPZ Mini Storage is off to the races....@PublicStorage watch out!

Up next… rent increases.. I gave it about a month onboarded everyone to our digital lease platform, actually got to 100% occupancy from our Google my business page, then started with rent increases. about at 20% increase and were still on the affordable side in town.

One tenant, responded to the increase email and actually said he was happy to pay a higher price since he was able to pay with a credit card online.

I actually got an undercover call from @CaseyMericle the other day, as he was looking for storage in Texas... ?? He said he was going to check with is wife about pricing so I guess she thought I was too expensive. Also made me realize i listen to @fortworthchris podcast too much since i recognized his voice.

Grateful for this app and everyone who shares their wealth of knowledge. Excited for the future… oh and deal number 2 is on the way!

[Chase Giles @chasingrentals]

@Storage_Venture @CaseyMericle I just bought my second SS facility on SF, 10% down, 5.75% interest, 30 year am, 12 months IO, balloon in 8 years.

[Chase Giles @chasingrentals]

@Jeffdthompson What is this white stuff? -Texan

[Chase Giles @chasingrentals]

@fortworthchris I’ve never been more decisive then when I’m at a Shipley’s

[Chase Giles @chasingrentals]

@mhp_guy I’ve always thought someone should run a car detailing business or vacuum business right next to a Supercharger location.

Customers come to you and they’re waiting there for 15-40 mins anyways.

Like some high school kid could make $100 an afternoon doing this.

[Chase Giles @chasingrentals]

@PEoperator Great website and great list. Need to redeem some Audible credits now

[Chase Giles @chasingrentals]

@Storage_Venture Interested to see more photos of this property and how you’ve divided it up into 6 units? What do the insides look like?

[Chase Giles @chasingrentals]

@GrulkeLamonte I have many clients who have bought DR homes. The super low interest rates or no closing costs outweigh the quality objection for many people. They just de-buildergrade it after they move in

[Chase Giles @chasingrentals]

I hate getting my wallet out while at any drive thru line window. After you order, a QR code should pop up on the screen where I can scan with my home and pay via Apple Pay. Increased efficiency at the window & happier customers!

[Chase Giles @chasingrentals]

View RN listening to @fortworthchris courtesy of @Starlink

[Chase Giles @chasingrentals]

@CaseyMericle Crazy! I didn’t see him at @investing_law’s talk at reconvene. Maybe next year

[Chase Giles @chasingrentals]

@kenpozek @bavedikian I also think you should post more here, you’ve got a lot to contribute about building a team and scaling with systems.

[Chase Giles @chasingrentals]

@kenpozek @bavedikian Are you an elite resi broker tho?

[Chase Giles @chasingrentals]

@shawngorham Geez, you’re living in 2021! No inspection is crazy. Even in Texas (North Houston) peak covid we didn’t have that.

[Chase Giles @chasingrentals]

Bout to bonus depreciate this coffee @recostseg

[Chase Giles @chasingrentals]

@buyahause Just landed and Ubering to my hotel! Would love to connect about HTX

[Chase Giles @chasingrentals]

@MauiPace @moseskagan Can’t speak for Moses, but my contractors don’t require it. I’ve got a good track record with them. Not uncommon for me to pay for some materials upfront, but first labor payment is done at the first milestone.

[Chase Giles @chasingrentals]

@sweatystartup Should I order the chili queso or pork belly bites as an appetizer for lunch?

[Chase Giles @chasingrentals]

@sweatystartup Stuffing my face with a breakfast taco while eating this …. Oh perfect I’m eating healthy!

[Chase Giles @chasingrentals]

@DallasAptGP @MorganBarrettX Probably a new pair of Timberlands

[Chase Giles @chasingrentals]

@sweatystartup I’m negotiating a decent fixer upper complex right now. Sent the owner a letter written with a sharpie 3 years ago. Renovate, advertise, lease, expand.