#Nick fink feet full

It is uncomfortable to walk up to the prettiest girl at the bar and introduce yourself. It is uncomfortable to step into the arena and go after that job you aren’t qualified for. The truth about this world is that every single thing worth having requires a level of uncomfort to get. You do not need to be smart or spectacular to get rich.ĩ9% of it is making a few big decisions well (like what business to go after) and then having the courage and confidence to get uncomfortable. You would be blown away by the amount of incompetent people in this world who earn great money simply because they aren’t insecure. If you enjoyed this, hold your finger over my face and hit the 'follow' button. We're generating about $100k in annual cashflow today from this property and our plan is to hold onto it for a long time! Our new debt service (interest + principal) is $225k per year. We paid back our original bank loan of $900k, the seller note of $300k and we had $1.3 million left over (tax free). In late 2022 we executed a cash-out refinance at a $5 million valuation with $2.5 million of total debt. It is a cash-cow at this point - $331k of net operating income (with $96k of debt service) and a cashflow of $235k per year. Expenses bumped because we charged ourselves market management fees and spent a bit more on marketing / maintenance. In 2022 we leased more units and revenue increased about 35% to about $45,146 per month. We also setup online rentals and account management for customers.Ģ021 was a great year for us and we were already doing over $33,000 in monthly revenue on $10,200 of expenses. Not too good.īut we implemented a marketing plan, cleaned up the place, put up a new sign and security cameras. Right off the bat we were earning only $8k of cashflow for our trouble. Our debt service was about $96,000 per year.

It was doing about $264k a year in total revenue and the owner had about $160k in expenses for about $104k in net operating income. We borrowed $900k from a bank (back when it was reasonable to take high leverage) and also got a seller financed chunk ($300k) to make up basically the entire purchase price with no money down (a little extra for reserves / closing costs).

#Nick fink feet full

No website, no online rentals and also a full time manager on site. When we bought it 333 units were rented and it had $22,000 on the rent roll.

Hard to operate so nobody wanted to buy it. The property was an old converted warehouse in an upstate NY town. I bought a self storage facility in October 2020 for $1.2 million.