Creative Real Estate Deals From Duplex's To Self Storage With Mike Hicks.
Mike started buying rentals at the age of 19 and has never stopped buying real estate since!
The journey from duplex to self storage began when Mike saw a fixer upper duplex on a rural route. He contacted the bank that owned them and bought 2 duplex's for $72k.
Mike is attracted to opportunities.
He was driving for dollars and found another duplex. He likes to follow Bill Cooks methods of tracking down the owner and going to their house to knock on the door and create a discussion about buying the property with seller financing.
He began the discussion about seller financing. The seller and Mike talked about Boy Scouts for 45 minutes building rapport with the seller. Bill teaches that you should focus on terms more than price and Mike negotiated seller financing for 3% interest on 3 duplex's.
Those 3 duplex's led to the opportunity to create the financing to purchase the self storage facility. He had persistently followed up with the seller of the self storage for 3 years. He had plans to walk the seller financing from the duplex's to the self storage but ran into some obstacles which created a change in his strategy. Mike created seller financing on the self storage which included no payments for the 1st six months.
The self storage had people living inside some of the climate controlled units, some units were rented below market and some had never been locked out. Mike resolved the issues as he encountered them and created a really sweet deal as he repositioned the facility!
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February 6 - 8, 2020 in Richmond, VA