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Turning a Car Dealership into a Storage Facility

Mentoring Mathieu – The Insurance Broker – Session 1

This is mentoring session #1 with Mathieu – The Insurance Broker. Also, a Lionkissedher in PA. 

Show Notes 

  • 1:29 – What’s been happening since the last time Mathieu was on the show
  • 2:25 – An update on the 6 units and storage facility Mathieu owns
  • 3:21 – How Mathieu found the 6 unit building
  • 5:45 – What made Mathieu finally decide to pull the trigger (And the many issues the building had)
  • 7:13 – Storage units, Jay’s experience almost buying one
  • 8:57 – What gave Mathieu the idea to convert a big garage into storage units
  • 13:05 – How Mathieu got around the 20 mile limit necessary to get buy his property
  • 14:12 – A 12 unit apartment complex Jay found where the closest property management was 45 minutes away (But he backed out of the deal)
  • 15:13 – How Mathieu found his property manager
  • 16:32 – $20,000 to convert a garage into 20 storage units – Is there a better alternative?
  • 19:47 – What to do when considering buying a storage facility
  • 20:52 – Jay’s wife’s interest in owning an events space and the complexity in this
  • 21:26 – The issue owning an events space in a small town
  • 22:04 – Considering turning a space into a laundromat
  • 23:31 – The reason why it’s so cheap for Mathieu to build out the storage units
  • 24:30 – The issue working with contractors
  • 26:44 – How Mathieu has handling purchasing his properties
  • 28:35 – The issue Mathieu had when trusting a tenant
  • 32:30 – Having a bank quote Jay the based on the Zestimate
  • 34:50 – How sustainable is growing with a home equity line of credit?
  • 35:03 – What Jay doesn’t like about portfolio loans
  • 36:50 – Why Jay likes local credit unions
  • 39:03 – The 3 people Jay listens to almostas much as his wife
  • 41:20 – Mathieu’s experience re-purchasing a duplex
  • 42:05 – Why you need to think about your long-term play
  • 43:30 – The benefit of having a great relationship with your bank
  • 44:53 – Why a HELOC is a good place to get you started
  • 45:21 – Why Mathieu is focused on a 10 year payoff
  • 47:05 – Hard money lending
  • 49:40 – Jay’s second live-in flip
  • 50:56 – Mathieu’s experience with a live-in flip

Links:

Connect with Mathieu

Quotes:

  • “Contractors… they’re very difficult to work with. That’s the issue” – Mathieu
  • “Everybody’s going to make mistakes. If you’re not, you’re not trying too hard.” – Jay
  • “If you do it once, you know how it works. Then it’s just doing it again and making copies.” – Mathieu 
  • “You can always use the cash flow now – either to build up reserves or fund your next one.” – Jay

Episode Affiliates: