Bought 1st prop in Feb '21 for $1.1m. Put $275k in. Refinanced out $330k in '22. June Rev: $20,251 L12M NOI Ratio: 77% Projected NOI (if flat): $187,119 Debt Svc: $81,600 Annual Cash Flow: $105,519

Bought 2nd prop in Apr '21 for $660k. Put $172k in. June Rev: $9,342 L12M NOI Ratio: 70% Projected NOI: $78,473 Debt Svc: $36,060 Annual Cash Flow: $42,413

Bought 3rd prop in Aug '21 for $700k. Put $111,811 in. June Rev: $10,621 L12M NOI Ratio: 70% Projected NOI: $89,216 Debt Svc: $42,948 Annual Cash Flow: $46,268

Bought 4th prop in Dec '21 for $625k. Put $96,500 in. June Rev: $7,969 L12M NOI Ratio: 68% Projected NOI: $65,027 Debt Svc: $40,140 Annual Cash Flow: $24,887

Bought 5th prop in Mar '22 for $1.85m. Put $451,078 in. June Rev: $22,645 L12M NOI Ratio: 71% Projected NOI: $192,935 Debt Svc: $91,200 Annual Cash Flow: $101,735

Bought 6th prop in June '22 for $1.55m. Put $230k in. June Rev: $24,295 L12M NOI Ratio: 77% Projected NOI: $224,486 Debt Svc: $93,420 Annual Cash Flow: $131,066

Bought 7th prop in Sep '22 for $1m. Put $125k in. June Rev: $13,533 Projected NOI Ratio: ~75% Projected NOI: $113,677 Debt Svc: $75,600 Cash Flow: $38,077 Note: Rev down from peak bc on-site apartment vacated at $600/mo. Close to backfill at $700/mo. Strong July.

Bought 8th prop in Jan '23 for $590k. Put $120k in. June Rev: $7,900 Projected NOI Ratio: ~70% Projected NOI: $66,360 Debt Svc: $38,808 Annual Cash Flow: $27,552 Note: Occupancy is perplexing on this one. In same town as #2 & #4 , both nearly full. Racking my brain.

Bought 9th prop in Apr '23 for $1.4m. Put $365k in. June Rev: $11,136 July Billing: $16,281 Projected NOI Ratio: ~70% Projected NOI: $134,400 (assume $16k/mo rev) Debt Svc: $97,688 Annual Cash Flow: $36,712

A coupla thoughts: - Debt on #1 -6 is significantly cheaper than #7 -9. This shows in the numbers. - Haven't implemented tenant insurance at properties #1 , #7 , #8 . That'll add a bit of rev. - Need to push rates more for props near/at full occupancy.

If some of those NOI margin numbers look fat, they are. Why? - Low prop taxes. - Low insurance. - Low marketing spend. -Ultra-lean, highly-effective Ops & Customer Svc team in Latin America. Latest CSR sourced via @Hire_LATAM (of which I am an owner).

Recent deals aren't as fat, but I still have capital to deploy and some big deals in the pipeline. One of which will make the rest of these look like the small fries they are. Stay tuned for details on it.

If you like this kinda thing, give me a follow and like/retweet the original post in the thread below. 🙏

@SultanofStorage Every time I see one of your threads I stare at the ceiling for 5 minutes rethinking the next 10 years Congrats on the success and can’t wait for the details on acquisitions to come!

@h_thom14 Glad I got you thinking! Thanks for the nice words.

@SultanofStorage How are you sourcing your deals?

@jon_molitor Phone calls, letters, brokers, Crexi.

@SultanofStorage I note that for doing so you also needed 275k of cash to start with. Then everything is refinancing.

@numishee I had put in about $1.6m before that refinance came out.

@SultanofStorage So you were living on your wife’s $50k salary but still manged to put close to $1M “in”? 🤔

@IanPubillones That’s right. We avoided dipping into savings/investments for living expenses.