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First Facility
We closed on our first facility. Thanks to everyone in the Storage Ace community who gave some guidance along the way. I've been in residential real estate for over 30 years and thought it would be somewhat of an easy transition into self storage. That definitely was not the case. Finding the deal was the easy part (for me). But I didn't realize how much I didn't know about self storage and how much is involved after you get the deal under contract. (The following is an unsolicited endorsement). Once I got the facility under contract I joined Dave's coaching group. I decided that I didn't want to waste time trying to figure it out on my own (which I tend to do). Of all the classes, conferences, groups I've joined or spent money on over my real estate career, this by far was the best money I've ever spent. Dave, Ken & the group helped me get to the closing table. Without their assistance I would've been lost trying to put everything in place to get the facility online and start the process of turning it around. As I mentioned before, there is A LOT I didn't know about storage. A lot of details (most of them simple processes) that if you weren't aware of could cost you a ton of time and money. Dave helped with all of that and continues to help as we get this thing rolling. If you're new, serious about getting into self storage, and serious about closing on your First Facility I would highly recommend checking out Dave's coaching class so you can cut to the front of the line and get that first deal. Time to find another one...
First Facility
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Check out this storage win 👇
Hello, StorageAce Fam - I just shared something on Facebook that I think you’ll want to see. Back in April, I closed on Beckley Mini Storage.Six months later → revenue is already up over $4,000 per month. That single change created about $600,000 in new value. And here’s the kicker…I pulled the screenshot straight from my facility management software and posted it. No fluff, no theory — just the real numbers. 👉 https://www.facebook.com/demink/posts/10162213977617153 If you’ve ever wondered what this game looks like in real life (not just in theory), this is it. Talk soon, Dave P.S. The chart says it all. Go take a look.
Rude broker
I asked three years of p&L and questioned why there wasnt any utilities, marketing, internet phone expenses, etc? However the broker didnt send me what I asked, instead he litterly told me, use number xx for income, use xx for expenses, and vacancy is xx. P&L was same for past three years. If i want to submit offer then contact him. I may do a back of the napkin underwriting, however how can I get a loan based on such a limit information?!
Too dependent on one unit size?
How much value do you give to Unit Mix? I'm looking at a facility that is 95% a particular size. Competitors do not have this same size. Occupancy for this size is 88%. There are only a couple of handfuls of other sizes and half of them are rented out. Should there be any concerns of being too dependent on that one size making up the unit mix?
Boat & RV Storage demand analysis
Hey Everyone, I'm wondering if anyone has done Boat and RV analysis before and if so how did you approach it?
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