1st Self Storage purchase, goal is 1,000,000 sf within 10 years.

[David Jones]

Investment Info:

Other buy & hold investment.

Purchase price: $500,000
Cash invested: $30,000

62 Unit Self Storage facility. Converted tenants to online payment platform, offered insurance, and raised rates.

What made you interested in investing in this type of deal?

It was a good first deal that was under market, and small enough to test some strategies before purchasing a larger facility.

How did you find this deal and how did you negotiate it?

Family and friends.

How did you finance this deal?

Owners capital for down payment then traditional bank financing.

How did you add value to the deal?

Created a website and offered easy online payments.

What was the outcome?

So far, so good. We had 1 tenant move out but replaced them with someone from a wait list at a higher rate.

Lessons learned? Challenges?

The resistance to change is the challenge. I will keep you posted about lessons learned.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Direct deal with the owner.