56 Unit Storage Facility

[Brandon Michael]

Investment Info:

Other commercial investment investment.

Purchase price: $480,000
Cash invested: $155,000

56 Unit Storage Facility with fence and gated entrance. Needed better management and processes to thrive.

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

Storage is an asset class that is golden when managed correctly. The short or long term of this hold is a winner!

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

Found this deal online and was able to work with a new agent to negotiate the deal. We were able to get $19k off the price and close the deal.

How did you finance this deal?

The loan on this was from a local bank. It required 30% down and 70% loan.

How did you add value to the deal?

Added value by creating a website that allows tenants to pay online and have a portal to review receipts and documents.

Lessons learned? Challenges?

Lessons we learned early on was to start marketing available units asap! We also had to learn how to legally evict tenants that did not pay.

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

Noah Davidson in Murfreesboro was able to help us with this property and he did a great job!