Underperforming Storage Facility

[TJ Tingley]

Investment Info:

Other commercial investment investment.

Purchase price: $350,000

Self Storage Facility 60 units

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

Relationship driven opportunity.

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

Partner had a personal relationship to owners who wanted to move to FL.

How did you finance this deal?

Small local bank.

How did you add value to the deal?

Currently implementing ESS, Davinci locks, raising market rates, working on SEO and digital presence.

What was the outcome?

6 months in. Not servicing debt yet but have no money in the deal.

Lessons learned? Challenges?

The seller gave us bad numbers on the rents and revenue. I would do for their due diligence next time. But it was also a great deal.