Small self storage facility in El Reno OK

[Wayne Bolen]

Investment Info:

Other buy & hold investment.

Purchase price: $200,000
Cash invested: $60

5,000 sq ft self storage facility. 43 units and 18 parking spots. 1.5 acres.

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

This is essentially a flip on a storage facility. We bought at bottom dollar and are increasing occupancy to sell at profit.

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

Bought directly from seller agent/owner. Found on MLS.

How did you finance this deal?

Traditional financing with a local credit union.

How did you add value to the deal?

Streamline operations, made capital improvements to property.

What was the outcome?

Property is still owned. We are learning the specifics of the storage industry and increasing occupancy.

Lessons learned? Challenges?

Small facilities in small towns are difficult to turn around. Many customers do not understand a facility that is ran via technology, versus someone on site they can stop by and talk with.