Storage facility purchase

[Joshua Watts]

Investment Info:

commercial investment investment in Tullahoma.

Purchase price: $3,861,000
Cash invested: $1

Purchased 940 unit self storage facility.

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

Had a much smaller facility in the area and felt that there was huge opportunity in increasing rents.

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

Cold called for two years until the family sold the facility to me.

How did you finance this deal?

Local bank

How did you add value to the deal?

Increased the rents, added climate control, added parking, kicked the people that were not paying out, and added retail (locks and packing supplies), cut expenses (cutting personal)

What was the outcome?

good cash flow

[Joshua Watts]

Agu, 

The way I started was slow with my 1st investment a single family home. It took me what, 19 years to land something like this. But if I did not have houses for my down payment I would never have got the bank loan. Also I had storage  experience before this. My 1st storage building was 40 units. Hang in there you will make it and go slow and steady. Good luck!!