Self Storage in Mission, Tx

[Terry Champagne]

Investment Info:

Other other investment.

Purchase price: $730,000
Cash invested: $92,000

Terry Champagne has been a successful real estate investor for over 20 years. Currently owns and operates 169 units of self-storage in Mission, Tx. Previously owning, growing and divesting in several self-storage facilities totaling 411 units in Texas and Virginia, three commercial office building and a multi-family property in Colorado. She has managed daily operations through extensive reporting systems she has developed and implemented at the project levels. Systems include accounting contr

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

I love self storage! This is my third one. They are very easy to manage and are get cash cows. I have also invested in Multi-Family. I will always have them in my portfolio.

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

A broker brought it to me. It was in foreclosure and I just stuck with the number that I wanted to buy it for. The seller initially declined my counter offer and then came back to me a month later and took my price.

How did you finance this deal?

I did a SBA 7a loan. 15% down 25years

How did you add value to the deal?

The place just need a fresh face and marketing. The highway was closed for 2 years prior and it hurt the business.

What was the outcome?

I'm getting ready to sell it.

Lessons learned? Challenges?

Do it again. The biggest hurdle was the bad reputation that the property owners had. People didn't want to do business with them. So, the bad PR was the biggest hurdle.

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

No I would not recommend the broker I used. He almost killed the deal.