What are the deciding factors on a property?
Friday, June 30
While it may seem like location, condition and financing might be the most important factors in determining if you want to purchase a property, when you are dealing with self-storage it comes down to 2 things. You need to make sure that the property has a good return on investment and upside pot...
5 Ways to Shut Down Your Self-Storage Business!
Wednesday, June 28
The self-storage industry may be one of the most stable commercial industries in the market, but even self-storage can fail if you don’t manage it correctly. Here are 5 things that you should avoid at all costs. If you don’t, you may find that you are the business that is going under. 1 Overest...
How Long Do You Need Before You Close On A Self-Storage Contract?
Monday, June 26
When you are making your offer, you need to gather a lot of information before you set your dates. Each contract usually has a due diligence timeline, a financing timeline, and a closing deadline. If you don’t know the people that you are working with, you might want to give yourself some wiggl...
Financing Contingencies Can Help Protect You in a Contract!
Friday, June 23
You should always consider making your offer contingent on financing, especially if you are getting a loan. Your lender says yes based on the information that you provide to him. However, sometimes, the information that you provide is based on what the seller told you. Sometimes these numbers a...
What Items Should You Check During Due Diligence? Part 2
Wednesday, June 21
Ironically, one of the most important things that you should do during due diligence is your due diligence on the property, meaning inspections. If you don’t know what you are buying, you might have a few surprises. This is especially important if you are planning on converting a property or ad...
What Items Should You Check During Due Diligence?
Friday, June 16
Now that we have established why it is important to have a way to back out of your contract, let’s talk about each aspect of the contract in more detail and what you need to do for your due diligence. When you make an offer, you have to make a lot of assumptions. Your due diligence period give...