The 4th Rule of Thumb & the 3rd Key to Talking to Self-Storage Lenders
Monday, February 20
Now that you know that your credit is intact and how much you can afford to purchase, you need to know how much they are going to require you to put down. This can range from 10% with an SBA loan to the entire amount if you have terrible credit. The amount that a lender requires from you is dep...
The 4th Rule of Thumb & the 2nd Key to Talking to Self-Storage Lenders
Friday, February 17
As you are preparing for your lender interview, you need to understand how you are going to pay back the loan on the property. When you get a residential mortgage, they expect for you to pay for the property out of your own income. When you get a commercial mortgage, they anticipate that you wi...
The 4th Rule of Thumb & 5 keys to Talking with Self-Storage Lenders
Wednesday, February 15
You can never undo a first impression. When you are working with commercial lenders, you want them to have a great first impression. You want them to know that you are the real deal and that they want to take the time to find a loan for you and your next self-storage facility. If they don’t th...
The 4th Rule of Thumb & Finding Financing for Self-Storage Projects
Monday, February 13
Now that you have found your self-storage project, you must find the money to buy it. Whether you are planning on using commercial financing or partners to do this, you need to know how you are going to buy the property before you start making offers. The reason for this is that you need to know...
The Third Rule of Thumb: The Feasibility Study
Friday, February 10
One of the most important things that you need to do during due diligence is your feasibility study. If your preliminary research has shown you that this is not a good opportunity and you need to walk away, then there is no point in paying for a feasibility study that will just tell you the same...
The Third Rule of Thumb and Determining if Your Offer is Realistic!
Wednesday, February 08
Now that you have an accepted offer, the real work begins. You don’t want to spend to much time evaluating your property until you know if the seller is going to accept your offer. Once your offer is under contract, then you need to make sure that the property is what you expected during your d...