The Feasibility Study During Due Diligence
Monday, February 28
You always want to give yourself enough time during the due diligence period in the contract that you can get the results of your feasibility study. You have checked everything yourself, but your feasibility study will give you a third party perspective. They can unemotionally evaluate whether...
Evaluating your Competition During Due Diligence
Friday, February 25
If you are out located or out classed, you are going to have a hard time competing with the other self-storage facilities in your local area. The area that potential renters go to rent self-storage is very small. Typically, it is no more than 3 miles. You need to find out how much competition ...
Determining Demand During Due Diligence
Wednesday, February 23
You always want to check out your competition when you are deciding if you can buy a property. If an area is over supplied or if you are out located, it will be difficult to fill your new self-storage facility. When you are buying an existing facility, you need to know if the facility is not oc...
The Importance of the Fire Code
Monday, February 21
When you are doing your due diligence, make sure that you don’t forget the fire code. While this may seem like a small thing that you can easily accommodate, there are a lot of factors that play into the fire code that may make or break your self-storage project. The fire code is critical to y...
Understanding City Requirements During Due Diligence Part 3
Friday, February 18
The final topics that we are going to cover about city requirements are the exterior requirements of your self-storage project, your signage requirements, the required landscaping on the facility, and the noise and light ordinances you have to meet. Any of these things can trip up your transacti...
Understanding City Requirements During Due Diligence Part 2
Wednesday, February 16
More than likely, you are going to find properties that are not already currently zoned for storage, or you are going to want to make changes to the existing property. When that happens, you always want to check with planning and zoning to find out what the requirements are before you invest a l...