All Forum Posts by: Chip Stroz

@Henry Clark I retired early as well. And I can tell you, in my late 50’s, I felt like I still had a lot to give. And , since I had been working in an industry I really wasn’t passionate about, this was my chance to try an industry that I have had a passion for for the last 12 years or so. That is why I jumped into the biz. I own one facility and it has been quite a challenge so far. But I wouldn’t trade the experience for anything in the world. I am learning a lot about the business that, had I not gone through this process, I wouldn’t have learned nearly as much. My advice would be, if you truly want to learn the business, lease it up, refinance, pull some money out, and go on to the next one. If you just want to make some quick cash so you can supplement your retirement, then sell it and relax. But stay active doing SOMETHING. An idle brain/body just begins to get worse if you stop using them. Learned that from a family member.

@Joshua Watts Congrats! Sounds like a home run!

@Taylor L. How do you sign up?

@Joe Partington Is he doing seller financing?  Only putting 5% down is probably not going to fly with most financial institutions.  I know you can get an SBA loan for as little as 10% down, but should deal with a bank that is an SBA preferred lender.  If the property is approaching 100% occupancy, I would definitely think raising the rates would be a good idea.  Are you from that local area? Do you know the market?

@Paul Moore Thank You!  I will be attending Scott Meyers Self Storage Academy in Orlando next month, and I am very excited to learn more, and then implement what I've learned!

@Michael Wagner @Zach Quick Thanks for your information. I have been through a lot of training thus far, and nobody has ever mentioned anything like that.  So obviously, there haven't been a lot of issues concerning that.  Appreciate the help.

Any of you self storage owners out there have any thoughts on this?  Are you protected by having them sign a form acknowledging that they can't store any illegal items?

I am just getting started in researching self storage, but I wanted to know if there are any safeguards a self storage owner/operator can have to protect them in case a tenant stores anything illegal in their storage unit (explosives, drugs, dead bodies, etc.).  I mean, you aren't allowed to go in their units, so how would you know even if they did?

Nathan, what you did is text book of how to find & close on a self storage facility.  Well done!  I hope to do what you have done (someday soon).  Thanks for sharing your story. It was very inspirational.

@Daniel Lioz Yes.  Agreed.  These are all things that make me say "hmmm, why is he selling so quickly."  My gut tells me that something is wrong either with the property, or the area around the property.  Two things I would definitely do if I were to put it under contract would be to get a feasibility study done.  If everything checks out, then I would get a Phase 1 Environmental Survey done.  If both of those check out, then I would feel much better about doing the rest of my due diligence.  I don't think a traditional bank would loan on something like this, since it is only 43% occupied, but the SBA might.  That's all something I'd have to investigate.  

Thanks for all your advice.  It was very helpful.