All Forum Posts by: Joe Partington

Thank you AP! The facility has performed well so far I appreciate the response! 

We went with easy storage solutions. Love it so far and highly recommend it!

Hey chip, thanks for the reply! My loan was approved at 5% down due to equity built from other rentals. I do live in the market and the rates are about 10% low throughout. The market seems very good with most facilities in town at 90% occupancy or above.

Just curious what everyone recommends for self storage software in 2021.  I'm looking at storage commander, ESS, and tenant inc. mariposa/hummingbird.  From what I've read lately, its seems that ESS isn't what it used to be from a customer support aspect now that its owned by storable. I have a 215 unit facility that I will be taking possession of on August 1st. What software do you use and what do you like/dislike about it? Thanks!

Thank you for sharing that info Peter.  I have a few more questions if you don't mind. I sent you a colleague request.   

Hello BP community,

Need a little help on analyzing this potential purchase.  A little background info on me.  I am a construction business owner (contractor) and I own 5 duplexes in which one of them I house hack. I recently reached out to a brand new storage facility owner (The facility is a little more than a year old.)  Its located in central Nebraska  (a town of about 40,000 residents).  The facility has 5 buildings, 51,330 rentable sq ft. 215 total units (none climate controlled) The property has an automated entry gate as well as a security fence surrounding the entire facility with security cameras located throughout.  The current owner has been self managing and has no help.  The price he said he would sell It for is 2million.  Right now it's at a little over 90% occupancy. (Seems pretty impressive given he's only been open 1 year and he's managing it all by himself while running a separate business. Owner is confident by the end of the year it will be at 100% occupancy.  He has given me all his info., P & L's, rent roll, etc.

Upon acquiring these self storage units I would look to use a software management company to help manage. Here are the numbers (keep in mind the rents are at least $5 per unit low as to area comps and would be raised):

  Thank you, any feedback is much appreciated.

Peter, are you happy with your decision to go with storEDGE?  What package do you use and what is the monthly cost associated?  How has your storage facility benefited? Any other info you would share would be helpful as I'm in the process of choosing a software company right now. Thanks!

Cliff that would be great if we could run that on the properties!  How does it work who do I need to contact?

Ross, thanks for the response.  I now have the money needed to complete the downpayment  so everything is good on that end.  

Good advice ryan thanks!