All Forum Posts by: Mark Byrge

@Steve Cheslock agree with @Zach Quick, we use ESS and use their gate system. Works well and is integrated with the software, so when the call center puts their info it programs the gate. It also locks them out for non payment.

@Jason Vandermark

How big is the property (SQ.ft.)?

What kind of construction (metal kit, pole barn, cement block, other). Gravel drive, concrete, blacktop?

Fenced or unfenced?

Just trying to also come up with a rough cost to build price as well.

Your NOI at a cap rate puts you at around $1.6m-$1.7m, but if you look at a gross rent multiplier, it's much lower.

No, debt service is separate from operating expenses. And should not be pulled out when factoring NOI.

@Jason Vandermark actually expenses seem kinda high for storage, assuming it's non-climate controlled. Typically you'll see 30-40% expenses on storage properties as a guide. At least this is my experience.

@Linda Reynolds

I own multiple self storage properties in St. Clair county as well as throughout the state. I love the area and feel that there is still great value to be found throughout the state, and specifically the Port Huron area.

@AJ Hu

Yes! I’ve done a couple already!

@AJ Osborne

My pleasure! As a self storage investor, Podcasts like yours are sorely needed that bring more in-depth information. Please keep the content coming!!

@Danté Belmonte

Mark Helm has over 200 videos on YouTube regarding all things self storage.

There’s also a few good podcasts that I’ve found useful as well.

Check out AJ Osborne Self Storage Income podcast.

Michael is a good source as well as Scott Meyer, both can be found here on Bigger Pockets.

You can also check out Mark Helm on YouTube, he has 200+ videos on all things self storage.

Also came across this podcast a few weeks ago. Really good info!

https://podcasts.apple.com/us/podcast/self-storage-income/id1482663918

Good luck!

Drew, do you own any of the other properties free and clear or have a significant amount of equity available? The reason I ask is that the first property I purchased, I was able to use some SFH rentals I had with equity as collateral. I purchased the facility for $195k, but my loan was for $276k. It was to cover the purchase of the ss property, along with paying off the LC's I had on two other properties, AND I walked away from the table with over $50k in my pocket! They held a lien against the rentals, but the income from the storage property more than covered the note for all. I later sold the sfh's one at a time and paid a small portion of my proceeds towards the principle of the storage property, and just this past week refi'ed the storage property on a new 5 year note. The storage property appraised for $388k and my payment also dropped $350/mo. There's ALWAYS a way to make it work if it's truly a deal.