All Forum Posts by: TJ Tingley

Investment Info:

Other commercial investment investment.

Purchase price: $350,000

Self Storage Facility 60 units

What made you interested in investing in this type of deal?

Relationship driven opportunity.

How did you find this deal and how did you negotiate it?

Partner had a personal relationship to owners who wanted to move to FL.

How did you finance this deal?

Small local bank.

How did you add value to the deal?

Currently implementing ESS, Davinci locks, raising market rates, working on SEO and digital presence.

What was the outcome?

6 months in. Not servicing debt yet but have no money in the deal.

Lessons learned? Challenges?

The seller gave us bad numbers on the rents and revenue. I would do for their due diligence next time. But it was also a great deal.

My CPA is telling me if i get him estimates of everything on a recent STR purchase i don't need to have a study done. In one of David Greene's most recent podcast Rich Dad's CPA says you absolutely must have one. My investments are smaller- $350k storage facility and $750k STR. Are there firms that will take on smaller studies?

@Rob Cee I know this could have changed by now but can you tell me how you were hiding the locks on-site?

Erin, are you still happy with this or have you moved onto a different platform?  I just bought a facility (just 60 units) and trying to figure out how I want to do it.