Sometimes you want to pay for convenience.Think of the 90 year old with no family, going into assisted living facility.

My parents own several large storage facilities and they have hosted auctions but it's a last resort.

It is useless.The 70% rule, or ANY generalization rule will not tell you how much rehab it needs, what location it is in, how long that buried oil tank has been leaking... undersgroundNOI said NO!

This happens every cycle and It holds true for equities as well. this is when you switch to being a lender at far less than ARV.... if the deal is skinny its skinny to the flipper not you. back in 02 ish as I had a nice run at court house steps in the PDX metro area.. the last auction I attended was in Wash. co.. minimum bid was 80k on a Aloha 160k rancher..  35 individual bidders qualified so that was 35 people with say at least 100k in cashiers checks all crowded into the little foyee there.. so 3.5 million in CASH chasing one deal that ended up bidding up to maybe a 10k profit .I walked over to my bank and told my banker I am going to start a HML company so be prepared to change all my LOC's to a lending facility.. let everyone else bang their head against the wall we will just provide the capital   LOL.. well that worked great until it did not in 08.. but you know what I mean.. sometimes being the bank is far more profitable than being the flipper..  

Heres the challenge: Presently 2 oil tanks there.

I will share it with , but please don’t tell anybody ...Anyway, he says in Iraq  prices are really low now, and cash flow is high... economy is improving plus they have oil= he says it will be next Saudi Arabia...He is selling few of his Phoenix properties and wants to invest a million dollars over there... he is open  for partnerships ...If u are interested, let me know I will tell him :)

One of the documents is a lease from 10 years ago to a statewide oil company. 

Kilz original oil based?

I wanted to find out from self storage facility investors about the current market.How is it currently?

Do your best to ascertain whether or not there is an oil tank, lead paint, asbestos, or other potential contaminants that can become personal liability even if the property is held in an LLC.