Are you considering expanding locally or branching out to other areas?

It was off market, I paid a local bird dog $20k for helping to get it to the close and even including that $20k at market rate it met the 1% rule.Today my underwriting would not have a 1% ratio with 80% LTV as positive cash flow in class C.  

@Luke Spencer I am not on the management side but I can tell you it took 2+ years to fill 300 units at one of our facilities and the other just hit 300 units in 12/13 months so it really depends on the demographics, and local housing market trend, the more people moving in and out the higher the demand for storage.I think if you're looking at a saturated market then the upfront cash to turn the warehouse into self storage is not a good idea but then again, maybe those operators are on back roads ( low visibility ) and don't push google ads well.

Attend local real estate investor (REI) meetings and get to know people.

We'll see real supply greater than real demand.Every local is different obviously, but I am talking in general.

I looked at local companies, and while many locals have great boots on the ground, they lack the economies of scale and systems like what Avantstay uses to attract, vet, monitor, and enforce. 

If you have a local appliance store near the rental, go there and talk to them. 

We’re not used to seeing emergency declarations as frequently as they do in Florida.Our borrower is a local rehabber with a property scheduled to be funded today and close tomorrow.

Regards,Colby  Hello @Colby Burns I'm a local Realtor (Fort Worth).

That being said, your typical cost of capital is as follows:EquityAgency debtBalance Sheet local lenderDebt FundPrivate DebtPref EquityHard Money DebtBookie/Loan SharkOther things that will impact capital sources: are you wanting to finance the improvements, or will you pay for those from equity/cash flow?