As for purchasing an existing national-credit Self Storage facility in today's market, returns are simply too skinny to make it worthwhile for the average investor, in my opinion.On the other hand, with detailed site analysis and selection, RV and boat storage can still provide an excellent return with very little Capital Expenditure to get started (aside from the land itself.)

It is a good idea to search for properties off-market since the market is so skinny right now. 

I agree it's the lender you went with- either doesn't know, has rigid overlays, or didn't tell you something. 50 back end ratio is not the sharp end of the high dive, they could reduce rate and increase points, increase deductable on insurance and skinny down the costs.

This is a pretty skinny deal, cashflow-wise (and you'll have higher turnover since its a condo), but if it's rapidly appreciating in a great area it might make sense.

The skinny: LLC's offer liability protection which comes in handy when you have an extensive portfolio, have a large equity stake in the property, or are trying to shield large amounts of personal wealth.

I don't mess with skinny deals.

Might be too skinny, but you capture the appreciation.

Then go to Alaska, and skinny dipping.Just my thoughts.=)

At the end of the day, you are just as we'll off taking option 3, no matter how much you hate to do it just on the principle of it all, unless the deal is too skinny...in which case option 1 will be your best bet.

I told him that the deal was a little skinny!