We did a total rehab of the apartment: replaced the flooring through the apartment; replaced the kitchen; added an opening with a bar between the kitchen and the living room; removed glass separation for the solarium and made dining room; repurposed a storage room to office space; a total renovation of the bathroom; all closets painted and door replaced; What was the outcome?

I considered the going rate for personal, RV, automotive, and boat storage and the opportunity cost of running a small storage business myself.

So if I list a property for say $25,000 above the highest comparable sale, my justification might be that the cap rate is at or above the cap rate for the highest comps due to an extra bedroom, premium finishes, lots of storage space, etc. which drives up the rent.  

Myself and my partner are currently under LOI for our first self-storage facility.

When they move out, use it as a storage shed.

I mean I wont be using the shed at all except maybe storage.

Myself and my partner are currently under LOI for our first self-storage facility.We have negotiated a 53% owner financing on the deal and I wanted to ask all storage professionals if you have any advice / tips for getting the remaining conventional financing from a bank / lending institution.This is our first owner financing transaction and we would definitely appreciate any tips / suggestions from a lending side as we have started our due diligence period.

@Cole Bigbee right now it’s just mainly marine storage with a small repair shop.

We removed a rotted wood storage area and bleached/scrubbed the entire wall and sealed it.

These issues were so dumb I never would have thought to ask about them), such as:  if you evict someone, and they bolt, YOU the landlord have to pay a certain moving company (apparently the only one in pittsfield authorized by the city to handle this endeavor) to move the tenant's belongings into storage, until such time as your loser tenant finds another place to live, and then, YOU have to pay for their stuff to be professionally moved again, AND you have to pay for something like 3 months worth of storage!!!