Purchase price: $1,350,000 Cash invested: $500,000 Contributors: Dane Ohlen 262 unit self-storage facility 21% occupied at acquisition.

I work full time in the medical field and currently relocated to Indianapolis for my job.

I'm looking at building a mini storage facility and want to focus on online application/rent collection. 

After reading your deal, my question would be how informed is the seller and does the seller have mental or other medical issues that would render them incompetent to do any business dealings at all? 

Do you have other debt you want to try to discharge such as credit card debt or medical bills?

This may not be what you want to hear but if your tenant is lead poisoned and you were aware (which you are by making this post) you are on the hook for medical, potential future earnings and multiply that by 3.

Reason being - there are a lot of under performing facilities that are family owned (or Ma and Pa's). 

Beatiful stone building that was an old medical building converted to multi family.

OK< just some general things I've seen (without naming companies SO VERIFY ON YOUR OWN BEFORE MAKING ANY DECISION):1) The rented machines give you an upfront payment and expect a fixed term contract with expected cash flow over time2) They'll take about 50% of the coins in return they manage it and service stuff so its very little effort on your part3) They will record against title, so to sell the property, you'll need some sort of release from them.4) If you plan on putting W/D in the units, that affects their cash flow, so it'll be an issue in the contract5) If you want out of the contract before term, you'll pay a buyout and have a certain window (usually annually) to ask6) If the contract ends, they usually have an automatic re-up for another long term - Again, you have a strict window in which to give them notice prior to the expire date.7) Laundry facilities are usually common water, so if you do billbacks it probably won't be covered by the tenants more than the quarters they put in that you get back.ALWAYS READ AND UNDERSTAND ANY CONTRACT BEFORE YOU SIGN IT!!!!!

Regus, Industrious, GreenDesk, WeWork, Novel etc have come up along with student housing via large medical school, research, healthcare presence.