See picsGross annual income: $250k_______________________________________Using income approach with cap rate$250k x 0.8 = $200k / 0.0366 = $5,464,480 value (3.6 cap rate with 20% operating expenses (newer building but still operating expenses quite low))—-----------------------------------------------------------------------Future Bevan Ave developmentDesired price: $8.5M18x units Year built: 2023Finishes: Quartz, new Projected gross annual income: $384kUsing income approach with cap rate: $384k x 0.8 = $307,200 / 0.0366 = $8,393,442 (3.6 cap rate with 20% operating expenses (brand new building 20% operating expenses more realistic)—-----------------------------------------------------------------------Comparing the properties by gross income. $384k (Bevan) - $250k (sutherland) = $134k x 0.8 = $107,200 / 0.0366 = $2,928,961 therefore Bevan is $3MM more valuable.

As the principal of the LLC you are responsible for the operation of the LLC. 

The entire operation is run by text and email.The key is finding the right team. 

When buying an existing self storage facility, some operators separate out the value of the business and retail from the actual facility to lower their property taxes.

The real benefit of going through an Attorney is getting their help to set up your "Operating Agreement" for you LLC. 

INCLUDING your operator agreement between ALL partners, very important.

For a little background I am the Fixed Operations Director at a Chevrolet dealership in Illinois.

Plus, your friends are operating there, so a great reason to visit perhaps.However, when discussing opportunities with any buyer or seller (not just investors) coming to an understanding of what is the Single Most Important Goal for them in this transaction is very helpful.As this won't be your first escrow, you likely understand things can pop up.

Mine states all vehicles must belong to Tenants, be operational and licensed, no trailers/RVs/campers and other recreational vehicles without prior written approval, park only in designated spaces, no maintenance work can be done on the property, etc.

Retail investor circles often suggest investing in ‘internet and Amazon-resistant uses,’ or operations that provide in-person experiences, such as restaurants and nail salons.