How to Buy a Storage Facility (2024 Guide) | SSI Podcast Ep. 241

[@kD-bx1mu]

have you done a video on types of loans used for self-storage at all in the past? I would like to know more about the type of loans out there and the pros and cons of the loans. I think if you haven't made a video on this, it would be a great topic. there are so many types of loans out there it could drown someone.

[@SelfStorageIncome]

Hey @kD-bx1mu - Thanks for the comment! Check this out! kzbin.info/www/bejne/aGPbpa2jd8-Uidk&ab_channel=SelfStorageIncome

[@johnclaizercalivo5765]

this videos always help me to understand more about storage. I'm an underwriter for storage facilities and I say All about this video is TRUE, Current vs Stabilized (Upsides + better management) KUDOS!

[@grantwortman]

Great practical info here guys. Thanks!

[@NickWood-323]

Great video! Wealth of information

[@SelfStorageIncome]

@NickWood-323 - Happy it made a positive difference! What other areas would you like us to explore in our upcoming videos?

[@NickWood-323]

@@SelfStorageIncome I'm in the optimization phase of my first small facility I purchased last December. I'm always looking for ideas of how to maximize and other value adds. There is probably a video on this already. I'm also continuing to network and build relationships with owners.

[@BlazingSasquatch]

You guys mention a few times that you like to have a facility up to your operating standards in 30-60 days. Where can I learn more about your standards post acquisition?

[@SelfStorageIncome]

Post acquisition we heavily focus on management and operations. Also any security concerns we may have. Sometimes the manager needs to be replaced and sometimes it is the owner that wasn't getting with the times. So making sure someone is involved at the facility is key. We also bring everything to paperless leases along with using Tenant/Hummingbird software to get it organized. We also evaluate those who are not paying their rent. A huge way to start really making money is just requiring people pay and kicking out those who wont. Also highly recommend ALL renters are set up on auto pay.

[@elplata7224]

Thanks

[@SelfStorageIncome]

@elplata7224 - Welcome! What other themes should we focus on in our future video releases?

[@JackLuster-ry2tz]

Great video! I am a CRE broker who specializes in Self Stroage. What is the best way to contact you?