We purchased your home study course and attended the self storage boot camp in Las Vegas in January of this year. We came away from your boot camp ready to buy our first facility. We have been in apartments for 10 years and although they have been good to us, we were ready to change from “tenants & trash” to something that wasn’t so labor or tenant intensive.
We looked on the internet at facilities that were for sale around Indiana the next few months and visited several. We made an offer on April 1st on a 122 unit complex in northern Indiana. After a few days of negotiations (using your forms) we signed a purchase agreement and later closed on June 18th.
The Facility is less than 4 years old and is in excellent condition with 5+ acres so there is room for expansion. The economic occupancy was about 60% with a physical occupancy of 68%. The great thing is that the property pays all its expenses and payments at that occupancy rate, so as we rent the property up.. profits will go through the roof.
Thanks so much for imparting all the knowledge we needed to get us a great start. We are looking forward to adding several more facilities to our portfolio as we continue to “wean” ourselves out of the apartment business.