Hi Scott ,This is David Babb wanted to share with you a success story. After attending the sell storage academy Cody Babb and I were really charged up and got started looking to purchase our first facility together.Well as you know if you seek you will find.We as a team found a 20,800 sqft REO that previously had a 600,000.00 note.We acted quickly and used techniques we learned from you. We located it around mid December and closed December 31. The bank that had the previous note financed it and the purchase price was 310,000. We also asked them to install a gate system AT THEIR COST, and they agreed! Then We asked for 6 months no payments and no interest, and they declined, but agreed to 4 months no payments and a 4% rate amortized over 20 years with a 10 yr balloon. He also wrote us a promissory note for 620,000 for 4 mo to come up with down payment. There are 115 units with physical occupancy of 35% and the facility is less than 4 years old. It has an on site apartment, and we hired amgrto run the facility in exchange for free rent.
Thanks so much for your training and guidance. My son Cody wants 50 sites now!
Father and son team Cody And David Babb.