My Self-Storage Investment Journey - Follow Along!

[amcg88]

• I finished the last NY county and moved onto pulling VT facility data
• I also did more 2nd round follow ups, finishing the list. Though I still need to look up contact information for some owners with phone numbers and/or emails which were disconnected.
• I started looking up owner phone numbers and email addresses for the third mailer I sent out in mid/late June. I will be calling them soon.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[amcg88]

• I pulled more VT facility owner data.
• I looked up contact information for my third mailer and contacted 6 people.

 

[amcg88]

• I pulled additional VT facility owner data.
• I again looked up contact information for my third mailer and contacted 6 people. One person is keeping it for 10 years until his retirement.

 

[amcg88]

• I pulled more VT facility owner info.
• I looked up contact information for my third mailer and contacted 5 people. One owner is going to keep running their facility.
• I am going on vacation halfway across the world starting Saturday. I am not planning on doing much the next week or so.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MRiabov]

Hey, it's been 2 months already, maybe you should just build ones yourself?

 

[WJK]

Hey, it's been 2 months already, maybe you should just build ones yourself?

I also tried to give him some alternative ideas in May and June. They are earlier in this thread. But, he is sticking to his program. There are a hundred ways to skin this cat.

 

[amcg88]

• I pulled the rest of the VT facility owner information and ordered a new mailer, moving onto another state next!
• I looked up and follow up called mailer 3 owners. I talked with one guy who is not interested in selling.
• I also did initial research on a deal received via my course group. I hope to finish it on the plane and send the wholesaler (?) questions

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[amcg88]

I looked up some facility information on vacation and emailed the wholesaler my questions.

 

[amcg88]

Getting back into the swing of things after getting home late last night. I pulled additional NH facility information and called a couple owners back. I spoke with one owner, the deal may be too big for me.

 

[WJK]

Getting back into the swing of things after getting home late last night. I pulled additional NH facility information and called a couple owners back. I spoke with one owner, the deal may be too big for me.

You may want to start at the beginning of your list and hit those people again. Some will have forgotten you contacted them or it can be a follow-up contact. I know you are looking for your "Goldilocks" deal.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[amcg88]

• I pulled more NH facility information.
• I called back all the owners who called me while I was on vacation, except for one whose facility upon closer inspection looks too small. I mostly left voicemails, will follow up if I don't hear anything. I spoke with one who is not interested in selling at this time.
• I floated the too big deal to my course group. I spoke with one fellow investor who gave me some good pointers. I need to do rental rate research on the deal.
• Another owner emailed me in response to a direct mail campaign, I am trying to set up a call with her.

 

[amcg88]

• I pulled even more NH facility information, almost done, will order another mailer this weekend
• I had another call with the bigger deal's owner to ask additional questions about the facility.
• One of my group's investors called me to walk through how he quickly looked at the bigger deal. He does not like it.
• Another investor likes the bigger deal, I spoke with him about it early this morning. He's doing more research. It would be great if it worked out but who knows.
• I called a couple of the bigger deal's competitors to get prices and availability, left voicemails.
• I follow up called a couple PA owners and left voicemails.

 

[amcg88]

• I pulled additional NH facility information and ordered a 82 ct mailer
• I follow up called 3 owners. I spoke with one person who was not interested in selling
• For the big deal, I talked w/ my potential business partner and I called one of the owners to ask some additional questions. I am planning on creating an LOI this weekend as long as my partner's competitor research comes back w/o issue.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Antifragile]

I also tried to give him some alternative ideas in May and June. They are earlier in this thread. But, he is sticking to his program. There are a hundred ways to skin this cat.

Your advice across the thread was gold.

As a RE developer, I don’t call land owners. Brokers do that. I’m so puzzled by this thread … it’s like a blind person who’s only blind because has has a blindfold on and refuses to take it off… yet still bumping into walls all the time.

 

[WJK]

Your advice across the thread was gold.

As a RE developer, I don’t call land owners. Brokers do that. I’m so puzzled by this thread … it’s like a blind person who’s only blind because has has a blindfold on and refuses to take it off… yet still bumping into walls all the time.

Ditto. I agree.

I buy privately held trust deeds sometimes so I do contact those people directly when I want to make a buy. I have a whole contact system for that little side gig. Even when I was a broker though, I approached this whole exercise differently from what's in this thread.

I think this person is a bird dog or a wannabe wholesaler. He talks about his investors, so this may not be his money that he's trying to place or invest. I think he's locating property for an equity share. or at least that's my best guess from his posts. He sure doesn't appear to be a broker working on commission. He'd be broke and working at MickeyD's by now.

 

[amcg88]

• I am working with a partner on the one larger deal (>$1MM purchase price) because I do not have enough money to invest just by myself.
• Today I pulled more Maine facility information
• I talked with my partner on the deal mentioned above. We both agree it's an okay not great deal. Revenue upside is there but limited due to 1) modest ability to raise rents based on competitor rates and 2) limited expansion potential due to land constraints and the current local market's supply and demand parity. We both believe there is room for trimming operating expenses meaningfully though. We're still going to go ahead and make an offer, though one that is lower than what they are asking. I drafted an LOI today and sent it to him for review. Hopefully we can send it early this week. We'll see what happens.
• I also called one broker to connect, left a voicemail.
• I called the owners who responded to a direct mail campaign but had not replied to my follow up call. I reached one owner but it actually was a motel not a storage facility.
• I made three follow up calls to campaign 3 owners

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[amcg88]

• I finished pulling facility data for ME, moving onto MA
• I had a quick call with my potential business partner this morning and then edited & emailed the facility owners our LOI. Coming in low due to factors previously mentioned, so we'll see what happens. I don't have many expectations.
• I spoke with the brokerage (specific self storage brokerage) I called yesterday about deals, trying to establish that relationship
• I follow up called owners from PA campaign 3, reached one person who was not interested in selling

 

[amcg88]

• Today (and yesterday) I pulled additional MA facility data
• I called one self storage specific broker to establish a relationship
• I follow up called five owners from PA campaign 3.
• I spoke with two people who responded to a direct mail campaign. Both are asking way too much.
• I have also been preparing for a call with the large facility owners tomorrow morning. They have some questions/feedback about our LOI.

 

[amcg88]

• I pulled additional MA facility information today
• We had a call with the sellers today about our LOI. Call went very well, they are having their lawyer review the LOI.
• I talked with a lender to get a hold on how much of a loan for a potential purchase I can obtain. At times like this I wish I was more competent at personal finance in the past haha...
• I follow up called five PA campaign 3 owners, could only reach one actual person, not interested in selling their facility.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[WJK]

• I pulled additional MA facility information today
• We had a call with the sellers today about our LOI. Call went very well, they are having their lawyer review the LOI.
• I talked with a lender to get a hold on how much of a loan for a potential purchase I can obtain. At times like this I wish I was more competent at personal finance in the past haha...
• I follow up called five PA campaign 3 owners, could only reach one actual person, not interested in selling their facility.

Are you looking to buy one property, a few, or several?

 

[amcg88]

Are you looking to buy one property, a few, or several?

As many as I can handle.

 

[amcg88]

• I pulled additional MA facility information today
• I ordered a 132 ct ME & MA mailer

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[amcg88]

• I pulled data for the rest of MA on Saturday and moved onto CT yesterday
• Yesterday I talked with an owner who originally called me during my vacation a couple weeks ago. He said he will send me the information I requested during the week.
• Today I pulled more CT facility information.
• I talked with my partner on the larger deal and the lender feedback from Friday. We revised our offer terms a bit based on the feedback and another piece of information we learned on the Friday call. I sent the sellers an email about this today.
• I follow up called five owners from campaign 3. I just left voicemails and/or emails.

 

[amcg88]

• I finished pulling data for CT facilities today, moving onto the next state
• I follow up called four owners from PA campaign 3. Just left voicemails. One person (not the actual facility owner) tried to trick me into thinking he wanted to sell right away lol.
• The large facility seller rebuffed our adjusted offer proposal yesterday. Still thinking about what to do next.

 

[amcg88]

• I moved onto the next states and am pulling facility information this week
• We had to back out of the one larger deal based on the lender feedback we received and the owners were not interested in our revised offers. We'll see if they end up coming back to us in a month or so. I have no clue, someone may come and buy it if they have lower standards.
• I followed up with three owners for campaign 3 today (I was too busy with my day job yesterday to do it)
• I have been doing research on which upcoming self storage industry events are best to attend

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[amcg88]

• I moved onto the next state and pulled facility information, will order another mailer tomorrow
• I followed up with five owners for campaign 3 today (I spoke with one owner who was not interested in selling)
• I requested to be added to three more brokers' email lists

 

[amcg88]

• I ordered a 165 count mailer over the weekend
• I pulled more KY facility information today
• I followed up with seven owners from campaign 3 today. I spoke with one owner who was interested in selling (they are rare but they do exist) and gave me some facility information. The deal looks okay so far. I am going to do some population and competitive analysis to see if I want to go further. She wants to sell but husband is on the fence.
• My business partner on the previous deal is getting more information from that facility's owner and running it by another lender. I am kind of doubtful he can get a low enough interest rate but we'll see.

 

[amcg88]

• I pulled more KY facility information today
• I followed up with two owners from campaign 3 today.
• I did supply & demand and pricing research on the deal from yesterday.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[amcg88]

• I pulled KY facility information
• This morning I discussed the deal from 2 days ago with the one business partner. He doesn't like it. I am leaning more to no also, but need to think more about it.
• He is still working on lenders for the prior deal. We'll see what happens with that.
• I decided to go to one event in a couple weeks, so I need to start booking all the things involved.
• I follow up called four owners from campaign 3. I spoke with one person who was not interested.

 

[Primeperiwinkle]

#dumpsterfire