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When you ask them IF they wanna sell, you are soliciting a no answer. You've got to find a better approach.
When you ask IF they wanna sell, you are soliciting a no answer. Change your approach!
Invite the guy who is expanding his business to lunch. Ask why, where, and how. Get him talking about his plans. Learn everything you can from the guy who is doing it.
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Have you found any part of your target area that needs more facilities? Can you build a facility there? Are there any pockets where the rental rates are higher or lower than your average? Why? Are there growth trends and population trends into one area or another? What building permits for more facilities are pending? Have you plotted this all on a map of the area -- pinpointing the location of all the facilities and pending facilities so you can see the concentrations and growth trends?I called 10 owners today. I spoke with four today, maybe 3PM is a good time to actually get a hold of folks. No one was interested. One owner said he gets 10 calls/letters per week from investors. Second time I have heard something like that
Also, I started pulling facility data for the western half of the state. Need to expand my search area.
I am looking to use financing.
Not sure yet, will be dependent on the deal size and structure.
I looked at adding storage units to my property but decided not to do that. The return on the $4$ (ROI) is over many years. I get a better return on my mobile home rentals that I rehab.
You might also look at the management aspects of it too. Most of the self-storage have an on-site manager who lives in an apartment. Some have ditched that and have electronic monitors and access. Security and access are the two big problems. And then there's collecting your rents. I would use an auto-draw account for that or credit cards also on an auto-draw system. Collecting all those rents would be a pain. I worried about the idea that I would end up all that "other people's junk". Most of the auctions for abandoned units are now done one line rather than in person. You've still got the problem of the buyer removing the items and the trash.
Can you talk to them face to face? I would NEVER send my information via email. I would want to "eyeball" the person getting that info. Also, your best bet for getting a deal is a personal relationship. Deals are made over a cup of coffee following a personal tour of the subject property. The contract details and legal language can wait, but the basic understanding is between two humans. Or, that is my experience.
Your answer is why, as an investor, I would never email you the info on my properties.
That's a creative use of carparks.
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