Envision
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- May 5, 2014
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Main thing I would look at is the following:
Current population
Incoming competitors (Reference Radius Plus)
Low rent and vacancy is a plus not a con you just need to know how to increase and value add.
Financing contact Live Oak Bank for a SBA 504 they work with storage.
The issue you're going to have is you have no operational experience. The SBA is going to say what do you know and the reality is there is nothing to back it.
Find a partner, your size is too small to have on staff management and if you're rents are under .7 a square foot you're going to struggle to actually turn that facility into a profit generating machine.
Sweet spot for storage with management on site is 300 units minimum. However, this could be an absentee complex that you could use as a stepping stone.
What state is the facility located in?
Current population
Incoming competitors (Reference Radius Plus)
Low rent and vacancy is a plus not a con you just need to know how to increase and value add.
Financing contact Live Oak Bank for a SBA 504 they work with storage.
The issue you're going to have is you have no operational experience. The SBA is going to say what do you know and the reality is there is nothing to back it.
Find a partner, your size is too small to have on staff management and if you're rents are under .7 a square foot you're going to struggle to actually turn that facility into a profit generating machine.
Sweet spot for storage with management on site is 300 units minimum. However, this could be an absentee complex that you could use as a stepping stone.
What state is the facility located in?
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