241. How to Buy a Storage Facility in 2024 (Beginner’s Guide)
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 23 April 2024
⏱️ 51 minutes
🧾️ Download transcript
Summary
Today, we’re going over how to buy a storage facility, even if you’re a complete beginner with zero experience in self storage investing. From pinpointing your purchase price to closing and finally getting the facility under your management, we’ll walk through the six beginner steps anyone can take to buy a self storage facility in 2024. If you’re ready to buy your first self storage investment, these steps MUST be followed!
Haven’t found a facility to buy? Tune into last week’s episode, where we went over exactly how to find off-market self storage facilities with the most profit potential. Once you’ve found the deal, the fun really starts. In this episode, AJ and Conner share how they come up with offer prices, why they NEVER trust a broker’s “pro forma” number at first glance, and the contracts you need to have ready when you want to get a deal done.
But before you close, there’s still work to do. We’ll discuss due diligence, how to exit a deal when things aren’t what they seem, closing, and what to do as soon as you send over the money so you can hit the ground running on your first facility.
What you’ll learn in today’s show:
- How to buy your first self storage facility even if you have zero experience
- Calculating your purchase price and why you CAN’T trust the market
- What brokers will tell you to convince you to buy a facility that ISN’T worth it
- LOIs (letter of intent) and PSAs (purchase and sale agreement) and when to use them
- Everything you need to do during your “due diligence” timeline to confirm the deal is worth it
- How to ensure a smooth transition when you finally take over your first facility!
How to Find Off-Market Self Storage Deals in ANY Market
How to Value a Self Storage Facility - Don't Overpay!
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Ready to buy storage? Have your deals personally evaluated by AJ and our team!
https://www.selfstorageincome.com/feasibility
Take advantage of today’s market conditions and invest with us:
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Transcript
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| 0:00.0 | Something will always go wrong. |
| 0:01.3 | It always does. |
| 0:02.0 | That's okay. |
| 0:02.8 | But if you have the meat, the core, everything right, then you just move forward. |
| 0:06.1 | You take over that facility. |
| 0:07.1 | And then you can move to optimizing it, growing it, and making a great business out of it. |
| 0:12.4 | Take our list, use our steps, and that will guide you and you'll know everything you need to know. |
| 0:16.6 | 100%. |
| 0:17.3 | Go yourself a facility guys. |
| 0:28.1 | What's up, everybody, and welcome to self-storage income. |
| 0:35.7 | We are on the backs of an episode that we made, which was the beginner's guide to finding self-storage deals in any market, and it was a step-by-step |
| 0:39.9 | guide. Today, we're moving on to how to buy your first storage facility, a step-by-step guide. |
| 0:48.3 | It's going to be awesome, man. If you guys haven't listened to that previous episode, |
| 0:51.7 | go back, listen about how AJ started back in the day, |
| 0:55.5 | figuring out where deals were, how to analyze those things, really just getting in, like, |
| 1:01.1 | finding the deal in the first place, right? Just having a step-by-step process to find a deal in your |
| 1:05.9 | area that meets the buy boxes and all the things that we talked about in that episode. It was |
| 1:09.6 | really, really good. So go back, listen to that. Now, obviously, another huge key piece. |
| 1:14.4 | We got to buy the things, man. That's right. A lot of these things are interchangeable. |
| 1:19.2 | And this is something we really need to look at. The interchangeable things that we look at are finding deals, doing deals, operating deals. |
| 1:32.0 | And what I mean by that is there's all this overlap. |
| 1:34.5 | Okay. |
... |
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