We know why most investors fail to find a Facility to purchase

1 day ago
2 min read

There are just three steps to findiing the right facility for you.

Step 1 is a personal and project financial summary.

Step 3 is the system to search for a facility and make offer in a regular timely fashion. I will post

Steps 2 & 3 later in the week

Step 2 is defining your self Storage Facility BUY BOX: A writen list of the specific characteristics a facility and deal must have before it is worth pursuing. This box should reflect financing limits, operational goals, market preferences, time factors and risk tolerance. it will be different for everyone.

The purpose of Step 2 is to reject as many facilites ( or land) as fast as possible so your time is spent wisley. Step 2 is where most people go wrong and quit looking because thery are not getting results.

A practical buy box may include the following:

Your risk level: conservative to risk taker
Cash for puirchase
Cash for capex and carring costs budget
Maximum distance from home.
Value add oppertunity requirements
Preferred property type, such as underperforming, stabilized, or value-add.
Minimum and maximum rentable square footage.
Minimum and maximum unit count.
Purchase price ceiling.
Minimum acceptable cap rate.
Estimated repair, signage, and improvement budget.
Time the owner and team are willing to invest weekly.
How/where to find leads.
Single or multi-story

It can take a good team to do the math to figure the facility size range and price range. At Storage Aiuthority, the Buy Box is one of the first things we work on with new franchise owners.

Lets have a call to review your goals and see what your self storage buy box looks like. Give me a call or send me and email.

As CEO of Storage Authority Franchising, Marc Goodin shares his passion, expertise, and unconventional wisdom with busy professionals to help them develop their own self-storage while they continue their careers. He owns 3 self-storage facilities that he designed, built, and manages. He can be reached at marc@StorageAuthority.com or directly at 860-830-6764 to answer your franchising, development, marketing, sales, and operations questions. His best-selling self-storage books are available at Amazon.