Self storage w/house and other building.
I am running different numbers and scenarios on a deal, trying to make something work. It's a 128 unit self storage complex with room to build more later. It has a 3/2 house on it and a small commercial store front and warehouse that is a little run down but could be used for something. Maybe converted into conditioned units.
My problem is that the only income currently is about 60% of the storage units. Which comes to about 2.8k. It's defiantly a reposition but what about the income for the first couple months until I get it repositioned. It won't gross enough to even cover the mortgage at first. It cash flows pretty good at 15% vacancy, but it's at about 50% right now if you factor in the house and the other building. The owner said they would finance half the down payment and I have a partner that will finance the other half for a 50% stake. It might make a good deal if someone can help me figure out what to do next.