All Forum Posts by: Greg W.

Go to the self storage association website. They have a list of vendors there, one of them being a bank, that likes to lend on self storage properties. 

I see there's one called Sideline for $9.99/mo with similar features too.

@Jason Black I hadn't heard of Smartline but just read through a description of them and they seem very compariable to GV. Why did you choose Smartline over Google Voice?

In regards to remote management, what do you do for phones? Do you have a separate cell phone or a Google Voice account? If you have multiple facilities in different state or under different brands, do you have multiple phones, an answering service? I'm just curious how you have set this up?

What you should do with the property is probably determined by what kind of investor you want to be. What kind of properties do you want to own? How much time do you have to devote to RE investing? What's your ultimate goal? Answering these questions will help you determine what path to go down or at least start with.

For the number of units you have, Excel would be just fine. You only need to keep track of income and expenses and having one spreadsheet for each property with one tab for income and the other for expenses keeps things simple. Then scan your receipts and store them in folder. Keep it simple early on. You can transition to something more complex as you grow. 

You only need 10% down with an SBA loan. Fees are higher and rate will be higher but it may be the way to go so you can save on down payment money so you can use it for repairs.

I have a couple of thoughts; first, my first investment was a storage facility and it has done well with similar circumstances. It was a more traditional building and in much better shape than yours. The economics were good though as everyone was full so there was demand. Second, is there room to build on the land? If so, you could build new, move everyone to the new building and then rebuild the old building. Mine doesn’t have any additional land to build on which is not great with demand in the area. 

Maybe do an owner financed deal with little down to do the repairs. Otherwise, like you said, it will take years to build up reserves for repairs. I imagine insurance would be $800-$1200 on the high end. 

Try Frankenmuth insurance or AB Schmitz insurance. They cover Wisconsin, maybe your area too. Bader insurance is national. Search for Self Storage Association vendors. That brings up a page with a drop down for categories. 

36 units is a little small. You'll have to manage yourself, which should be fine, because you won't be able to afford to pay for a manager. Now if there is an opportunity to expand, adjacent land, etc., and the other facilities around are full, then you might have a good opportunity. You also want bigger units. 10x20 and up. 5x10's don't seem to be very desirable. Best of luck to you!