All Forum Posts by: Michael Wagner

@Mike Gruttadaro.

Your inclination toward Storage is a well founded one!  It can be a great investment.  I own two facilities and they are easily my best investments.  I didn't build either of them from the ground up but have expanded the facilities I own.  $5 per square foot is a pretty good number if you are just talking about the labor for erecting a kit building like those you get from Trachte.  It might even be a little high if you won't have an office to build out.  Of course, that won't include the cost of the building itself which will run in the $8-12 per square foot for a traditional metal kit building.  The big range here is all dependent on unit mix, width of building, height of building/doors, number of doors etc.

I'm sure you have but make sure you have done a full market analysis before starting any project.  The days where you can put storage up anywhere and fill up in no time are no longer with us.  You need to make sure your supply and demand index is suitable for more storage.  HOpe that helps some!

Mike

PS- BP is a small world.  I'm just over in farmington.

Congratulations on 200.  Very well put together.  Honored to have received a shout out and I find it incredibly cool that you mentioned Lifeonaire in the same breath as my quote.  I life by that book!

Storage is awesome.  Check out my blog here on BP for a primer, "All Things Self Storage".  Happy to carve out a little time to connect via phone after that as well.

Mike

 I agree that going too small can be problematic.  My only caveat to this is that you need to be big enough to be able to hire one part time manager, not full time.  I have a 30,000 square foot facility that hums along with an employee who works 16 hours per week in the office (plus 1-4) for after hours appointments. I also have a 20,000 square foot facility close to home that I self manage.  The no shows are annoying but they can be minimized with strict adherence to some simple scripts when setting the appointments.  All in, the 20,000 facility takes up about 5-10 hours per week.  Not sure It would have been a deal if it would except that  it has room to grow to 25,000 which will get it to "part-time Manager" status and allow day to day operations to be delegated if desired.  

 HI Jim,

I have emailed you the requested information. Let me know what questions you have and we can take it from there.  

Mike

 HI Umesh,

I sent the financials to the address you provided. Let me know if you don't get it or if you have any questions that I can answer for you.

Mike

 Hi Clause,

I sent the info to the email you provided. Let me know if you don't get it.

Mike

 Good talking with you today Joshua, 

I sent the requested information over you to. Let me know if what questions I can answer for you.

 Thanks for your interest.  I have emailed you the requested information.

I am looking to sell my  residential portfolio.  It consists of 7 houses (13 units- 1 single and 6 doubles)  all of which are in the City of Rochester, NY. The properties are located in and around the 19th Ward of Rochester and are well maintained. 

Gross Rent is $100,200. Listed at less than 3.75 times Gross rent. Assuming a 50% Expense Ratio, the asking price represents a CAP RATE of 13.5%. Out of respect for your time (and mine) I will say that ALL of these properties are cash flowing for me and I am not in a a FIRE SALE situation so I am not able to entertain low ball offers. I am just looking to simplify my life and that involves divesting here if it makes sense and focusing on my Self Storage Portfolio. That being said, I have enough equity in these properties to offer them at competitive prices (even to other investors). There are considerable profits to be had at this price point. Addresses are below.

155 Ellicott Street

378 Genesee Street

15-17 Post Avenue

26 Hertel Street

32-34 Magnolia Street

353-355 Champlain Street

18-20 Kenilworth

I am not in a position to carry paper as all of these properties are leveraged to some extent. Properties would be delivered fully occupied and management can stay in place if desired.  Reply with questions or with your email and I can send you financials. Can separate into individual properties or smaller packages but price listed does include a "full package discount".