All Forum Posts by: Terry Campbell

Jeremiah,

Thanks for the contact and I would love to connect. There is one company in particular that I suggest that you connect with due to their vast experience. selfstorage101.com is their website. Talk with Bob and tell him I sent you. 

Gloria, What size is the facility? How many sf/units? How is it currently managed? Is there a managment report available? The physical occupancy is 92% but does that include any friends and family units that are erring discounts or no charge....which leads me to the next question, what is the economic occupancy? Make sure that you verify with the county how taxes will be assessed after the purchase because sometimes they. An double the next year after you buy it based on the purchase price vs. the current value that they have on the books. Also, verify that all of the units are rentable.....be sure that none aren't being rented due to roof leaks, etc. how old are the building and what type of material are they made of? How are old are the doors and have they been maintained? Does every tenant have a rental agreement and how up to date is that agreement? You may want to consider a n acquisition audit by a professional third party in the industry. There are many things to look at. You just have to be sure and cover your bases. Attending a trade show or working with professionals in our industry that are involved in self storage every day is the best way not to reinvent the wheel. Best of luck!