All Forum Posts by: Wendy Carpenter

Wecome, Derrick! It sounds like you have a good plan going. Your general area is one of my areas of interest!

@John Brennan, are you meaning storage specific brokers or just a regular realtor?

I agree with Michael. It’s not scary or hard to figure out a way to manage yourself. I have one storage facility now, and I’m about to go under contract on 2 more. I self manage, use the same software that Michael does, and it’s very easy. You can find someone local to do the lockouts and check the units on move-outs for very cheap. 

@Ben Skipworth, unfortunately, I got focused on a different project and missed out on this one! Another investor snapped it up after doing some digging. I’ll just have to move faster on the next one...

I do have the deceased lady’s cat as a consolation prize?

Does the property have any kind of residence on site? I also use Easy Storage Solutions to manage my facility. You will need someone to be able to check to see if units are cleaned out after vacating, overlock/unlock delinquent units (assuming you don’t have more advanced door technology), and to deal with units that need to be auctioned. If you know people locally, you might be able to hire someone to do all of those things I listed per diem. If you are going to manage the financials online through a system like ESS, you don’t need to hire a full service management company, just someone to do the small things.

I have an attorney and a CPA. This storage facility is on the smaller side and, in general, uncomplicated. This loan is only a few months old, and we will have almost doubled the NOI by year's end. I have chosen to manage and do the financials myself at this point, because I believe that you should know and experience the ins and outs of whatever you choose to invest in, in order to be able to identify when something isn't right or going wrong. I do have a software program that we use for the managing of the units that tracks all of our rent rolls, vacancies, income, etc. so that's all accounted for.

I’m going to contact the bank and ask they what they would like to see. If it’s anything that I feel is beyond my capabilities, I will be for sure contacting a bookkeeper to help. 

Thank you all for your insights and advice!

Thanks, @Alexander Felice, I appreciate your advice!

Do you all think I would look inexperienced/naive if I did ask them what they wanted from me?

Thanks, @Dan V.!

Hahaha thanks, @Kelly Iannone! I’m doing my best fakery! ;)