All Forum Posts by: Zach Quick
Zach Quick has started 10 posts and replied 746 times.
Post: Self storage tenant insurance sell rate
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
You can require 'insurance' to rent at your facility, but you can't require yours. Obviously you should sell yours and it is usually 'better' for the tenants too. We prefer tenant protection vs. 'insurance'. We typically run 65-80% adoption depending on the facility.
Post: What to do with an extra 0.4 acre lot?
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Quote from @Wayne Bolen:
My partners and I recently purchased a small self storage facility outside of OKC. The sale included both the lot with the storage facility, as well as an adjacent 0.4 acres. This was a value add facility (we fixed the gate, added software, got rid of a meth-head, etc. Our goal is to put the facility back on the market next summer and 1031 into something larger. In the meantime we have the adjacent property that we're at a bit of a loss on what to do with. It's not fenced in, and would cost 50k or more to fence in with chain link. We're not in a position to put that much down for something that might simply sit vacant. Hoping the BP community will have some ideas.
Post: First self storage unit facility investment - Good deal or not?
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Quote from @Jason Sung:
Quote from @Ronald Rohde:
I think it sounds like an ok first deal. Especially if you're able to be present during the day. You'll learn a ton.
Whats the current occupancy? If your market research (check sparefoot) says rents can go up, you'll make money from increasing rents and occupancy.
I'd push on the price, are you getting debt or not?
@Ronald Rohde Thanks for your comment. I am considering SBA loan with 15% down. Current occupancy is below 50% but the NOI for the cap rate calculation is from last year.
Post: Self Storage Technology and Hardware help
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
You're not wrong, if your facility is medium/large I'd look into Tenant Inc/Hummingbird by Storelocal as well.
Post: How do I analyze a self storage property?
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Shot you a DM.
Post: Self Storage Building Manufacturers
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Janus, Trachte, Betco, probably hard to go wrong with any of the major ones, lead time is going to be your big factor right now I'd imagine.
Post: Looking for third party storage management companies
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
I'd give 10 Federal and Copper Storage a call and get quotes for remote management.
Post: Self-Storage New Construction Cost Estimate
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Assuming single story, non-climate control I'd ballpark $50-$60/sq ft knowing that people will come down below and tell me that's too high lol.
Post: Any lawyer recommendations for wholesaling commercial properties?
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
@Ronald Rohde would be a good source.
Message me if it's a deal I may be interested in your neck of the woods/vacinity.
Post: DBA for Self storage or not?
- Investor
- Bentonville, AR
- Posts 759
- Votes 379
Your bank will probably require it, easy to do and cheap so I would pay for a DBA.