We bought a $1.3MM self storage facility today
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- เผยแพร่เมื่อ 13 ก.ย. 2024
- We purchased a $1.3MM self storage facility today. 31,400 square feet of storage in western PA.
Owner was not accepting online payments, wasn't using software and was working way too hard! Time for him to ride off into the (Florida) sunset!
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Congrats, I just closed yesterday on a a similar property. My forth one, it’s 20,050 sq ft with 4 acres, plus 35 Rv spaces. It’s got climate and non climate, county taxes, very low rates, two bedroom apt onsite, 95% full. Gonna tech it out.
Thank you and congrats to you as well! Get after it!
As a noobie researching this kind of thing currently, what does teching out entail? Like, automation/security?
@@vgman94 yes, such as new key pad, security cameras, possible call center, over the phone move in and payments and signing up for insurance through email. It’s a great business.
@@brianwhidden like make your own call center ? what software to use for that like five9 ?
Congrats Nick!!
Max Your stupid videos screwed up my friends SBA Loan with your dumb financial advice -
Love to hear an update on this facility and see how its operating currently!
Thanks for the support Jimmy!
congrats! great find - I just closed on my 22nd storage complex - great business
I would love to find a mentor with experience like that. 22 is a lot!
Congrats, Nick! Happy 2021.
Thank you Will! Appreciate it
nice walkthrough, thanks for sharing the details
Thanks Albert!
Nick, this is very cool! Congrats from Berlin, Germany.
Thanks for the love Alan!
I see your excitement dude!!8 love it congrats and keep the videos coming.
Thanks Forrest! Will do!
Damn your prices are so low. In my area a parking spot starts at $115 a month. Small little storage room starts at $500 a month. Really wanna get into this stuff when I can
Looks great. Any particular reason why most of your units are in PA ?
Congratulations Nick! What a way to end 2020!
Thank you Ralph! I agree!
Keep the Self Storage videos coming! Need more of this!!!! Great stuff! Thanks for sharing your journey!
Great video & congratulations, Nick. If you’re ever looking for some facilities in Florida, I’m your guy! 😊
Thanks Don!
Congrats, thanks for sharing. Happy new year!
Thank you!
I think for making this video and sharing all of the inside baseball insight into the acquisition. Curious, did you use a realtor to acquire this asset?
Hell yeah! Great stuff and happy new year!
Thank you Alex!
Dude your killing it! What your doing is my dream, unfortunately these deals are out of reach for the small guy here in Canada. I've been trying to get into this business here and the big guys have all the facilities, Multi million dollar facilities seem to be the only ones here.
Congratulations, if you need a private investor let me know.
Raise some capital and buy them! Don't let money hold you back.
Where do you live? I'm building a large one just outside of Vancouver
@@embiqioused I'm in Toronto, wow Vancouver. That's impressive
How much will that run you
@@darwandoo $110 a sq. Ft to build a fully automated system. Approximately 40,000 sq ft. There are 6 month waiting list here for storage. There are several government agencies including the BDC that will fund almost the entire project if you're able to find land and put together a good business plan
@@embiqioused thank you so much for taking the time I'm going to look into it
Congratulations Nick! Your a beast! I appreciate your sharing!
I think I need to stop buying mobile homes parks and instead look into storage units. Less drama 😀
The less one has to deal with people, the better.
Congratulations!
Great content, man.
How's it doing today?
Beautiful property!
It really is!
Great bro. Two questions if I may:
1. Will you run this remotely also. If so, what will become of the reception office?
2. When you upgrade it and maximise income potential, how do you do this if you run it remotely? This would surely mean you can’t put in a showroom to sell boxes and tape etc
Yes, I would like to know that also; though from the video, it seems like plans are for remote operation.
Happy New Year everyone -- may the new year bring all that you desire and dream of. With massive action and persistence, you will get massive results!
Thank you!
No paper leases, no online credit cards.........sounds like a cash business to me....!!!!!!!!!!!!!!!!!!! Cash is king!
Cash is king! Thank you!
So when you bought this, rents were what - around 26 cents/mo? How much under market were you at the time? Whats current market rent?
CONGRATULATIONS!!!
Thank you Sherena! 🙏
@@SweatyStartup You're welcome!
Nice property. Nice video with with hills and snow. Except for the drab office, the rest of it looks pretty good, much nicer than West Mifflin property. Indoor units look interesting...How much do they rent for? Must be kind of hot inside on a hot day however.
Well done.
Thank you!
What did the "operational cost" percentage end up being? Often see many declare storage facilities are around 30%. If that's accurate the Cap rate on this investment is near 9%.
Great content
Thank you!
How many rate increases have you had in the two years you've owned it. What's that cap rate now? 20+ is my guess
Hi Nick, your initial startup for delivery/pick-up for college students sounds like a startup I’m currently doing, we will be renting units from landlords and charging our customers to store their items, target market being people who want to store smaller items but not pay “full whack” for a storage locker, we get a profit for when we fill each unit with separate customers items so it’s almost like a sublease, Is this the same model you used when you started out?
Very nice..
Thank you! Cheers!
Congrats!
That’s class 👏
I appreciate it!
That a kid! Just crushing it!!!
Thank you Yuri!!
Keep the self storage videos going!!!
What online service do you use if you may share?
I run restaurants for a living have 0 work life balance trying to build a small 100 unit self storage on 10 acres i have free and clear to get a taste of it
Nice! Have you dealt with retail or commercial tenants in any of your storage facilities? If so, any issues with them paying since the lockdowns?
How do you valuate storage units in order to know what price to put your bid in at?
How much was the down payment sir?
How many units was this
Awesome deal Nick! What does a cap rate mean?
@Thanos Thank you so much for the clarification.
Do you have sites with U-Hual or any other type of moving truck service?
how are you marketing for these? Cold calling? direct mail ?
How far is this facility from where you live?
I just bought a second house in New York a few months ago, so within a couple hours of that one! Everything is mostly remote managed though
What software do you use for property management/payment processing?
Thank you for your video Nick! I’ve been driving around looking for investments! I’m super excoted
Thank you Forrest! Best of luck!
Remote operation?
Yes
@@SweatyStartup nice! Do you have a video on how to operate a facility remotely? Like systems, payment collection, etc? Thank you so much!
🔥🐊