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Growth Cleaning [Launchpad]
21 members • Free
Freedom Through Storage
113 members • Free
StorageAce
458 members • Free
12 contributions to Freedom Through Storage
Apr 23 •
Mismanaged to say the least!
We are under contract on a facility and I want to make sure I share this project journey with you so you can see the exact steps we take during the DD process. Teaching from theory is one thing. Walking you through an actual deal in real time is a whole different ball game. This is a good one as I've underwritten a lot of deals and have never come across something quite like this! This facility has 110 units. 35 of those units are past due for a total amount due of over $100k! Some made their last payment as far back as April 2018.. Another 19 units are being used by the owner and family for FREE! Current street rates are about 40% below market. No internet on site.. No Website.. No software.. No one answering the phones.. No P&L.. No management reports.. No tax returns... Just a spreadsheet rent roll and a handful of bank statements. Currently collecting about $2,500 per month. We should get that up over $10k per month within 3 years conservatively. Current 3 mile market supply = 17 square feet per capita. Average HH income = $66k 3 Mile Population = 29k people Under contract for $29 per square foot! Drop your questions or comments below! 👇
0 likes • 14d
Nice! Curious what price you locked it up for?
Jan 8 •
Q&A call
The call today was great! Just wanted to give a shout out to Shane. Amazing job on the call and starting this community. You truly inspire me!
1 like • Jan 12
@Shane Chapin will the call recordings be posted?
0 likes • Apr 1
@Shane Chapin Sweet deal! Thanks for letting me know.. I know what I'll be listening to on my drive home tomorrow :)
2 likes • Mar 26
@Shane Chapin great advice Shane! Thank you for sharing
Mar 22 •
Environmental
For those who've acquired properties with prior auto body/gas station history — did your lender require a current Phase I or Phase II, or did they accept older reports with a reliance letter? Has anyone successfully gotten an environmental firm to issue an updated reliance letter on a 13-year-old report rather than doing a full new Phase I or Phase II? What did that cost and how did it go over with the lender? What else should be considered before acquiring?
0 likes • Mar 26
@Ying Fu great insight!! Thank you for your input. Would you say a property that requires a phase 1 is enough to turn off a potential buyer on the exit? What if the phase one identified some items to be aware of but basically states they are a non issue - and clearly it was a non issue as owner was able to secure an sba loan ? Will still want a fresh phase 1 but was unsure if this roadblock would be enough to turn future buyers away
Mar 24 •
Leases
Anyone deal with a seller unable to find the leases for their tenants? If so - dealbreaker? We will be getting everyone on our own new lease so personally don't think its that big of a deal but curious others thoughts
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@caitlin-lombardo-8161
My husband Tom and I are self storage owner/operators looking to continue to acquire more facilities with the overall goal of time freedom
Active 14d ago
Joined Dec 31, 2025
Rochester, NY
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