curious what you guys look at besides how full the place is

Hi @Dave DeMink and everyone . I’m getting some conflicting advice and would really appreciate insight from those of you who have actually closed on a self-storage facility. I’m hearing two different approaches: One side says to identify a deal, complete enough initial underwriting to determine that it fits your criteria, submit the LOI, get it accepted, and then begin raising or securing the capital. The other side says to establish your capital structure and investor base first, whether through a fund or another vehicle, and then aggressively pursue deals. The reasoning is that once an LOI is accepted, the clock starts. Due diligence, financing, legal, inspections, and everything else begin moving quickly, and that may not be the ideal time to also start figuring out where the equity is coming from. As a longtime business owner, the idea of committing to a transaction before having a clear path to the capital feels somewhat backwards to me. At the same time, I understand that investors generally want to see an actual opportunity before committing capital. For those of you who have successfully closed self-storage acquisitions, how did you approach this on your first few deals? Did you build the investor relationships and capital pipeline first, find the deal first, or develop both simultaneously? I’m especially interested in what worked in the real world, not just what works on paper. Thank you. I appreciate the insight.

RODENT BAIT STATIONS - are folks using rodent bait stations at their facilities? Is it actually a good preventative measure? Have them at one, dont have them at another - debating what to do on our third that we're closing on soon. Thoughts?

If you're renaming the facility once you take over, how much are you spending for the new signs? I know it will depend on how many and sizes. In general, how much are you spending? -Tommy

Some of us look for VAs, cold callers, underwriters. I'm looking for something different: a closer. I do the legwork. I'll find the deals, build the seller relationship, underwrite the numbers, and get the first offer (or first few) on the table to narrow down what the seller actually wants out of the transaction. I'll get the deal to third base myself. I'm looking for someone to come in at that point, understand the deal, and help me close it out, whether that's one call or several with the seller, and get it signed. Compensation: $10k per closed deal, built into the financing and paid at closing. No closing, no payout. No equity in the deal, just a straight $10k fee. Doesn't matter if the deal even cash flows $10k in year one, you get paid regardless. I'll get it to third base. Come close deals for me. Bring them across home plate and put cash in your pocket.