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StorageAce

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5 contributions to StorageAce
Insurance
We are making it a requirement for all tenants to opt into our TPP but how do you handle tenants who have 2, 3, or even 4 units - do you make them insure ALL of their units? Thats a significant bump every month .. instead of just $12/mo on one units it would be $48 for all their units.. yikes.
1 like • 6d
Good question - curious to hear the feedback on this! Did you ever get an answer? Seems like they'd have the cost per unit ..
Construction loans & alternatives
Hey there gang! We went under contract just before the end of 2025 and did a site visit last week. We expected a fair amount of capital expense but found a lot more than we planned for. We still like the property & we're hoping we can settle on fair terms with the seller. The lender is wanting to switch this to a construction loan though and this will complicate things so we're looking into all options. Can anyone share contacts for: - Good lender for construction loans - General Contractor to oversee work (we've engaged individual contractors but not sure who we'd use for a GC) - Alternative lending options for the capital expense (to pair with seller financing)
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Expenses to request?
Hey Everyone, I'm curious when you're receiving financial reports from sellers do you request expense reports other that taxes on the property, insurance and utilities? Stuff like credit card fees I'm assuming a 2-3% charge on revenue so I figured I didn't need that amount.
0 likes • 19d
@Brent Mackin here is the list I use in the PSA .. Dave has a version of this I've just added a few additional items. Financial: - Monthly and Year-End Operating Statements for Last Three Years - Copies of last three years tax returns for the facility - Property and Personal Tax Bills — Last Three Years  - Last 12 months Bank Account Statements  - Current Detailed Rent Roll with security deposits and receivables report - Aged Delinquency Report  - Vacancy Summary   - Appraisal - Utility Bills for the Property from the last 12 months Tenant: - Lease Agreements, including Amendments, Default Notices, demands, delinquencies, notices to quit, writs of possession and pending evictions - Standard Form Lease - Facility Map  - Any Property Rules & Regulations in Seller’s possession  - As a condition to Closing, Seller shall deliver tenant estoppel certificates from tenants representing not less than seventy-five percent (75%) of occupied units, confirming lease terms, rent, deposits, absence of defaults, and absence of undisclosed agreements. Property: - List of personal property to be transferred to Buyer - A copy of the building plans - Copies of all contracts relating to the facility - A copy of the insurance policy with the last invoice - Existing As-Built Survey  - Copy of Seller's Owner's Title Policy  - Current Title Commitment issued by Title Company (“Title Commitment”)  - Any Third Party Reports in Seller’s possession including: Geotechnical, Property Condition, Fire Marshall, Environmental, Soil Assessments, ADA Compliance  etc.  - Site Plan (layout of building(s) and other improvements on the property)  - List of Property Staff (Include Title, Job Description, Full/Part-Time Status, and Compensation)  - Any Correspondence between Seller & Any Government Municipality  - Any Zoning Exceptions, Zoning Variances, Zoning Violations, & Any Related Info   - Current Property Management Agreement  - Any Maintenance Agreements in effect at time of sale  - A list of the names and contact information for each person providing any utility service to the Property, including, without limitation, water, sewer, gas and electricity, cable television, Internet service, and garbage services  - List of Personal Property and all items transferred in the sale of the property - Seller must warrant compliance with state lien-sale laws and provide disclosure of any pending or recent lien sales or tenant disputes. - List of CapEx projects for last three years, including for gate systems, cameras, HVAC, roofs, and doors with condition representations
I'm buying in NC & SC
Hi everyone, My name is Jim Kittridge. I'm an investor out of Charlotte, NC and I'm closing on my first facility in ~1 week and am looking for more opportunities. I'm an easy and very experienced buyer. I've done ~200k sqft of storage entitlements and own ~200k sqft of real estate outside of storage. I built a portfolio of 100+ houses and apartments I've been selling out of and 1031'ing into flex space and industrial but want to grow my self storage portfolio. Look forward to connecting with everyone. Thanks for the invite @Gabriel Petsios! My email is [email protected] and I have a list of acquisitions on my site if you're curious.
I'm buying in NC & SC
1 like • Nov '25
Welcome @Jim Kittridge ! Just sent you an email directly. Can't wait to hear about the deal you closed.
Deal #8 is in the books...
Just wrapped up an incredible week in Florida at a self-storage mastermind—packed with learning, leveling up, and some well-earned fun. And to top it all off…I signed and wired the funds for deal #8. 🙌 This community is built around winning on purpose. Living life on our terms. And it all starts with a decision—to show up, to do the work, and to keep going when it’s not convenient. This latest deal? It didn’t happen because I’m some self-storage guru. It happened because I committed to a simple process, stuck with it, and showed up daily. It was off-market. I lost it. Then I won it back—because I didn’t quit. That’s the power of consistency. If you’re in the grind right now… keep going. Because when you do the work—day in, day out—good things stack up.The results come. The momentum builds.And before you know it, you’re living a life you once only imagined. Let’s keep winning. 💪
Deal #8 is in the books...
0 likes • Apr '25
Love it @Dave DeMink !!
1-5 of 5
Jake Marsh
1
3points to level up
@jake-marsh-7225
New to the SMMA space looking to learn!

Active 3h ago
Joined Apr 4, 2025
Denver
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