LCRS 2026: Study Shows Reviews Matter More Than Ever- BrightLocal

I'm looking at a facility where the owner lives next door. He has an older 3 bedroom and 2 bath house next door which also serves as his office. In fact, the front room is setup as an office for people to walk in and sit down. He has a built-in counter and desk on one half of the office/room. Per tax records, the facility and the house are 2 separate parcels. The facility is own by his LLC and the house/office is owned in his name. His plan is to move out of state after the sale, so he does not want to hold onto the house. He wants to sell the facility and the house as a packaged deal. How would you approach this? I should think of this as 2 separate transactions, right? I was thinking of giving him an offer without the house (my preferred) and also an offer with the house (his preferred). Not sure if he will go for that. If I have to take the house, I don't want to become a landlord. I would have to fix that room with the desk/counter in the middle of it and possibly some small renovation like flooring and paint before I can sell it as a house. The market for selling houses is not great right now so that's a concern. Second option is to rent or sell it as an office. It is on a main road so maybe someone might want to buy or rent it as a work office. The house sits between the storage facility and another business on that main road so it's isolated from other residential homes. Let me know if there are other options I'm missing. Also, let me know if there are some gotchas that I need to be aware of in this scenario or during the underwriting.

Has anyone in the group developed a storage facility ground up? I have a commercial property under contract that I've verified with the county that storage can be built. How do you determine a pro-forma for ramp up time frame to project revenue?

Dave has the 5-minute deal analyzer, so I do use that to filter out deals. However, I'm finding myself looking at the market before I even get to that. I would jump on TractIQ and see what the market looks like (medium HHI, supply ratio, population trend, and homeowners vs renters). I figured that if I don't like the market then I don't want a facility there. Do you think I'm missing out on potential good deals by looking at the market first? Sometimes I do still do the 5-minute analyzer. Just wondering if I should really be doing the 5-minute analyzer first always instead of jumping to look at the market first.