One thing this acquisition reinforced for me… I think we’ve (as a company) been asking the wrong underwriting question. Most people ask: “How long will lease-up take after closing?” I think the better question is: “How much recurring monthly revenue can we have committed before we unlock the gate?” For me, due diligence doesn’t begin when the PSA is signed. By the time we put a property under contract, we’ve already spent weeks—or sometimes months—studying it. We know the market. We understand the infrastructure. We’ve looked at zoning, utilities, operations, competition, and replacement cost. The contractual due diligence period is there to verify what we’ve already learned. But once we’re under contract, something changes. We now have control of the process. That’s when execution begins. Now we can walk into the supply houses, introduce ourselves, talk to prospective customers, build referral relationships, schedule move-ins, and begin assembling the business that will operate on Day One. The goal isn’t to spend 60 days wondering whether to buy the property. The goal is to spend 60 days proving we’re ready to operate it. Closing shouldn’t be the beginning of leasing. Closing should be the day you unlock the gate for customers who already know you’re coming.

One of the biggest lessons in commercial real estate is that the best opportunities rarely look like the best opportunities. The property we just put under contract wasn’t the newest. It wasn’t the prettiest. And it certainly wasn’t the one everyone else was chasing. It was an existing operating business in North Carolina with infrastructure already in place, existing customers, and a seller whose objectives extended beyond simply getting the highest price. The lesson? Great deals aren’t found by looking at listing prices. They’re found by understanding what has already been built, what it would cost to recreate it today, and—most importantly—what the seller is actually trying to accomplish. We didn’t structure this transaction around price. We structured it around solving a problem. When both parties leave the table feeling like they won, that’s usually the beginning of a great investment. There’s a lot of overlooked value hiding in plain sight if you’re willing to ask better questions.

I’ve always used a Broker (One Broker) in finding the properties I’ve acquired (3 total). I have assembled a small list of properties that I like, and I know there are many more in my market that would also be of interest. For the ones I have identified is there a format for reaching out to the current owners that is professional and not as much or a Broker type pitch that helps engage in a conversation about potential purchase?

Thank you Will for the welcome notification and for setting up this group. Hello, I'm Troy Plott and I'm interested in the Central Texas area because we are in San Marcos, halfway between Austin and San Antonio. Although I have previously been in other industries (Commercial construction, MF, and E-commerce), I joined the Texas self storage association in November, and have attended several events, and am looking for existing locations, but no acquisition yet. I've been considering small bay industrial for a while, so I'm happy to have found this group. For small bay industrial I'm mostly interested in assistance with feasibility, followed by financing strategies. I welcome all suggestions and phone call / zoom conversations.