Onsite Visit - What I learned

I just returned from my site visit to a storage facility I'm working to get under contract (owner wants to meet the buyer before going under contract), and I wanted to share some key lessons I learned:

1. Open Every Unit You Have Access To:

It was valuable to open every unit firsthand to identify potential issues. This showed me how many doors need maintenance or repairs—whether it's greasing, spring adjustments, replacing the door sweeps and the rubber along the sides of the doors, or fixing doors that don’t coil properly. Out of the 40-50 units I could access, I'd say half need some type of maintenance more than just being re-greased. They all need to be re-greased. This also showed me areas inside units with metal deterioration, corrosion, and signs of water intrusion.

2. Hire Experts with Trained Eyes:

Having the right professionals on-site is invaluable. They notice details you wouldn’t catch. They're experts in their field. They do this daily and they have extensive training in their fields.

The General Contractor spotted numerous foundation and structural issues that I wouldn’t have noticed. He turned out to be one of the most valuable people to have inspect the facility—maybe second only to the forensic roofing specialist I brought in.

The forensic roofing specialist with 48 years of experience was incredibly detailed and thorough compared to the second roofer, who took a much more casual approach and didn’t appear to inspect as thoroughly.

3. Always Get Multiple Opinions on Big-Ticket Items:

For major repairs, multiple quotes can make a huge difference. For example:

Electrical Work:

A highly-rated electrician on Google quoted me $10K to replace the electrical panel (supposedly due to corrosion) and to install trenched wiring to provide the power sources to hook up and automate the two gates.

The owner’s recommended electrician came out and said the panel was in great condition, with 10-15 years of life left. He explained that the first company operates on commission and aggressively upsells unnecessary work. The owner’s recommended electrician quoted $3K—a much better experience and a massive cost savings.

Gate Automation:

Two quotes for automating the gates came in at $13K and $60K—a huge disparity.

4. Ask for Contractor Referrals

Great contractors can often refer you to other trustworthy contractors they know.

The forensic roofer recommended the GC I brought in, and he was excellent.
The storage facility owner recommended her electrician, who turned out to be far more honest than the one I initially contacted.

5. CapEx Can Add Up Fast

The GC estimated that addressing everything he pointed out could cost $50K–$80K.
The gate automation quotes ranged from $13K to $60K.
Electrician to hook up power for the gates: $3-10k
These costs add up quickly, reinforcing the importance of getting multiple quotes before making commitments.

This whole experience was a perfect example of WHO, not HOW. The right people make all the difference.

#duediligence

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