Here is the quick backstory... When we moved to town i looked up the local commercial brokers and started making some calls to introduce myself. I let them know who I am, what I do and what I am looking for. Then a few weeks ago I get a text from one of the brokers and they have a piece of land I am interested in and they are about to list it. He said he remembered me and wanted to give me a shot at it because I am local. 2 days later I sent an offer at 75% of asking price. Crickets for a week... I call him and he says we are too far apart for them to counter me and the timeline I was offering was too long (I tried to get this locked up for about 5 months!) So I tell him I am happy to shorten my timeline but as a development play I will need a decent window to work with. Then I send another offer at 85% of asking (a week ago) and still no response. To be honest, i am not 100% sure of what I would do with the land but the location makes me think I will have a handful of decent options. My thinking is to get it under contract, then figure the rest out. I am curious to hear from others on this...What would you do in this situation?

Doing competitive analysis for a facility. This facility has odd sizes that the competitors do not have. How do I compare the prices since the competitors do not have the same sizes? Just get the average $/SF of each property and use that to calculate the price for each of my sizes? Use all sizes to get the average price/sf or just use 10x10 and 10x20 (maybe one other size) to get the average price/sf?

We are under contract on a facility and I want to make sure I share this project journey with you so you can see the exact steps we take during the DD process. Teaching from theory is one thing. Walking you through an actual deal in real time is a whole different ball game. This is a good one as I've underwritten a lot of deals and have never come across something quite like this! This facility has 110 units. 35 of those units are past due for a total amount due of over $100k! Some made their last payment as far back as April 2018.. Another 19 units are being used by the owner and family for FREE! Current street rates are about 40% below market. No internet on site.. No Website.. No software.. No one answering the phones.. No P&L.. No management reports.. No tax returns... Just a spreadsheet rent roll and a handful of bank statements. Currently collecting about $2,500 per month. We should get that up over $10k per month within 3 years conservatively. Current 3 mile market supply = 17 square feet per capita. Average HH income = $66k 3 Mile Population = 29k people Under contract for $29 per square foot! Drop your questions or comments below! 👇

One of the things I struggle with is how much due diligence to do prior to making an offer, especially with market saturation. Curious to hear what others are doing in terms of what DD is done PRIOR to an offer and what DD is done AFTER you're under contract.

I wanted to share a real deal with you all that I personally own with a couple partners. We are selling it, and I thought this would be a great opportunity for the group. The OM is attached for your review. Not as a pitch—just as a learning and potential opportunity. It’s a turnkey storage facility with solid fundamentals It’s a great deal to practice underwriting on And if it fits for anyone, I’m open to a conversation Zero pressure—whether you look at it for education or opportunity, both are wins. Reach out if you want the details or want to walk through it together.