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Location of Facility: 13500 Hwy 40, Kingsland, GA 31548
Square Feet: 13,700
Number of Units: 94
Method for Finding the Deal: On market
Acquisition Price: $230k
Cap Rate at Purchase: 3.4
NET Monthly Cash Flow (After any Debt Service): Break-even to start, increasing from there.
Funding Type: Owner finance 12 months, bank loan month 13
Closing Date: May 30, 2020
Why did you like The Deal? Huge value adds, way below market rents, lots of deferred maintenance, no software – our chance to bring it up to current small-town standards. 4 ac for expansion.
The strategy you learned from Self Storage Profits, Inc. that helped you the most: How to analyze a facility, how to see the different options with purchasing.
Exit Strategy/future plans: 3-year hold, then sell or begin expansion.
Scott: “This event was a culmination of gathering all the tools necessary for a serious investor to actually be successful in this business and also an opportunity for us to meet Scott and his team and the kind of values that they expose.
If you missed weekend, what I would say is find when the next event is…
…If you’re serious about changing your life and getting into the self-storage business find the next event and go to it. Thank you for being willing to share your experience. And your passion for other people is apparent and that’s not always easy to find, out there in the real world. They’re willingness to mentor, tell it like it is to make sure that your success is their success is a breath of fresh air. We really appreciate that and we are absolutely looking forward to joining forces and doing great things.”
Shannon: “Just reiterating again what Scott said already, we know that we need to surround ourselves with people that are smarter than us. We need to stay experts in what we do and we need to surround ourselves with people who are expert in what they do. So that when we’re partnered together we’re an unstoppable force and clearly we all have God on our side and so nothing will stop us now.”
Location of Facility: Apalachicola, FL
Square Feet: 11,900
Number of Units: 114
Method for Finding the Deal: Direct Mail
Acquisition Price: $460,000
Cap Rate at Purchase: 12.58%
NET Monthly Cash Flow (After any Debt Service): $23,052
Funding Type: SBA
Closing Date: April 30, 2020
Why did you like The Deal? Cash Flow- We received funding for immediate expansion which will bring our cash flow up to $50,148 in year 2 after debt service
The strategy you learned from Self Storage Profits, Inc. that helped you the most: Underwriting- we were very conservative coming in and it will pay dividends for the life of the project.
Exit Strategy/future plans: Expand with Boxwell Portables (3,552 sqft YR1 and another 1,920 sqft YR 3)
“I woke up at 5am to drive to our 8am closing and was wondering do I really want to do this? But I trusted our training and followed through. We are on track to beat Moore’s law, doubling our units (or cash flow) every 18 months. Still a lot of work ahead, but at least we can drink wine in our office! (Not cool at my city job)”
Ramsey Storage Center had its Grand Opening yesterday, on June 11, 2020, with owner Bob Mikulak cutting the ribbon.
In attendance at the ceremony were the Mayor of Ramsey MN, John LeTourneau, as well as members of the Ramsey City Council and Chamber of Commerce.
Everyone who sees the building loves it with many commenting on how beautiful it looks!
“I came to this event knowing that I was going to learn about self-storage, but it’s really beyond my wildest dreams, about the content, the plan, just the people that Scott surrounded himself with. So it’s been an absolute pleasure, and very gratifying. Would recommend to anybody…
…If you missed this weekend you missed a great event, really incredible information, just a great group to be around. Tremendous networking, I met a lot of new friends and future business partners. There’s no real word that can describe how tremendous these people are, how giving how incredible, knowledgeable. Just a tremendous fantastic group.”
Thank you very much for the lovely bottle of wine to help us celebrate the closing of Southside Storage! That was very thoughtful of you, and much appreciated.
And, I’ve said this before, but it’s worth repeating. Thank you for all that you do every day. We truly could not have done this deal without you and your organization’s help, guidance, advice, connections, experience, and encouragement…
“After attending the Self Storage Academy, my father David and I found a 115 unit, Bank owned Facility worth $600,000. We bought it for $310,000 and the Bank Financed the entire amount PLUS a new Gate System, and agreed to 4 months no payments at 4% for 20 years with a 10-year balloon!”
My name is Scott Meyers, and I am known as the Nation’s Leading Expert in the self-storage business. However, I personally don’t consider myself a Self Storage Investing expert in all aspects of the industry as many have labeled me… I’ve been the architect of dozens of extremely successful real estate transactions since I began my real estate career in 1993. I also invested in a deal that turned out to be a financial disaster for one of my companies. Which deal taught me the most?
The one that nearly broke us! All I am really an expert at is making mistakes and learning from them. The key is that I learn from my missteps, I pay attention to my mistakes, and I have become an expert at not making the same mistake twice and at learning from each one. And along the way, I’ve become an expert at teaching others about the business and how to avoid those same mistakes I have made while investing in self storage.
Founder | Self-Directed Retirement Plans, LLC
Rick Pendykoski is owner of the Self Directed Retirement Plans LLC, a retirement planning firm based in Goodyear, Arizona. He has over three decades of experience working with investments and retirement planning, and over the last 10 years has turned his focus to self-directed accounts and alternative investments.
General Manager | Live Oak Bank
I have seen a lot of changes in the industry in over 25 years! I love to use my experience that I gained at a large self-storage building supplier where we also did the construction of the buildings. As a lender, I have helped people see things in their potential acquisition or new building that they may not have seen themselves, which can save them time and money.
Senior Associate | Marcus & Millichap
Anne Williams has served the self-storage industry for 18 years in many different capacities. She began her career at Extra Space Storage on the Acquisitions Team and later transitioned to Operations where she managed a 15-property portfolio in Memphis, Tennessee.
Partner | EquiCap Commercial
In 2015, I started EquiCap Commercial, and created the Self Storage Advisory Group. I have completed numerous transactions, representing both private and institutional buyers and sellers in the self-storage marketplace, with an aggregate value in excess of $120 Million.
The Event will be held in Orlando on the February 25-27 2021
Please see the agenda listed above. For those of our attendees traveling for this event, we suggest planning to arrive in Wednesday evening before the event starts and flying out on Sunday to ensure that you are available for all sessions and the full event run. Also feel free to stay either before or after the event for a few days to take in local sites in the area and make a vacation out of your trip!