241. How to Buy a Storage Facility in 2024 (Beginner’s Guide)

Today, we’re going over how to buy a storage facility, even if you’re a complete beginner with zero experience in self storage investing. From pinpointing your purchase price to closing and finally getting the facility under your management, we’ll walk through the six beginner steps anyone can take to buy a self storage facility in 2024. If you’re ready to buy your first self storage investment, these steps MUST be followed! Haven’t found a facility to buy? Tune into last week’s episode, where we went over exactly how to find off-market self storage facilities with the most profit potential. Once you’ve found the deal, the fun really starts. In this episode, AJ and Conner share how they come up with offer prices, why they NEVER trust a broker’s “pro forma” number at first glance, and the contracts you need to have ready when you want to get a deal done. But before you close, there’s still work to do. We’ll discuss due diligence, how to exit a deal when things aren’t what they seem, closing, and what to do as soon as you send over the money so you can hit the ground running on your first facility. What you’ll learn in today’s show: How to buy your first self storage facility even if you have zero experience  Calculating your purchase price and why you CAN’T trust the market  What brokers will tell you to convince you to buy a facility that ISN’T worth it  LOIs (letter of intent) and PSAs (purchase and sale agreement) and when to use them Everything you need to do during your “due diligence” timeline to confirm the deal is worth it How to ensure a smooth transition when you finally take over your first facility!  How to Find Off-Market Self Storage Deals in ANY Market How to Value a Self Storage Facility - Don't Overpay!   Enjoy this podcast? Leave us a great review wherever you listen!  Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/