How to Get a Storage Facility Under Contract with Brian Mullally

Welcome back everyone to the Self Storage Income Podcast! This is your host AJ Osborne! Whether it’s self storage or another real estate asset class, we always hear the importance of being able to get a potential investment property “under contract”. But what exactly does this mean, what exactly do you need, and how exactly do you get this done? These are all great questions and questions that you need answers to as an investor. The last thing you want is to have an amazing self storage investing opportunity come your way, but then not have the tools and resources ready to go to actually execute on that great deal. So then, what do we need? Enter your Letter of Intent. The letter of intent or what is commonly referred to as an LOI, is the document that you’re going to need to actually get a storage facility (or any investment property) “under contract”. There may be times when you go straight to a Purchase and Sale Agreement (or PSA) without doing an LOI first, but generally speaking, that LOI is going to be the first rough run-down of the terms you’re setting for yourself and the seller. To cover this topic in depth, we’re bringing on our very own, Brian Mullally, Head of Acquisitions for our firm Cedar Creek. Brian brings a ton of knowledge and experience and has the answers to many of the questions you’re asking about the LOI, and the process as a whole of getting a storage facility under contract to purchase. Get ready to take notes, soak up all the value here, and be able to go out and secure your storage facilities like a pro. Thanks everybody! AJ Success doesn’t happen on an island, which is why I’ve launched the CRE Circle. Build your community, your resources, and your commercial real estate investing opportunities. That first or even next deal could be right around the corner. You can learn more about the CRE Circle and sign up here: https://www.thecrecircle.com/ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility. You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by: Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast Tenant Inc. - https://www.tenantinc.com/ Cedar Creek Wealth: https://cedarcreekwealth.com/