Finding the Deal by Corey
Donaldson
When planning to invest in self storage facilities, it is very important that you try to clearly identify what type
of
self storage facility that you are looking to purchase. The considerations would be size, location, age, type of
facility (turn key or turn around) to name a few.
The more research that you can do about self storage facilities will help you define your ideal self storage
facility
to buy. I have found the internet invaluable when searching for self storage facilities. There are a number of
websites that I have found very useful. The websites are:
www.selfstorage.com
www.loopnet.com
www.ebay.com
www.google.com
Remember that these sites are viewed by a lot of investors. There are some good deals on these websites but you
need
to move quickly to get it under contract. When I search for self storage facilities I use the above websites but find
quite often that I am in competition with a lot of other investors due to the high profile of these websites.
I find there are good deals on the internet but some of the best deals that I have bought are from a direct mail
campaign, networking with other investors/self storage industry events, posting "Self Storage Facility wanted" ads on
real estate club bulletin boards and forums, and contacting brokers that specialize in self storage properties to see
if they have any properties that will soon be available for sale.
The most effective method of buying my best deals has been using the direct mail campaign. To identify the owners
of
your target properties you would use the tax rolls at the courthouse in your city or county. You can also use
companies like Dataquick who collects this data and sell the information. Better yet, most title companies subscribe
to Dataquick (or a similar type service) and will give you this information for free (if you promise to use their
services when you purchase the property). I call my local title company and request a "Farm Report" (which is the
criteria that I request for the properties to be queried). For example, the criteria that I might use would include:
- Age of property (i.e. anything 1980 or later)
- Location (I would define by zip code, city, county, or state)
- By owner address (I love out of state owners. more anxious to sell sometimes)
I would also not rule out "knocking on doors" whenever possible. By speaking directly with the managers/owners of
these facilities you will sometimes stumble on a property that is coming up for sale or maybe they know of another
self storage facility that could be for sale. It is a definitely a small world in this business!
Persistence always wins! If you define what type of self storage facility you are looking for and put a
strategy in
place to find one whether it is through the internet, direct marketing campaign, knocking on doors, or constant
networking. I promise you will find a great facility to buy! Happy Hunting!
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