Crappy storage property #5 under contract. Biggest one yet at 30,000 sq ft and the first outside of an hours drive (5 hrs away). Owner financed, so why wait? Closing March 4th. Ya'll can ride along. Tweet added by Baird Kleinsmith @SultanofStorage

Baird Kleinsmith

2 years

Crappy storage property #5 under contract. Biggest one yet at 30,000 sq ft and the first outside of an hours drive (5 hrs away). Owner financed, so why wait? Closing March 4th. Ya'll can ride along.

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Curtis Michael

@curtlsmlchael

2 years

@SultanofStorage Congrats! Any sweet pics? What were the financing terms?

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Baird Kleinsmith

@SultanofStorage

2 years

@curtlsmlchael Bro, they're storage units. Google "Storage Units" and they'll look something like that. ;) 25% down, 4.5%, 30 yr am, 10 yr balloon

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Luke Werkmeister

@LukeWerkmeister

2 years

@SultanofStorage This one come from the initial 50 letters?

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Baird Kleinsmith

@SultanofStorage

2 years

@LukeWerkmeister Nope, well-timed cold call placed one week ago.

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Ledly Jennings

@LedlyJennings

2 years

@SultanofStorage Curious on the pitch or reason why an owner would want to finance?

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Baird Kleinsmith

@SultanofStorage

2 years

@LedlyJennings This was a requirement from the owner. He wouldn’t sell without it. But you better bet I’m bringing it as an idea to other conversations. I was just this week asking around Twitter how this works!

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Matt Kostelic

@LunaStorage

2 years

@SultanofStorage What are the main couple areas you evaluate when underwriting properties for an offer? Who are you using for mgmt software?

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Baird Kleinsmith

@SultanofStorage

2 years

@LunaStorage I have targets for cash on cash and IRR when stabilized. I use @storageunitsoft today. They are great today, but I'm worried about their future under @storableinc ownership. Support levels are already declining.

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