First of all, if you’re still on the fence about Mobile Home Millions in San Diego…GO!! (And tell them I sent you.) It’s a stellar event for all the right reasons.
Last year at Mobile Home Millions in Orlando I signed up for both the mobile home park boot camp and the self storage boot camp that Steve and Corey put on. It was a fantastic (or should I say a-MAZING??) education, and worth every penny. I came back home determined to find a property within 12 months, and confident that I could tackle the complex due diligence. The boot camps were THAT good.
Last October I came across two self storage facilities being sold by a woman retiring from the family business. They were priced too high then, but they’ve been reduced enough now that it’s time to jump.
They fit Steve and Corey’s model of a highly desirable facility in that there is little deferred maintenance, they have good locations/visibility, the right number and mix of units, and lots of upside due to poor record-keeping and billing systems, and below-market rents. Ultimately they are excellent land-plays, but they will cash-flow from day one. Self storage turn-around is much less cash-intensive than mobile home parks.
While these facilities together are larger than I was initially after, I think the economies of scale make pursuing both a smart move. They are within an hour of each other in neighboring communities.
They are within a short distance of my home and I expect to dedicate 18-24 months full time to turn them around and add some of the profit centers that Steve and Corey teach about.
I am looking for someone with cash to invest who is interested in a joint-venture on this project.
If anyone wants to hear more, you can contact me at (828) 337-7730
See you at MHM!