So… You Purchased a Distressed Self-Storage Property… Now What?

We thought you might want to take a look at us in action at one of our properties.

So… take a look at this video:

This one is in Michigan and it has 300 units. Some of the doors need replacing, but that’s fine. We will be finishing that part out as well as other upgrades over time.

That’s what you need to understand. You may purchase a property with great bones that needs TLC, but that doesn’t mean you have to jump in there right away to do all that needs to be done. You have time. Just plan it out.

This starts with a thorough walk-through… and, yes, you did one before you purchased. Now it’s time for another!

You are looking at what needs improvement:

* Doors and locking parts

* Walls inside and out

* Lighting

* Fencing, gates and security

* Opportunities for expansion to create more cashflow (like adding RV parking!!)

* Ways to drive up occupancy – a.k.a., guerilla marketing tactics

Speaking about driving up occupancy…

In the video you’ll see that we’re passionate about what we do. We get a lot of joy out of acquiring properties from sellers who are distressed and happy to work with us. That’s what we call a true win-win!

We know what to do to drive up occupancy. It starts with the basics.

For example, when we go into a property, a lot of times it’s not in bad shape, but it may be overgrown with trees and grass, the fencing may need repair, the property manager may be AWOL – so finding a new competent person for the job is one of your first action items because you don’t want to manage the property yourself – or the property manager in place may be great (in which case you want to jump on that opportunity, give him/her a little raise and make sure he/she stays!).

Great property managers are a huge asset. If you find someone who has a good relationship with renters, you have a cashflow-booster!

Want another cashflow-boosting tip?

When you take a distressed property over, a lot of times the renters are behind on payments. You can work with them to bring up the delinquencies. The property manager is your golden asset on that side.

Once renters see you are doing all you can to update and upgrade the property, they’ll want to stay. If you’re willing to work with them, they’ll want to stay. (Really, who wants to move all that stuff out of one unit to drag it to another facility anyway?)

And once the property looks good, it’s time to tell the world… or at least the residents and businesses in the area… that your doors are open. That takes basic marketing strategies, a good web site, excellent signage and a few more things that you’ll learn when you watch this video.

Our goal is to get occupancy up past 85%.

We’re pretty good at hitting and surpassing that goal. That’s because we love cashflow!

If you love it, too, why not take your next step and get into investing in self-storage properties? It’s a great way to earn fantastic income. But don’t kid yourself. Just like everything else, there’s a learning curve and you will put in work up front.

The returns on the back end are amazing.

Take a look at this…

Get the Success Kit right now!!