Self Storage Training Series Part 6
- 1. Part 6 : Student Case Studies Self Storage Training Series
- 2. Self Storage Training Series Education + Action = Passive Income Student Case Studies
- 3. Case Study: Store More Pay Less Student: Mike Wagner
- 4. The Find -6 Usable Acres with 3 buildings -150 total units (76 units plus 74 parking spots) -55% occupied -Under-served Market -Distressed Owner - Short Sale
- 5. The Financials Year before purchase Year 1 (After Purchase ) Year 2 (After Expansion)
- 6. The Funding Purchase Price: $330,000 Closing Costs: $20,000 Acquisition Cost: $350,000 Buyer put $40,000 down, borrowed $60,000 from private lender and $250,000 from bank via SBA 7a (Five banks said no, Sixth said YES!)
- 7. Fast Forward 9 Months Occupancy up to 91.7% Appraisal by CBRE = $750,000 Sought $500,000 to add two buildings and expand parking lot 36 typical units & 10 covered RV spots 13 Banks said no-citing lack of seasoning; 14th Said YES
- 9. Projected Value After Phase 1 Year before purchase Year 1 (After Purchase ) Year 2 (After Phase 1 of Expansion)
- 10. The Best Part Already has town approval for two more buildings (Phase 2) and over an acre of land left after that for further expansion Video Testimonial at: http://www.youtube.com/watch?v=c9DaQPndrD8&feature= share&list=UUIVs1iQ58cdMwqHtoMO2MJQ
- 11. Mark Makes Over $9k / Month Scott, After buying your course, and using the Self Storage Valuator, we bought a 373 unit facility in San Antonio at an 11% cap rate. We paid $1,275,000 and we borrowed over $900,000 even in these “so called” hard credit times and partnered with a private investor for a $0 money down deal! The annual positive cash flow is now over $100,000.00! Mark Torok
- 12. $5,000 Per Month on 1st Deal! Scott, During our very first conversation, I remember asking you what kind of cash flow to expect for my first storage deal. You said a typical deal was $5000/month. I almost fell out of my chair! Now, a few Months later, I will be very very close to that with my 1st deal AFTER debt service! Amazing! Sincerely, David Manka
- 13. Jeff Took Action! "Scott's Systems Allow you to Bypass “Reinventing the Hammer", and His Self Storage Academy fills in the gaps that Everyone has as they Learn the Business. His training Gave me the confidence to go out and Find Facilities, Place Offers and Buy my First Facility. He has the Most Comprehensive System I have Seen Because He Uses it Daily in His Own Business.” Jeff Wilson
- 14. “Cash Cow” Dear Scott, “We bought a 687 unit 68,000 S.F. property, out of a distress situation, with great cash flow already in place, for $2.5 million dollars. We rehabbed it and used your techniques to maximize the income by adding multiple profit centers. Our positive monthly cash flow is now $22,000 per month, and the property is currently worth $3.8 million dollars. We are now looking at 3 more facilities to add to our portfolio”. Kris McGee Steamboat Springs, CO
- 15. $727,000 Profit! “Dear Scott, I bought a facility for $460,000 and added 22 temperature controlled units and I graveled and fenced my 5 acre lot for Boat and RV storage. Before long, we were full, with a $3,500 positive monthly cash flow when a broker called me and said a larger firm wanted to buy our facility. I couldn’t pass up their $1.5 million dollar offer and the quick profit of $727,000! I’m now looking for my next Self Storage Project! Thanks Scott,” Curt Johnson, Brownsburg, IN
- 16. $10,000 per Month! “Dear Scott, “After looking at several facilities, we bought a 150 unit facility for $600,000 with room to expand. We added more units and profit centers and now enjoy a $10,000.00 positive monthly cash flow which will provide a lifetime of income for our family.” Thanks Scott, Dan Bradley Plain City, OH
- 17. Automate Your Real Estate “Scott, thanks so much for helping me buy the Danville Facility. Your home study course and Self Storage Academy gave me all the tools I needed to seal my first deal. I now enjoy managing my Facility Remotely from my home State using a kiosk!” Thanks again! Casey Cavell, Always Open Storage
- 18. Traded Rentals for Storage! “Dear Scott, I just closed on my first 2 mini warehouse deals by trading 4 rental houses and assuming their mortgages with only $2,000 down. They also came with the only 2 U-haul franchises in town and one facility has room to double it's size! My residential rentals were in the red for almost a year and the stress was so bad I was actually on medication. Then I found You and Your system which gave me the confidence to embark on this new journey. Thank you! Thank you! Thank you! Jeff Quinlan, Louisville KY
- 19. “We have been in Apartments for 10 years and were ready for a change from “Tenants, Toilets & Trash”. We made an offer on a 122 unit facility and After a few days of negotiations (using your forms) we signed a purchase agreement and Closed several weeks later. As we Rent the property up, the profits will go through the Roof! Thanks for all the knowledge to give us a great start. We are looking forward to adding more facilities to our portfolio as we continue to “Wean” ourselves out of the apartment business. Best wishes for your continued success!” Greg Michael “Weaning” off Apartments
- 20. “Dear Scott, We closed on this one the day before foreclosure after negotiating with the owner & the bank for 3 months. Final purchase price was 54% of the 2 year old appraisal. Current owner did a horrible job with management & didnt’t pay sewage bills or R.E. taxes for 2 years. Occupancy was down to 25% (was over 90% 4 years ago). We already have a part time manager in place & will start to tidy the place up & start marketing in the next few weeks. Our Goal is to be at 75% economic occupancy in 12 months. Thought you might want to know what we’ve been up to. Best Regards, Greg” Greg Michael 54 Cents on The Dollar!
- 21. Wholesale Flip “Hey Scott! I found a Facility in Richmond, MS on Loopnet for $1.2 Million. I followed your System & negotiated a deal for $700,000 then Assigned it to an investor for $800,000, Pocketing $100,000 for Myself!” Cheers, Gary Thomas Angels Camp, CA
- 22. Student Deal: Manka 419 Units 56,856 Net Rentable
- 23. Student Deal: Duffy 258 Units 23,100 Net Rentable + 1.5+/- Acres
- 24. Student Deal: Duchesne 259 Units 20,785 Net Rentable
- 25. Student Deal: Drennan 612 Units 76,110 Net Rentable
- 26. Student Deal: Young 178 Units 20,199 Net Rentable
- 27. Student Deal: DeLong 233 Units 26,250 Net Rentable
- 28. Student Deal: Gonte 90 Units 11,200 Net Rentable
- 29. Student Deal: Harkin 944 Units 133,930 Net Rentable
- 30. Student Deal: Colic 166 Units 19,380 Net Rentable
- 31. Self Storage Training Congratulations on Completing all 7 Making it to the top 1%