The storage business isn’t always fun and definitely isn’t sexy.

We bought this 155 unit portfolio at public auction in October of 2019. 150 units were abandoned and not paying.

We were handed paper ledgers and leases (some 20 years old) at closing.

We spent a week preparing for and organizing a public auction of the units. We got all the units cleared, cleaned, and ready to rent.

Finally, 10 months later, were well into the green and the rest is icing on the cake.

187 units total and 110 abandoned**

Purchased at $26 a sf. A 10x10 rents for $85.

Rural market. Will be worth $60 a SF when we get it 80% leased.

We’ll refi, pull out all of our initial capital and more, and hold forever.

We cut off 100+ locks.

And sent 100+ auction notices.

And took photos, organized everything for the auction. Wild!

Found the deal on LoopNet

The old couple we bought it from were on their mid 80s and literally just lost track of the customers and got overwhelmed with the admin work of the paper ledgers.

This is a photo I’m excited to show my son someday. He closed on his first property!

After a long and miserable day in the car.

This was the coolest thing we found.

Last but not least - the current P&L and balance sheet.