How in depth do you look at the broker's listing and OM for a facility before calling the broker to talk to them about it? What are the main questions you want to get answered from the call with a broker? Ask open ended questions: - What’s the story on this facility? - How much interest has there been?  - Do you know why the seller’s selling?  (gauge sellers motivation) - How realistic are they?  - Is seller financing a possibility?  - Do they have someone onsite to run it? Does that person want to stay with the facility?  - Do they have an onsite manager or 3rd party? - Have you received offers yet?  Ask a question and then stay quiet and let them talk. Am I missing anything? any other helpful questions or ways to approach these calls? Sometimes it seems like they can get irritated if I ask them a question like "What can you tell me about the facility?" or "what's the story on this facility?" because they will say, "well, did you see the OM?" Or in response to a question like "how realistic is the seller on price?" they will not give much of an answer because they don't want to give away anything about the seller's expectations for a price.

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Had a long conversation with an owner today who is open to selling his 36,000 sq foot facility. It's 2 locations that are across the street from each other. The biggest challenge is his asking price. He has a number in mind at $4.9M and based on the Gross Potential Rental Income (he doesn't have an ACTUAL gross income, more on that later) that he shared with me of $19,200 at one location and GPRI of $11,200 at the second location. Quick Math 19,200 + 11,500 = $30,700 total monthly GPRI 30,700 X 12 = $368,400 total annual GPRI 368,400 X .65 = $239,460 assuming 35% expenses 239,460 X .9 = $215,514 assuming 90% physical occupancy $215,514 would be a rough estimate of his current NOI based on 35% expenses and 90% occupancy $215,514 / .08 = roughly $2.7M value at 8 cap $215,514 X 10 = roughly $2.2M value at 10 cap He doesn't have ACTUAL gross income numbers because he said 70% of his tenants pay with cash or checks and he only reports about 1/3 of his total income for taxes. So he doesn't actually know how much he's making. This clearly has clouded his valuation of his business and will create a challenge to help him understand the business's value. So on my next call with him I'll ask how he got to that $4.9M number to better understand what he's thinking, but his asking price and my estimates are so far off that I don't know how to even present him with a ballpark number without insulting him and damaging our rapport? ....unless it's just worth having a conversation to let him know a ballpark of where I'd likely be on it ($2.2 - 2.7M), and if he doesn't like that price then I won't think about it too much, and I'll just move on to the next one. How does he come down to earth to better understand what someone can pay for his business? It's a great looking facility with a lot of those great things we look for in a mom and pop facility... can't rent online, hasn't raised tenant's rates because he knows so many of them, some tenants have been there for 20 years, he'd rather keep the place full and have less turnover, has owned them since 2005 and 2009, has no debt on it, most customers pay with cash and checks...

Hello, I have an off market deal in a smaller city in Saskatchewan Canada I have been analyzing quickly. The purchase price is $1,240,000 (appraised price). The seller is open to some kind of vendor financing but she does owe money on this facility still so I don't know how that would work. But if anyone is interested in checking out my quick deal analysis on it and potentially partnering up. I am looking for a money partner(s) if the deal makes sense. I am very new to self storage but have been in the real estate game for 15 years. This facility is 11,000 sqft.

I had a good call with a broker today about a storage facility. One of my takeaways from the call I thought was worth sharing. *** The broker said their strategy for pricing properties is to price them "as aggressively as possible without discouraging offers." He said his "duty is to the seller unless the buyer is paying his fee." *** Those sentences hit me. It reframed what I should expect from brokers while interacting with them. (that they're not looking out for you) It reframed how I view what brokers expect when they receive offers. (They don't expect your offer to be at or maybe even near the list price because they know their pro forma is best case scenario) In their OM they're setting the bar as high as possible as if the best case scenario will play out. He said he's not looking to sell any property for less than someone is willing to pay for it. They're not looking to sell you something for under market value. I knew this, but hearing it directly from the broker hit me differently. *** Takeaway: They don't expect to get their list price. As a buyer, don't feel badly by offering a realistic price that is substantially lower than the list price based on your underwriting. Also, even though the broker may be a kind human being, as a buyer, the broker is not on your side. Stick to your guns with your numbers.