Closing on a self-storage facility is a big deal. It’s the culmination of months or even years of hard work, so it’s essential to ensure everything is running smoothly. In this podcast, Stacy Rosetti will walk you through the step-by-step process of closing on a storage facility, from negotiating the purchase price to signing the closing documents. She will also cover potential pitfalls to watch out for, so you can close your deal confidently. Stacy brings valuable insights and guidance for your journey in self-storage space. Tune in to this episode, and let’s delve into the intricacies of this exciting journey.

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The Step-By-Step Process Of Closing A Storage Facility With Stacy Rosetti

For this episode, let’s do stage two. I teach through the self-storage investing stages. There’s stage 1, stage 2, stage 3, and stage 4. This is how it works. The goal of stage one is to get a facility under contract. We’re not going to go into how to get a storage facility under contract in this episode. I’ve done many videos on this. I teach this all the time. In fact, I taught virtually driving for storage and how you do that, so I’m not going to get into that in this episode.

Onboarding Phase

Stage two is what we call the onboarding phase. Onboarding means after I get the facility under contract, how can I start taking payments? The goal is to take payments. What do I need to do in order to take payments? Stage two is where you’re closing on the property. Number one, you’re getting it under contract in stage one. Stage two is where you’re closing on the property. The goal is to also close.

For this episode, what I’m going to be doing is going over the closing process. You guys tell me in the chat how many of you have closed on a property. If you have not closed on a property, you need to know that closing on a property is not easy. You don’t get it under contract and then everything falls into place. I want to talk about the actual closing process because we are in the process. This is so everybody knows. We have one facility under contract that we’re paying $1.4 million in cash. We have three facilities that we’re buying as a portfolio, and we’re partnering with one of my students. We’re closing on that portfolio.

We also have three of our facilities in the Atlanta area that we’re selling and trying to close on. On top of that, we are wholesaling two other deals and trying to close on those deals as well, too. For me, with the five different closings that I’m working on, it is a lot of work. If you are not super detail-oriented and not on top of everything or on top of the closing process, then it’s going to drag on. It’s going to get screwed up. You’re going to be stressed out. Closings are not easy. They’re super stressful unless you’re on top of it.

I want to talk about the closing process and everything that we’re going through so you guys can get an understanding of what that process is if you close on a deal. Put into the chat if you’ve closed on a property before and you’ve been through the closing process. What property did you buy? Were you stressed out or not stressed out?

I’ve bought every type of property out there. Every time I close on a property, it’s not easy. It is very stressful. Everything always happens at the eleventh hour. You being on top of everything and being super detail-oriented on knowing what’s going to happen and what you should be doing is going to alleviate a lot of the stress. That’s what I want to talk about in this episode. We bought a storage facility and closed on it, so then what?

Transfer Ownership

Stage three is what we call transfer ownership. This is where everybody gets into your software. This is all about your software and getting your software set up. I’ve been over that many times over the past few years that I’ve been teaching. Stage four is like, “I’ve got my software set up. Everybody’s in the system. I’m finally able to take payments. Now, what do I do?” Stage four is automation and systematizing. Those are the stages.

We’re going to be talking about stage two. Inside stage two, we have the closing process. That’s the goal for this episode, the closing process of a storage facility, but this could apply to any piece of property. We’ve gone through stage one. We found the facility. We ran the numbers and negotiated with the owner what we need to do in order to get the facility under contract. In the contract, we have the due diligence period. Inside your contract, the due diligence period is the period that you have in order to look at the deal and everything that has the offer to decide whether or not you want to move forward on the deal.

Inside your contract, the due diligence period is real. That is where you have to look at the deal and everything that has the offer to decide whether or not you want to move forward on the deal. Share on X

Typically, for us, remember, we’re closing commercial property. A commercial property takes forever to close. It takes a long time. Everyone is like, “I can close in 30 days,” but nothing ever closes in 30 days. When you’re negotiating your contract, you want to make sure that you’re negotiating your due diligence period. This is very important because this could give you enough time to look at the property and all the financials, talk to lenders, and see if you want to buy this property.

Due Diligence

In your due diligence period, you want to make sure that you’re asking for a minimum of 30 days. We talked to an owner in Louisiana. He was like, “I’ll sell this property to you. I’ll sell it for $400,000 if you can close this property in 45 days and have a due diligence period of 15 days.” I’m like, “There’s no way. Nobody can move that fast.” You can if you want to stress yourself out, but I don’t want to be stressed out. I got a lot of stuff going on. I always try to shoot for a 30-day due diligence period.

Remember that we have what’s called turnkey acquisitions where you can hire my virtual assistants to find properties for you. I have ten virtual assistants that do nothing but call owners and talk to owners. This is how we do it for all of our students. If it’s $1 million or less, we’re asking for a 30-day due diligence period. If it’s over $1 million, we’re asking for 60 days of due diligence.

If it happens to be $2 million, $3 million, or $4 million, then you can ask for even 90 days of due diligence. Bigger projects are always asking for more due diligence. Typically, all of us here are buying $1 million, $2 million, or maybe $3 million deals. Push for as much due diligence as you want or as you think you need. The longer, the better.

Also, if you’re wholesaling a storage facility, if you’re interested in wholesaling, there’s a whole section in the course about wholesaling. I taught this to my mastermind. When you’re wholesaling something, you are the middle person between the buyer and the seller. You want to have as much due diligence and much time to foreclose as you possibly can get. If you say, “I’m going to be wholesaling this deal. I need a minimum of 60 days to 90 days to go out and find a buyer and have them be able to have their own due diligence time.” You want to make sure that if you’re going to wholesale deals, you’re asking for as much due diligence as you possibly can.

Be honest with the person that you’re talking to. You can say, “I’m not going to be the person buying this. One of my partners is going to buy it. I’m the acquisitions person that finds the deals. They’re going to need some time. This is why we’re asking for time to do our due diligence.” A lot of people understand this concept. If they don’t understand the concept, they’re probably even more open to saying yes or no.

I hear pushback on due diligence when it’s another investor and they’re like, “I know you can get this done in 30 days. I’ve done it before,” or something. A lot of times, experienced investors and real estate people are the ones that are pushing shorter due diligence and shorter closing times. Realtors, too. They’ll do that. If you’re talking to someone that doesn’t buy a lot of property all the time, they’re going to be okay with doing a longer due diligence period.

My personal point of view is to ask for as long of due diligence as you can without pushing it to where you’re going to piss somebody off and lose the deal. Typically, I said for $1 million or less, we’re at 30-day due diligence. If it’s over $1 million, we’re at 60 days. If it gets up to $3 million or $4 million, I ask for even more time, but typically, 30 to 60 days is a good amount of time for you to look at everything.

Another thing is for your due diligence, you want to make sure that on your contract, you’re asking for everything that you need. We list everything out on our contract. That’s what we do. The owners will come back and tell you, “I can provide that,” or, “I can’t provide that.” For instance, we’re closing one in Florida. The owner was like, “I can’t provide you any of this stuff. I don’t have that,” so we took it out of the contract. It’s all negotiations.

 

You want to ask for tax returns. This is another thing, too. If it’s a mismanaged facility and they can’t provide the P&L and the balance sheet, they should be able to provide tax returns. A severely mismanaged facility is where they’re not providing anything. They’re not providing tax returns or a P&L and a balance sheet. If they can’t provide any of those, then this is considered severely mismanaged. Most likely, you’re either going to have to get it owner-financed or you’re going to have to pay cash for it. A bank is not going to finance anything that you don’t get this from.

If they can only provide one or the other, then typically, the banks can work with that. For me, I don’t want to provide my tax returns when I’m selling my properties because I have a ridiculous amount of properties on my tax returns. I am providing three years of P&L and balance sheets. Sometimes, I’ll say two years. Sometimes, I’ll say three years. They don’t want one year. They want 2 to 3 years. We push for three years. It’s either and/or for that.

If it is an income-producing property and they want to sell it at the top of the market, they should be able to provide 3 years of tax returns and 3 years of P&L and balance sheets. If they don’t want to sell at the top of the market, then they should be able to provide three years of each one of these, one or the other.

You want to get this due diligence stuff. You want to get this within the first couple of days of putting it under contract. You can also write in your contract. You can say, “Due diligence doesn’t start until I have all these documents in place. Due diligence starts after day seven of the contract and once we get the docents in,” or something. You write that in. You could do that, but you don’t have to do that. We don’t put that in because typically, people are giving us this stuff pretty quickly. A lot of people want to put that in. You can put that in if you want to.

Rent Roll

Everybody always wants P&Ls, balance sheets, and tax returns. The rent roll is really the rent roll. For instance, in the facility that we have under contract in Florida that I pitched out, the lady didn’t want to provide any tax returns, P&Ls, and balance sheets. All she wanted to provide is the rent roll. The rent roll was handwritten. She wrote it out. She spread it on a spreadsheet or wrote it out, but she doesn’t have any software or anything.

On all of the first ten facilities that I bought, I never got any of this. The only thing I got was a handwritten rent roll of this. If you have software, they can print this out. The New York one that we’re selling, the owner did not want to provide his P&L and his balance sheet. He did go into ESS and pulled out his rent roll, occupancy, and unit sizes. He also sent us his facility map and his management summary. If you have software or you’re talking to the owner that has software, it can provide this.

The management summary is like, “Overall, here’s the snapshot of how the facility’s doing.” They can go in and print out all this stuff. The rent roll, occupancy, unit sizes, facility map, and management, this is all software if they have it. If they don’t have the software, then you want to push for some sort of a rent roll and unit sizes.

What you want to do during your due diligence period is to be verifying the total square footage that they’re telling you that they have. The only way to verify that is to look at their total unit sizes, add it all up, and look at what they have in their system. Have them write it out, and then you can go there and see if that’s correct or not.

What you want to do during your due diligence period is to be verifying the total square footage that they're telling you that they have. Share on X

My point is that with storage investing and storage facilities, understanding and knowing your unit size and total square footage is super important. That is because if it’s off at all by any amount of square footage or unit size, then your analysis is not correct. The analysis is based on unit size and total square footage. During your due diligence periods, one of the things that you’re going to be doing is verifying if the numbers that the owner tells you are true.

When we talk to the owner, they’ll tell us, “I’ve got 25,000 square feet and 200 doors, and then I’m making $180,000.” We’ll ask the owner, “Are you going to be able to prove that? How are you going to be able to prove those numbers to us? Are you going to have your tax return, P&L, or balance sheet? Are you going to give me your rent roll, occupancy, and unit sizes? Are you going to be able to give me all this?” This is the list of what you’re going to put onto the contract.

At the same time, when you talk to the owner, you are also going to be asking them, “How are you going to be able to prove this? I’m going to take your word for it right now. I’m going to run a deal analysis. I could be done with the deal analysis in 1 day or 2 and send it to you. The truth is if we get this under contract, I’m going to need proof of what you’re telling me. I want to make sure that you can prove that.”

Also, you’re going to want to get proof of how much land is involved in the deal. We’re going to go to Regrid to get that, which is free. You can go to Regrid or Crexi, whichever one you want to do. If you wanted to do Crexi, let me know and I’ll introduce you to Grant so you can get the Stacy discount. Crexi is way better, but you can get some stuff from Regrid.

You want to get the proof of the property report card, how much land is on that piece of property, and how many lots. Half of the facilities I bought are on 2 lots or 3 lots. There’s a whole bunch of stuff going on. I’ve had 1 that took us 6 months. There were title issues on the lot because the lots were not in the correct name. When we went to go look up the lots, it was not in the right name, so we had to go back and figure all that out. You want to be looking at the size of the land and who the owner of the land is. How many lots does it take for this storage facility to be a storage facility? Is the storage facility encompassing any of the lots around it? If so, how does that work out?

For instance, in one of the facilities that we’re buying, one building was sticking out into the church right next to it. We had to go to the church. We had to figure the land and the lot out and make sure that we redrew the survey, the lines, and stuff like that. This is something that’s going to happen during due diligence, during your closing period when you are trying to figure all that out. You should be looking at your land, your lots, and the title. Who’s on the title? Is it the correct name? That’s the land portion.

Also, on top of that, you want to have a survey of the property. A lot of times, we could get the survey from the owner. If you don’t have the survey, then you need to get one. I saw a question about the survey in phase one. Surveys could take you up to a month to get done. If you’re sure you’re going to be buying this thing, then you need to work on getting a survey done. I have not gotten a survey on all my properties. To be super clear or whatever, we don’t get a survey, but if we need to get a survey, we’ll get a survey. It costs $2,000 and takes a couple of weeks. During COVID, it was taking forever, but it’s back to normal.

Easements

You want to get your survey done, and then you want to know about easements. This is another thing. A lot of storage facilities have easements. Maybe the building is behind all the other buildings that are on the main road. You have this long road shooting to the back to get your facility or you have an easement. We have a student that bought a facility, and there’s an easement going through the owner in front of him that owns a carwash. You want to make sure that you have all these easements. You’re looking at all those and making sure that your property is your property and whether you have an easement with somebody else.

In the property that we closed in Tennessee, there were two different easements. One easement is to the owner because the owner has their house on the property. They have an easement that goes through it. They can also come the back way to get into it, but they can come through the property or the storage facility to get to it. Another easement is the utility easement. There’s utility, like electrical lines. It’s that caddy corner on a little corner or space of it. There’s an easement on the survey for that. An easement can be a utility easement. They could be from other properties, from a company, or whatever it is. You want to understand how many easements there are and if there are any at all. You’ll get that from the survey.

I saw somebody ask about phase one. We’re getting into who we need to be talking to. If you’re buying a mismanaged facility, you’re not going to be talking to a lender. A severely mismanaged facility is not going to fund this. If it’s not producing what it should be producing or you’re paying more than what it’s worth, then most likely, you’re not going to have a lender.

Lenders come in with income-producing properties. Lenders are being ultra-conservative about what they’re doing. Most of the time, bank lenders are going to fall under income-producing properties. Every once in a while, you’ll find a bank lender that’s a local bank lender that will be open to lending to your tiny facility in your little area because they need the business. You can prove to them and show them, “It sucks now, but I’m going to raise the rent. It’s going to be worth a lot of money in the next two years.” I have students doing this all the time. They go to a local lender. They’ll convince the local lender to give them the money because the local lender wants that business so much.

Every once in a while, you’ll get a bank lender under mismanaged facilities, but most of the time, you’re going to get a private lender. Are you going to pay cash or do you need to do some creative deal structure? For income-producing properties, you could do these two. You could do all this. You could also do it here, but typically, you’re doing bank lending. The bank lender is the one that’s going to require phase one maybe.

We closed on a facility. It was an SBA projected base loan, and they did not require a phase one. Some lenders may require a phase one. You want to make sure that you give yourself plenty of time to get this done. This also takes several weeks up to a month. All these companies that do phase ones are booked out. Give yourself plenty of time for phase one. Give yourself plenty of time for a survey if you need to get a survey done.

Also, they’re going to require an appraisal. You want to give yourself time to get the appraisal done as well, too, because that also takes a couple of weeks. You may be able to do all this simultaneously, but maybe not. That is why it’s so important if you’re going to get bank financing that you’re giving yourself a long-closing date to close. This typically won’t happen all within the due diligence period a lot of the time, but it will happen within the closing period.

Another thing that I didn’t point out in the contract that I want to make sure I point out is you want to give yourself a financing contingency. The financing contingency is allowing yourself to go out there and talk to lenders and find the money for your deal. I typically give myself 72 days. We’re getting it under contract. We’re closing in 60 to 90 days depending on the deal. It is sometimes up to 120 days. Our due diligence is 30 to 60 days. Our closing period is going to be either 60 to 120 days depending on how we’re getting the financing. You want to make sure that you add this financing contingency to your contract to allow you to get out there and look for lenders or have your buyer or seller looking for lenders. I’m looking for money.

The financing contingency is like allowing yourself to go out there and talk to lenders and find the money for your deal. Share on X

For a mismanaged facility that I’m going to be getting a private lender cash or owner-finance to, we’re going to be closing in 60 to 90 days. That’s typical for us because a lot of times, even if you’re getting owner-financed, you’re only going to have to come up with so much money, a down payment, and stuff like this. You could typically close 60 to 90 days for a mismanaged facility. Banks are going to be anywhere. They always say they can close in 60 days. You guys tell me, but I’ve never seen anything close in 60 days. It would take anywhere from 60 to 120 days typically 90 to 120 days.

It’s taking a long time to close deals. You want to make sure that when you’re talking to your buyer, seller, or whoever you’re working with on your property, you’re letting them know, “Banks are taking forever to close. This is why I’m asking for so much time. If I could pay cash, I could close in the next couple of weeks, run the title, and be done, but I have to go through a bank. They’re the ones that take forever. It’s not me. I have to do phase one. I got to get an appraisal. I got to get the survey.”

They’re going to require a lot of stuff that has to be done whereas with the mismanaged facilities, you could get out there if you have a private lender. You can ask lenders. You could get a couple of people to partner together, buy the deal together, and stuff like that. It doesn’t take long to do this. This is where we’re at. Also, remember that I pointed out that if it is $1 million or more, I’m asking typically for longer due diligence or longer close time even if I’m getting owner finance because it takes a long time to raise. I had to raise $1.4 million for this deal I’m closing. It isn’t easy to raise $1.4 million. Maybe for all of you, it is, but for me, it’s not. I was begging everybody for money. That takes time. I give myself enough time to raise the money if I have to do this. I give myself enough time for bigger deals.

If wanted to go out and buy a $200,000 or $300,000 facility, I could get that done easily. Somebody could give me $200,000 in the next month or two. Give yourself time to raise the money. If it’s your very first deal and you’re like, “I got to buy something for $400,000 and I can only come up with $50,000,” and it’s a mismanaged facility, then you know you’re going to have to give yourself time to find private lenders or find partners.

For communication, if it’s a mismanaged facility or an income-producing property, it is the same process. The process is as soon as you close on a facility, you need to send the contract to an attorney or a title company so that they could run the title. Running a title takes, for commercial property, 3 to 4 weeks minimum. You want to send this immediate call. Introduce yourself to the attorney or title company.

The buyer or the seller picks. You don’t always get the choice of what you want to do. I try to push my attorney that closes everything with me and knows me and what I do. Sometimes, they don’t want to. They want to use their own attorney or their own title company. If I’m closing in a different state, I can’t use the one attorney that I use all the time, so I got to get out there and find one. A lot of times, the seller or the buyer will suggest something to me.

We’ll introduce ourselves to the attorney and the title company, send the contract over, and ask them to run the title. This will take 3 to 4 weeks. When I say run a title, that means that the title company or the attorney is making sure that there are no issues on the title. Honestly, it’s another way for people to make money in this industry. However old your facility or your property is, you want to make sure that title is clear. There are no issues coming up with who owned what, when, where, why, what years, or whatever. That is what it is.

 

You will end up paying for title insurance. This will cost less than $1,000 typically. For $1 million or less, it’s less than $1,000. You need to pay for this because this protects you and will protect your money person. That’s putting the money in. That’s title insurance. When you’re talking to a private lender, you say, “I am going to put you on the title insurance so you’re protected. I’m going to put you on my hazard insurance so you’re protected.” This is one thing that you could tell them. You are like, “You’ll be on the title insurance.” You send the contract to the attorney or the title company. They the titles for 3 to 4 weeks. You get title insurance. That’s step one.

Step two is the attorney is going to ask you to fill out an application. It’s not an application. It’s the seller or buyer info if you’re the seller or the buyer. Sometimes, they have this online. Sometimes, they send you a PDF. It is a form that you’re going to fill out. It is like, “Tell us the information about the property. We need to know who is buying and selling. Is there a mortgage on it?” It has all kinds of stuff and all kinds of questions. It’s basic information. They’ll have you fill this out so they have this information. A lot of people are going electronic on that, but some people are old-school. For some, you have to fill it out. It’s super annoying to fill this thing out.

You have the attorney and the players in the closing process. It’s the attorney or title company. It is sometimes both. It’s the buyer and the seller or buyers and sellers. Also, it’s the lender. These are players in the closing process, the lender. It could be the bank, the private money lender, the partner, or whatever it is.

By working with the attorney and the title company, you’re going with the flow and doing what they ask. For the buyer and the seller, this is where it is like, “Am I partnering? Do I have to have an operating agreement?” If you have an operating agreement, then another attorney has to get in and have to write the operating agreement.

I’m partnering with one of my students on a deal. We created the company together, and then we have the attorney creating the operating agreement for us. The closing attorney is going to ask for the operating agreement of the company that is buying the property. You have to have an operating agreement, but the only way you can have an operating agreement is if the company is created. We created a company, and then we got the attorney to create the operating agreement.

Let’s say it’s the bank lender. You are going to have to do your phase one, survey, appraisal, plus a whole bunch of other BS, honestly. Working with lenders is not fun at all. I don’t know how anybody can even do that job. It’s so much back and forth, taking care of stuff, and looking at everything. I commend all those lenders and those loan officers out there. That’s a lot of work.

You have to do everything that they’re asking for, and they ask for a ridiculous amount of stuff. It depends on what type of loan you’re getting. Is it conventional? Is it an SBA loan? Is it a projected base loan? Depending on what type of loan, it will give you different types of paperwork and everything you have to fill out.

We did an SBA projected base loan. I had to sign 200 pages of documents. They had a checklist a mile long of everything that we had to give them in order to close the deal. It was ridiculous. In fact, I’ll never do that again. If you do anything with SBA or you do a projected base loan, you have to know you got a lot of stuff to be doing. You got to be on top of it. They want to know budgets. They want to have a proposal opportunity. I don’t know what it’s called. They want a management proposal. They want to know your value add schedule. The list goes on and on.

Hazard Insurance

Insurance is another thing. While you’re doing all this, in the meantime, during your closing process, you have to have insurance. This is hazard insurance. You have to have the lender beneficiary. You have to pay upfront. Typically, you can pay for one month. The thing with insurance companies that irks me is that if you don’t pay in full, they finance it. The financing is 20%-plus. Be prepared to pay in full. Otherwise, you’re going to get 20% put on top of that thing. Know you have to come out of pocket for that.

All the while that you’re closing on this deal, trying to communicate with all these different players on everything that you’re doing, and staying on top of all of this, at the same time, you’re still trying to onboard your facility. The onboarding process is getting your software set up. Make sure that you’re talking to your software companies and you’re getting demos.

The onboarding process for the software companies could take 1 month or 6 weeks. It takes at least one month to onboard your facility. All the while that you’re communicating with everybody and you’re getting your insurance, you’re in the process of onboarding your software. When you close, you’ll be able to take payments.

Remember, your goal for stage two is not to close the property. Your goal is to take payments once you close the property. Stage two is to take payments. You don’t want to close on the property and be like, “I got to get my software set up. That’s another month down the road,” and then you can’t. You’re sitting here trying to figure out payments. You’re having them on a spreadsheet. Who knows? It could be horrible. You want to get your software set up all the while that you’re working with the closing attorney and the title company to close your deal. Every state is different for the closing attorney or title company, or sometimes both. In New York, we’re having to have both.

Get your software set up, all while working with the closing attorney and title company to close your deal. Share on X

Also, while you’re onboarding your facility, you have to decide whether you are going to have a call center answering your phones or you are going to have a boots-on-the-ground person. If you are, then you need to start interviewing and looking for these people. You got to start looking for these people. If you don’t want to be the person that’s truly managing your facility, you’re going to need these two people. During your onboarding stage, you’re looking for them. They can help you, especially when you close on that facility.

The Tenant Contract

For the first couple of weeks that you close on the facility, if you don’t have these two people, you’re running around like a crazy person trying to chase tenants to get them to sign the contract. This is another thing, too. This contract that I’m talking about is the tenant contract. The tenant contract is the contract that you have to get the tenants to sign. You have to get their credit card information.

Stage two’s goal is to take payments. The only way that you can take payments when you close and move on to stage three, which is transferring your ownership over, is if you follow this step-by-step process that I talked about. This is an amazing step-by-step process here. You got to do all this stuff. We’re at stage two, which is onboarding. Take payments.

You got to figure out your contract and make sure your contract states exactly what your due diligence, closing period, and financing contingency are. You got to make sure on your contract that you have all of this stuff there, letting them know that you need this stuff and that this is what you’re going to need in order to do your due diligence.

 

You’re also going to be finding money. This is the money part. Your stage two is money. You are going to find the money to close the deal. Depending on how you’re going to fund the deal is how you’re going to set up your contract and everything. Know how long it’s going to take you to close. You’re then going to be talking to the attorney and title company and getting title insurance. You’re going to be talking to your lender and getting everything that they need. You’re going to be talking to your partner if you need to and get the operating company set up.

Get all the information that you need from the lenders if you have that. Get your hazard insurance set up as well, too. You need to get a couple of quotes for this. This is not easy. This takes forever to get quotes. It takes weeks to get quotes from an insurance company. You then have to get your software set up. You have to do your demos and get all that set up. You have to get your contracts so you can onboard it into your software. Also, get ready to take payments so that you can start calling your new tenants and putting them into the system. If you need help, you also need a call center and a boots-on-the-ground person.

I’m doing this process for the one that I’m partnering with the student on or the one that I’m buying personally. I’m also selling three of my facilities in Atlanta. I am working on this closing process. When you’re selling your deal, you’re doing all of this stuff right here. I’m not buying it, so I don’t have to go and take a software setup, but I’m doing all of this for all of the properties that we’re selling.

This is a lot of work and communication. You have to stay on top of this. Otherwise, what happens is you have to push the closing out, and then the seller gets pissed if you’re not on top of it. You then have to put more due diligence money down or earnest money down. The bank is like, “I need 10 more days or 15 more days.” You have to go back and then you’re pissing everybody off.

This is the process that I’m going through with five different transactions. It’s fun chaos, for sure. I wanted to go through that. Do you have any questions or thoughts? Somebody is saying, “Do you need the tax returns, rent roll, and billing sheet if you’re only wholesaling it?” Yes. If you are wholesaling your property, everything I told you is exactly what you need to be doing, except that you’re the middle person. You’re the communication between the buyer and seller and making sure that they’re staying on top of all this. You are the one that is doing all this work and managing it. There is as much work for the wholesale.

Is there anybody else? Are there any thoughts or questions on this? You cannot learn everything about investing in self-storage in 45 minutes. You have to come to the Wednesdays. It’s free to tune in. It’s going to take you a couple of months to get the whole picture. If you want to get the whole picture, you can buy the course. Everything is in one place. You could watch it all. Everything I said is in the course. You can buy the Deal Analyzer so you could run the numbers and put offers in. This is the triad. Make sure you join the Facebook group, which is Super Simple Self-Storage.

 

If you need coaching, go to StorageNerds.com. Everything that I said, you can find at StacyRossetti.com. Don’t forget about my fund. If everything I told you is giving you sweats under the armpits and stuff, be a passive investor. Hop on and check out my fund. That is StacyRossetti.com/Fund. You can be a passive investor in self-storage. Let me handle it. I appreciate your time. Thank you for hanging out with me. I’ll see you guys next time. Take care.

 

Important Links

• Deal Analyzer
• Super Simple Self-Storage – Facebook Group
• StorageNerds.com
• StacyRossetti.com/Fund