Have you ever looked at a self-storage facility and thought, “There’s got to be more to this?” Well, you’re right! In this episode, we’re diving into the incredible true story of how one entrepreneur took a run-down, $350,000 self-storage facility and turned it into a sparkling $2 million gem. This is more than just a renovation story. It’s a masterclass in self-storage investing. Whether you’re a seasoned self-storage pro or just starting, this episode is packed with actionable insights you can use to take your facility to the next level. So join Stacy Rossetti and hear how you could also turn that $350K facility into a $2 million facility.
We’ll be uncovering the secrets behind this incredible transformation, including:
- The genius acquisition strategy that landed this hidden potential property
- The renovation hacks that added massive value without breaking the bank.
- The marketing magic that turned cold leads into hot renters
- The operational optimizations squeezed every drop of profit from the facility.
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Listen to the podcast here
Transforming A $350k Facility Into A $2Million Asset: An Acquisition And Optimization Strategy
Let’s get into the Mission Self-Storage property here. I want to show you what we got. I’m going to brag a little bit because I’m super excited about this deal. If you’ve followed me, you’ve seen me post it out. One of our brands is Mission Self-Storage. We bought this property in Macon. I live in Tallahassee, just so everybody knows. I started in Atlanta with storage, so a lot of our properties are in Georgia. We have Tennessee, we have Georgia, and then we have Florida properties. If you guys don’t know Macon, Macon is right in the middle of Georgia, and it’s one of these industrial cities. It reminds me a lot of Memphis, if you’ve been to Memphis before. It’s a lot of rental people and a lot of industrial stuff.
The way that we found this property is through virtually driving for storage and cold calling, which is exactly what I teach in the course. This is exactly what the guy that I talked to. He’s doing the same process. Here’s Macon, and then here is Warner Robins right here. Our property is right south of Macon, right in the middle, but it’s Macon address. I’m going to Google Maps to find storage, and then here’s the regular view that you’re going to get, but we always look in satellite view.
This property here, you could see, is coming outside of Macon right here. There’s a big highway right here. Ours is off this. In this area, there is another facility and there’s another facility which is Gray Line Storage. This property was on the market for $2 million or over $2 million. I need to see what this sold for it. It was on the Crexi for $2 million. I’d be interested to see what it sold for, but this is one of our competitors, and then there are three others. There’s one here, there’s one right here, and then there’s one here. This is a big area where there’s storage.
These are bigger facilities. My husband, when he went to go look at the facility, we found the facility, we talked to the owner, and then I was like, “You got to go out and look at this facility and see if it’s something that you want to buy.” What he did is he went to this facility and took a look at it, and then he came over to this facility. This one has an office, so he pretended to be a tenant. He walked into the office and tried to get some pricing and stuff and see what they’re charging for units. It’s like mystery shopper kind of stuff is what it is.
He then went over here. I don’t think these have offices, but this one did. These facilities right here, for a 10×10, they’re around $0.85 a square foot. $85 for a 10×10. That’s what these are. This one as well over here, this is where ours is. You see this one here also is $0.85 for a 10×10. I don’t know if the new company changed the pricing, but when we looked, that’s what it was. We then went off those numbers and went into competitive analysis. I’ll show you. I’m talking about doing the competitive analysis right now. It’s key to look at your competition and see what they’re charging.
Macon is a secondary market. Inside Macon, when you go over here up in this area and go downtown and stuff, you could see a storage facility. It looks like a storage, maybe not, but it looks like a storage facility. This one maybe too. These are all primary storage. I bet you that there’s a lot of bigger players here. When you come out of Macon and you come out here, there’s not a lot of bigger players out here. There’s just mom and pop. I consider this to be a secondary market, maybe a primary market. You guys tell me what you think. Is it secondary or primary?
This facility as well, too, when we bought this facility or when we were looking at this facility, it was not on Google Maps. It’s on Google Maps now because we put it here, but you can see that it wasn’t there previously. That was another hint to us that maybe it wasn’t managed properly. We ended up meeting the owner. I met him on Zoom. I never met him face to face until later right before we closed the deal. We met him on Zoom and talked about it. He said that he lived in Atlanta and was having a hard time managing the facility because it was so far away and he didn’t have enough time to get down to it. It needed a lot of work and it was a lot of money, and he did not have the money to put into what needed to be done.
In one of these units or something, there was a fire. What happened is he collected the insurance money but then he never put the money back into restoring the facility. Pete didn’t know that until he drove in and looked at the property because the owner didn’t tell us this, but then we realized that there were a lot of charred units over here, so we were like, “What’s going on?” He said, “There was a fire a couple of years ago. I never did anything with it and fixed it.”
This property is between 20,000 and 25,000 square feet. Here, you could see that there’s this building here, which is an indoor warehouse area that somebody was supposedly renting had died. They were renting it for $200 a month, and then they died. For a year or so, it never got cleared out. The owner never did auctions, ever. There’s a whole bunch of weird sizes and stuff here, but there’s a long building. It doesn’t look that big, but this is a huge storage facility.
There are 180 doors maybe. It’s about 180 doors, not including this building right here. The owner was only making for this entire property less than $1,000 a month, so he had no income at all. He said he was making $1,000, but the truth is he wasn’t even making that much money. He was barely making any money at all. All in all for him, it was a bad investment. He was not doing what he needed to get done. He had gotten it seller financed to him and he only bought it for maybe $100,000 or $150,000 or something. That was several years ago.
He had pretty much paid the thing off. He didn’t have a mortgage. He didn’t have any expenses. He didn’t do any marketing. There was barely anything done to this. It had been sitting and collecting dust. Somebody came and lived in it, and then had a fire, and ruined it. It was getting vandalized. There were no lights up. It was completely dark. There were no cameras, there was nothing. It was a completely abandoned storage facility and nobody wanted to put their stuff there because it was super scary.
When we talked to the owner, what happened was that I got on Zoom with him and I asked him about the facility. I said, “We’d be interested in buying it. What’s the story?” He gave us the story, but not really. He then told us the income. When he talked, he said he didn’t want to take a low-ball offer or anything like that. He said he’d sell it, but he didn’t want to take a super low-ball offer on it. I said, “We’ll come up with something for you.”
Just so you know, this little property right here, then also all this property right here to the road, this massive, huge piece of land right here, and you could see it goes here and then it goes up over here, all in all, it’s seven acres total. It goes back, and then it looks like an axe a little bit. There’s a little handle right here and it comes up this whole big property. That was another thing. It was a big piece of property and he wasn’t managing it well.
Mismanaged Facility
That’s the story of this property. How did we find it? Virtually driving for storage, calling him, getting all the information from him, which was all a lie anyway, and then meeting him on Zoom, talking to him. This is a severely mismanaged facility. When you have a severely mismanaged facility like this, you cannot go to a bank and get a loan. There’s no bank that’s going to finance this. You have to be able to come up with the money to pay this. You either have to pay cash, you have to get a private lender, or you have to do some sort of creative deal structure. That’s how you’re going to buy a property like this. There are a lot of properties, just so you know. Those are your three options. What we did is we started getting the numbers from him, and then we came up with the offer.
When you have a severely mismanaged facility, no bank will finance it. You should come up with the money to pay for that. Share on XI’m going to share the Deal Analyzer with you so you can see how we came up with the offer, and then what we did to it as well too. You can go to search Mission Self-Storage Macon and then you can see what the property looks like now. This is it. We painted the entire property. We put all brand-new doors on this property. These are no key locks. A no-key lock is a remote lock that you can manage from your software. It’s a very good lock. It’s a very good way to manage everything right at your door.
This is what it looked like beforehand. This is the property. You could see that it’s not bad. This is what it looked like before. This is that big warehouse that I told you that we painted all black. I put the red door on. That’s a no-key lock right here. That’s what it looks like. It’s a way for you to manage it right from your computer. These doors are from Janice. This is the sign that we put up. For now, you can see Mission Self-Storage with our website, phone number, and QR code. We now are starting to take. We just finished this property, that’s why I’m going over it and showing it to you.
We’re in the grand opening phase now and starting to take tenants. We bought this property at the end of 2022. It took us a year to do everything that you see that we’ve done. It took a long time for all this CapEx as well too. Also right here, for 175 to 180 doors, it cost us around $150,000 for the doors. That includes the no-key locks. We then had to paint the thing. You could see that we put the new gravel, this is all brand new gravel. We put new lights up. We put cameras up. Anything that you can imagine that needed to get done was done.
We knew going into this property and buying it that it was going to need a lot of work. Not only did we have to come up with the purchase price, but we also have to come up with a number for CapEx. All I was doing was going over the pictures in the Google Business listing. You can go to the Google Business listing yourself, type in Mission Self-Storage Macon, and you’ll be able to see all of the pictures there. You could see here this is us painting the building. This is the way it looked before when we bought it.
Another thing I was going to point out is you can notice that here, he had tried to paint here, but down here, he ran out of paint, so he never painted it. He only painted the front, and then he never painted the back. It was two different colors. Look at this, who would want to put their stuff there? That looks scary to me. I would never want to put my stuff there, but this is the no-key lock right here. This is what I was showing. This is our sign. You can see we put our sign up first, and then we painted it after. The sign is the first thing that we did. You can search Mission Self-Storage and you’ll be able to find this location here.
Deal Analyzer
Hopefully, you guys all have access to the Deal Analyzer. You can use this to run your numbers. The way the Deal Analyzer works is anything in yellow is an input. These are all the things that you have to get from the owner. What that means is that you need to get your income, your number of units, your total square footage, and the vacancy. These are the numbers that he gave us. He gave us where he was making $35,000 in the beginning. You could see that we have CapEx here, our closing costs, property taxes, utilities, insurance, and then the expenses on how much it’s going to cost to run the deal.
On our Deal Analyzer, you can run your deal in five different ways, a cash offer, owner financing offers, and then a bank finance or a bank offer. These are the five different ways. When I start looking at this facility, essentially, the first step for us is trying to get this tab filled out. This is your input. This is the main thing that you’re going to need in order to run deal analysis. This is what they gave to us. This is what we did. We ran it even at a six cap because it was during the time of COVID, and everything’s super expensive.
After we get these inputs, the next thing that we do is we fill out the unit mix tab. The unit mix tab is where you put all your units, the unit sizes if they’re inside or out, the square footage, the number of units, total square footage, and then your rate of what you should be charging or what they’re charging. If they were full, this is what they’d be charging, or if they were filling up, this is the rate. You can also look at your market rate, which is what the competitors are charging. You fill out the unit mix tab. You can see here it comes out to 20,000 square feet. We’ll change that here. It’s got these here, and you’ve got the building here, the 30×82, which is 2,400 to 2,500 square feet. You’ve got the prices right here.
Competitive Analysis
You’re filling this out. Step one is to fill out your inputs here. Step two is to get your unit mixed with the rate that they’re charging. Step three is to get your competition or your competitive analysis, so you can say, “All those facilities that I showed you, all five of them are all right here. This is what they charge for all their unit sizes.” What we do is we compare our unit sizes to their unit sizes. We do apples to apples. If we have a 5×5. Which of these are charging and what are they charging? You can see we have $35 as our standard rate, but Rutland is charging $43. We have 5x10s and we charge $50, but Rutland is charging $81 and everybody else is $59.
You can see it comes down and it creates what’s called the average price per unit. Every single size could create an average per unit, and then also the square foot cost. You can say that smaller units create a bigger price per square foot versus a bigger unit. You’re comparing apples to apples. You could see here we put some climate control down if there was any climate control. We have a couple of climate control spaces there as well too. What are they charging as well? We’re looking at those prices.
This competitive analysis is one of the most important steps of all of them because this is what is going to create your opportunity cost. This is what’s going to create your opportunity and your value-add in the property. How much money is the price per square foot making? How much can it possibly make? That’s what you’re looking at. Once we put all of the unit sizes and the competition into the competition tab, you can see that the average rate is $0.85 a square foot. It calculates for us here. What it’s doing is it’s taking all this price per square foot that we have and then it’s putting it into the tab. Also, you can see here that this is where we do physical occupancy. What is filled right here? Physical occupancy. You can see nothing’s filled except for one.
That was it. That was the only income that this guy’s making. It was truly an abandoned storage facility. We’re buying it as if we’re in the lease-up phase. For us, getting the inputs, putting them in here, getting the unit mix, putting that in with the prices, and then looking at the competition is the first three steps that you do in running deal analysis on a storage facility. You could use any deal analyzer that you want, but we use ours, this is how we use it. If you see on the info on the info page is there’s three different ways to evaluate your properties.
The first one is the current, as is now, what is this property worth with the income that’s coming in, etc.? Potential is, “I want to get this from halfway vacant or leased up to full. I’m not going to raise the rents. All I’m doing is trying to get this thing full. Step one is buying it and assessing the current income.” Step two is, “What do we need to do to get it full?” Most likely, you’re not going to be raising rents on your vacant units or even the ones that are there. If there are a lot of vacant units, you’re not going to raise rents. You’re going to work on marketing and trying to get it full. That’s the potential here.
After updates is opportunity. You can see here all of our as is inputs. Potential, we’re not changing anything except for getting it to 8% full. After updates is where you can change the number of units, the total square footage, the price per square foot, and your vacancy. You see what your opportunity can do. You could add units, you could add square footage, you can increase your price, or you can increase your occupancy. That’s the opportunity in storage. That’s how we calculate it here.
When we evaluate our properties, we’re looking at current potential and after updates, which we separated out into three tabs on our Deal Analyzer. This is current, this is the potential, and this is the after-updates. You can see that there are two yellow lines right here. This is where you would input if there’s any other income. Let’s say that it has a sign that’s making $300 a month on the sign. You would input that here into other income. If it was doing U-Haul, if it was making a good amount of money on U-Haul, you would stick it right here and the other income. That way, you add any type of income because a lot of times storage facilities do have a lot of incomes, different types of incomes coming in. You would put that right here.
Also here, if you buy a big enough property where you’re going to be having a property management fee, then you would be putting that here as well too. You’ll see if you can afford it or not. You want to see that. This property, the numbers for this property are as follows. Let’s put this to a 7% cap. The cap rate is based on the location. Let’s say a year ago, we ran the numbers at six cap. We probably could have got a six cap a year ago, but now the market has changed, and everybody’s conservative, so a 7% cap is a better number to run numbers at now, so we’re at a 7% cap.
It isn’t making any money now. It’s making $1,000 a month. That’s what it’s making. Around $1,000. We have a couple of people that have rented space and stuff now. Remember that if you put your units in correctly, all your prices, all your total square footage, these numbers will be calculated right here. It’s 186 units at 20,560 square feet. That’s where I got that number. If you can get them to give you the unit mix, the number of units, and the square footage, you can calculate these two numbers right here. These two numbers are very important.
Storage investing is all about square footage, number of units, and vacancy. It’s 186 units and it’s 20,560 square feet. We are at 82% full. We need to get it to 92% full. This looks good to me. Now, obviously, here this number, we’re not adding any more units, we’re not adding the square footage. We are adding parking, but we haven’t done that yet. This $0.77, essentially what we did is we did our competitive analysis, we looked at all the different competitors, and then we added them up and it comes out to $0.85. When we ran the numbers, we put in $0.77 a square foot. That’s why $0.77 there. Just to be on the conservative side, we knew in order to get leased up, we were going to have to be cheaper than everybody else. We ran the numbers at $0.77 a square foot.
You can see that we also added our CapEx. I knew that we were going to have to paint the facility and add all new doors. Doors are typically around $500 to $600 each. Painting is whatever it is. We got quotes from $10,000 to $30,000. I don’t know what to tell you about painting. We had to paint, we put new gravel down. The gravel for all this entire location cost us about maybe $30,000 or so. We put cameras in. Cameras are not expensive, cameras are super cheap. We then put lights up. There were no lights. We had the Georgia power come in and they put brand-new. That thing is lit up a football field. It’s super bright now. It’s the brightest thing on the street or the highway for sure. We put all new lights in, but that didn’t cost us very much. Maybe $1,000 to $2,000.
The bulk of it was the doors, the no-key locks, and then the painting. We calculated around between $200,000 and $250,000. In the end, we’re right at around $225,000 and we still have a couple more things to do. I think $250,000 is a good number for us. It costs us $2,000 to close. Our property taxes are only around $2,000. We paid property taxes. Utilities and insurance are here as well too. Utilities now, we pay about $1,000 a year, $100 a month.
These are our expenses. Property maintenance is the boots-on-the-ground person going out, repairs, or anything like that. The staffing is the answering of the phones, all the admin, all the auctions. We had to do a lot of auctions. Almost every single one of those units was filled with crap. All the ones that were not fine and burnt are all filled with somebody. We had to get rid of all of those. We did 60 or 80 auctions in one day and got everything all cleared out. That’s what we did. That’s how much that cost. The software and marching fees are all right here. The marketing, this is how much marketing is going to cost us, and that’s it.
We ended up paying cash for this property, and then we ended up raising another $250,000 grand for the CapEx. We’re all in now at $600,000 on this property. If you would have said, “I’m only paying what this thing is worth,” we are at a negative $250,000. We overpaid for this property. We overpaid by $250,000, and then we had to come up with the CapEx as well. When we bought this property, we were at a negative 3% cap rate, which severely mismanaged facilities are always at negative cap rates.
We’re going to take this theme. You can see $2 million. Once we get this leased up to 92%, then we will take it from a negative 3% cap to a 24% cap rate. We bought a $2 million property for $350,000. We put $250,000 into it, and now we’re in the lease-up phase. Now, it’s all about marketing. What do we need to do in order to get this thing done or to get this thing leased up? That’s where we’re at now.
On the Deal Analyzer, you have financing input tabs. When you make your offers, I told you we’re making five different offers. You’re running your numbers in five different ways. The cash offer. At $350,000, our cash on cash is at 24%. The bank financing, if we could’ve gotten bank finance, we would’ve been a 30%-plus. If we could’ve gotten a seller finance, which we tried very hard to get the owner to seller finance, but he said, no, he wants cash, he wants to be done, he’s out. We would’ve been at 40% with 10%, 15%, and 20% down. We ran a bunch of numbers. This is where we’re at with the offers.
As you can see, on the Deal Analyzer, you can run all different types of scenarios based on what your parameters are. When you’re looking at deals, your parameters are, what is the purchase price? What is the down payment that you can afford? What’s the interest rate that you can afford? What is going to be the balloon and amortization? These can be anywhere from 0% to 50% down. We have some students say, “I’ll put 50% down.” We have interest rates from 3% to 8% now. We’ve got balloons from 1 to 10 years. We’ve got amortization from 20 to 30 years. There are a plethora of ways for you to run your numbers, but this gives you a visual of how you can play around with your terms and make a couple of terms that fit into your parameters.
It’s a very good way for you to negotiate because once you figure all this out, what the dill analyzer does is it creates your offer letter and it automatically creates it, so you can send it over and then you show them. Basically, what you’re showing them is, “This is our purchase price. This is our monthly payment. This is the interest rate we’re offering. These are the terms. This is the down payment. This is what you’re going to get down. This is how much money you’re going to make if you’d sell or finance it to us.” You’re going to make anywhere from $60,000 to $130,000. That means that on a $350,000 property, you’re going to make $417,000 to $480,000.
The deal analyzer will create your offer letter so you can send it over. Share on XYou see how we’re showing the owner how much money they could possibly make if they seller finance it with us. This letter, we call the magic letter. It opens up the eyes to owners. We sent this over to Morris, the owner of this one. He said, “No, I want the cash. I want to move to Costa Rica and that’s it. I’m out of here. I got to get out of the United States. It’s all going to hell.” We paid $350,000 cash is what we did. In any situation, sitting and running your numbers in several different ways, and then looking at your offer letter in this way so that you’re showing the owner how much money they can make is good.
The cashflow tab right here is where you can see how much money you’re going to be making. You can see here, this is the current as is now. On cash, I’m out $1,500 a month now. We’re losing $1,500 a month. Once we get it up and running to where the income is full, it’s going to be making $15,000 a month. Our expenses are around $2,500 a month, which is typical for us. Our NOI is 12,000, and then minus, there’s no mortgage, so minus the income is a 24% cash-on-cash return. When you’re looking at your numbers, you have your income, minus your expenses, minus your mortgage, equals your cash-on-cash. That’s how you would look at your cashflow for the property as well too.
There’s a whole bunch of stuff available in the Deal Analyzer for you to look at, but I wanted to show you that you can use the Deal Analyzer to run your numbers. Let’s say if you were going to do bank financing or owner financing, you switch this over. Bank financing right here, you could see the debt-to-service ratio should be at 1.3. Banks want a 1.3 DSR now. This is a negative 61, so this is not even close. That’s why I say a bank would never finance this thing.
When we get it when we get it up and running, it’s going to be, it’s going to be good, but $350 doesn’t work. A lot of times if you do have to go to a bank and get a loan, your goal would be to make sure that you keep an eye on this DSR and get it to 1.25 to 1.3. 1.3 is a very good number for a bank to finance a loan on a conventional loan. SBA will go lower, but you have to be able to prove that it’s a good deal. Anyways, that’s the Deal Analyzer in a nutshell. I wanted to show you this deal and follow us on follow us on social media, so you can stay up to date on everything that we’re doing.
Like I said, we’ve painted new doors, new no-key locks, new gravel, new cameras, new lights, and then also this building here that I was showing you guys. This building has nothing in it now, but we are in the process of converting this to indoor climate control. That’d be something that we add as well too. Remember, all this property is all ours. We don’t know what to do with that. This, you can see, is cleared. When they did the gravel, they came in and cleared it, leveled it out, and this is where we’re going to be doing the parking. We have cameras all up and we’re in the process of putting lanes in. We’ll be able to park boat and RV parking as well too because this is all fenced in right here and this is not fenced in.
If there is a way to drive in from this road to this road, there’s a little road right here. We haven’t figured out what to do with that yet, but here for sure will be parking, and here for sure will be indoor climate control. When I’m looking at the Deal Analyzer in the other income sections, I wouldn’t do it in the current, we’re not making any money. I wouldn’t do it in potential. You could do it in potential you want, but definitely, after updates I could add RV parking right here, and then I could also add the climate control and say, “I’m going to have ten spaces available here and I’m going to have X amount of spaces here, so I’ll be making X amount of dollars. That adds to my opportunity cost on the backend.” You could run the numbers on other incomes too.
I think that’s good. That’s enough. Let’s see what else we got here. Bruce is asking, how did we decide on $350,000? That’s what he asked for. He asked for $350,000. That’s how we decided on, and that’s the lowest that he would go. He’s like, “If you can give me $350,000 we’ll do it. If you don’t want to give me $350,000, then we won’t do it.” I was like, “I’ll do $350,000. It’s fine.” That’s how it went, honestly.
For every deal I’ve ever bought, I’m okay with paying more than what it’s worth because, for a long time, I always look at the appreciation on the backend. We buy severely mismanaged, every facility that we buy is exactly this one, so we’re okay with paying a little bit more. The way that I look at it, too, is that on a severely mismanaged facility, I want to be able to double, if not triple, the value of that property. I’m not going to buy a severely mismanaged facility if I can’t double or triple it. I want a 2x or 3x to the property. That’s what I want to do.
Do you have a vintage year that you won’t go below? Linda, the one who bought the one in Texas. Her facility is older, but it looks good. It just needs to be fixed up and painted, but it looks nice. The thing is, in Texas, older storage facilities, especially in smaller towns and stuff, you see this a lot. This is totally normal. Obviously, you don’t want to buy a super old storage facility that looks like crap in the middle of a primary market because then you have to do a lot of work to have a lot of CapEx.
For instance, in Austin, Texas, I remember near the Lakeway because I’m from Austin. I’m always in that area and there’s an old storage facility from the 1960s and it’s right in this primary market and it’s totally abandoned. The thing is people can buy that property and bulldoze it and put something else on it because it’s not worth it to do all the work. In your primary market, you need to have a nice storage facility, but older ones are okay, tertiary, and sub-tertiary markets, it’d be fine.
Unrelated question. The email that I received and registered through mentioned a weekly training, but the invite is not working now. You have to register each week on your own. Go to StacyRossetti.com, and then you register if you want to come. I’m here pretty much every Wednesday. I’m not going to be here in between Christmas and New Year’s. I’m taking that week off and spending it with the family. Pretty much every week I’m here rambling about storage. If you want to tune in to me, this is what I’m doing.
I’m also trying to tell you guys about the triad. It’s the Wednesday training, plus the course, plus the Deal Analyzer, plus my Facebook group, which is called Super Simple Self-Storage. If you could do all four of those, it’s a triad, but it’s a square. If you could do those then for 2024 you’ll be good. That’s my story. I’m sticking to it. On top of that, if you want coaching, then you go to StorageNerds.com. That’s where I hold your hand and I tell you what to do and I give you a thumbs up on everything. Turnkey Acquisitions is where you can hire my virtual assistants. I have fifteen virtual assistants who do nothing but call owners and put offers in. If you’re like, “I don’t want to be doing all that work. It’s too much work, then hire my team and they’ll do it for you.” It’s Turnkey Acquisitions. That’s all on my website.
Theresa’s asking, do you help with new builds? Yes. In the coaching program, there are people who can only afford $200,000 properties and people who can afford $3 million properties. There are people who are doing new builds, conversions buying mismanaged facilities, income-producing properties, lending, and partnering. Think of storage nerds as a community where people are like me because I attract people to me anyways. We’re all trying to work together to get deals done. The purpose of Storage Nerds is to help you succeed in the storage investing world. That’s the purpose of it. Turnkey Acquisitions is to help you find that deal.
For 2024, we are not buying any more storage facilities because we have 16 and my husband is running around a crazy person. We’re vertically integrated and we do everything ourselves. That’s it. No more storage facilities. For 2024, I am helping my students. That’s what I’m here for. It’s what I’m going to be doing. That’s my goal to help as many students as I can. Can you decide the CapEx terms? The doors plus the no-key locks were $150,000. We could have got the doors for $100,000, but we decided to add the no-key locks onto it, so that was $150,000. This going to be the nicest facility in the area, honestly.
Let’s see what else. The gravel was around maybe $30,000 to $40,000, I can’t remember. The camera’s maybe $1,000 to $1,500. We have a whole bunch of cameras everywhere. The lights were $2,000. That’s it. It isn’t a lot. We had Janice come out and do the doors. They were amazing with the doors and stuff. They did good. You just have to have the money to do everything. The training for my coaching students is another thing too. We have the boot for storage nerds. We have the boot camps. We have one-on-one coaching. You’ve got the masterminds. We have one mastermind for everybody, and then one mastermind for only owners. We had our owner mastermind yesterday and all the owners get on and we all talk.
You have to have the money to do everything. Share on XOne of the owners has 4 or 5 facilities now. He had an issue with one of the contractors falling and one of his employees falling off of a ladder. We talked about that and what’s the purpose of having insurance. The owner mastermind is getting into the deep ownership is what it is. I love that mastermind. The other mastermind is 101 Self-Storage Industry, hearing what other students are doing. I got it all, honestly. I got it all. Whatever you need, I got it. It is it is time to go. I appreciate you guys hanging in there and I’ll see you guys next week. Take care.
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