Forget the dusty blueprints and endless paperwork! Are you ready to unleash the thrill of securing your dream self-storage facility? Buckle up because this insightful podcast is your treasure map to navigating the exhilarating journey of getting your facility under contract. Whether you’re a seasoned captain of commerce or a fresh-faced navigator charting your entrepreneurial course, this podcast is your trusted compass. We’ll unravel the mysteries of the contracting process, equipping you with the knowledge and strategies to conquer each obstacle and claim your self-storage empire. So, tune in to this episode and learn to navigate the contracting process with Stacy Rossetti today.

—

Watch the episode here

 

Listen to the podcast here

 

Navigating The Storage Contracting Process With Stacy Rossetti

I wanted to talk about the goal of stage one. I teach in four different stages. Stage one is putting a facility under contract. Stage one is where we’re at. The goal is to get a facility under contract. This is going to be all the steps that you do in order to get to this goal. This goal right here is not something that will happen in the next 30 days. It’s super difficult to find a property to buy and run a deal analysis on a property. It’s difficult to negotiate a property with the owner and get a property under contract. Everybody got it. It’s difficult. Let’s break the steps down into micro steps so you know exactly what you should be doing.

I’m going to go from the perspective of going directly to the owners. That’s what I’m going to talk about. In the boot camp, we will talk about the difference between going to an owner and looking online to find facilities. We’ll dive deep into that because that’s two different paths of how to find facilities. In fact, in the boot camp, I talk about fifteen different ways that you can find facilities, like every possible you can find facilities. We’re going to talk about here the stage one. You go directly to the owner and ask the owner if they would be interested in getting an offer.

How To Find The Owners

That is the biggest part of stage one. The truth is that’s the scariest part for most people like, “I got to go and talk to somebody and ask them if they’re interested in getting an offer. What do I ask? What if I sound stupid?” and things like this. In the boot camp, we’ll get into the scripts, but the truth of the matter is, and I tell all my students like, “They have no idea who you are. You are some stranger trying to get ahold of them and seeing if they’re interested in getting an offer.” You either call them up, email, text, or whatever you’re doing, but the truth is that you’re some random stranger. They have no idea who you are.

When my team calls, they say, “I’m calling on behalf of Stacy Rossetti from StorageNerds. We want to put an offer in.” My reputation is super important. We talk about this a lot inside our company, but you guys are just random people trying to find somebody who wants to get an offer. This is like cold calling. This is not a warm lead. If you go to a broker, the owner has already been vetted by the real estate agent. If they’re on Crexi or LoopNet, the owner is a warm lead or a hot lead. They want to sell. Whereas if you’re randomly talking to an owner, it’s a cold lead. You have to keep that in mind. You have to think of that in different ways. You’re going to manage that whole structure a little bit differently. What do you want to do? The first thing with a cold lead is you want to find them.

Understand Your Market

“Where’s all the cold leads at? How do I find all these owners so I can call or email and see if I can get them enough? How do I do that?” The first step is how to find owners that offer. Now that we have our first step, first of all, you have to understand your market. From this stems market, and in the market, you have your six markets. This is going to be the commercial real estate market.

You have the primary, sub-primary, secondary, sub-secondary, tertiary, and sub-tertiary. I made up the sub. That’s my lingo right there. A primary market we know is Orlando or down in Birmingham and Jacksonville. It’s a bigger city. Bigger cities are going to be like $200,000 plus. The sub-primary market is the suburbs of the primary market. They’re going to be smaller populations. You can’t really go off the population. You have to go off metro areas.

Typically, the suburbs of your primary market are going to be as expensive as your primary market. The primary market is expensive. If you don’t have millions of dollars to go and buy storage facilities, then there is no reason for you to be wasting your time looking for storage facilities in that area. If you don’t have millions of dollars to buy a storage facility in the suburb of a primary market, whatever the cities are around Atlanta because we have like six facilities in the Atlanta area, we’re not in Atlanta, but we’re in all the suburbs of Atlanta and we’re paying a lot of money for these storage facilities.

The primary market is expensive. If you don't have millions of dollars to go and buy storage facilities, then there is no reason to waste your time looking for storage facilities in that area. Share on X

If you don’t have a lot of money, then there’s no reason for you to look. Typically, in a suburb area, you’re going to be more likely $2 million plus. The primary market is going to be $3 million plus a lot of times. The secondary market is my favorite market, which is a standalone city. It’s inside your state. Think of whatever state that you’re in, towns that are by themselves that are maybe between 50,000 to 150,000 population. Those towns also have suburbs.

The suburbs are going to be like $50,000 or less then your tertiary market is the country, which is $25,000 or less. The sub is $5,000 or less. In a sub-tertiary market, it will probably be $500,000 for the best price and your tertiary is going to be leading up to $1 million. The sub-tertiary will be $1 million or let’s say $500,000 to $1.5 million. You might be able to find a little bit cheaper in this area. This is a generalization. Your secondary market’s going to be around maybe $500,000 to $2 million.

What I’m trying to explain to you, the first thing that you have to think about when you think about storage is, “Where do you want to look? What can you afford?” because you’ve got to build your list of owners in that area. If you can’t afford a certain amount of money, then don’t waste your time in that area. If you can only afford a couple hundred thousand dollars, then you should be looking in sub-tertiary or tertiary markets. One thing that I noticed is that a lot of people waste their time in the markets that they can’t even afford.

 

They’re like, “I found a $1 million property,” but they can only come up with $50,000 or $100,000. That’s the key. The sweet spot, in my personal opinion, because of the way the market is is the $1 million to $3 million range. It is very hard to finance a property now that is less than $1 million because interest rates are high. You have to put a high down payment down and interest rates are high. If you want to buy a property that’s less than $1 million, because of the market, you need to have a very big down payment, 30% down and you need to have a very big buy box. You can’t be like, “I only want to buy a property within an hour of my house and it has to be $500,000 or less.”

It’s going to be like, “You’ve got twenty buildings that you could look at to do.” I had a student. She was like, “I only want to be 30 minutes from the house. I only want to pay less than $500,000.” She found every facility, and it was twenty facilities. She contacted every single one of those owners until she found an owner who wanted to get an offer. Out of the twenty facilities, she maybe put three offers in. One of them, she got under contract and they owner-financed it.

She lived 30 minutes away from her house. It’s possible to do that, but that buy box is not so big. She was calling. Her goal was like, “I have to talk to every single one of these owners. I’m going to call every single one of these owners every month until one of them says yes and takes an offer,” because that was what her buy box was. I have another student and he’s like, “I got $500,000. I can put down $500,000. My buy box is anywhere in the country. I want to make some money on it.” He can afford a $1.5 million to $2 million facility in the country. That’s a big huge buy box. He has a lot of opportunities to think in terms of financing terms or what you can afford and make sure that you are in the right markets. The first step is how to find owners who want offers. It’s figuring out your market.

Build Your Owners List

Now you’ve figured out your market, you’re like, “I want to be in secondary. I can afford a $1 million property. I want to be in secondary market or the suburbs of secondary markets,” which is me. That’s me. I can afford $1 million to $3 million. I stick to secondary and sub-secondary markets. Now that I have this market that I want to be in, I have to build the list. You have to build your list of owners.

If you’re going to build your list of owners, there are a couple of ways that you can do that. One is you can buy the list. The list is not going to be cheap. It’s going to be thousands of dollars. I have a couple of students who went out, bought the list, and then they mail. You mail out, which is thousands of dollars. If you don’t want to spend $5,000 a month to market to find owners, then buying a list is a waste of money because it does cost a couple of thousand dollars to buy it and a couple of thousand dollars a month to spend out letters because you have to do many touches on letters.

It’s lots and lots of touches. It could be up to 30 times. Who knows how many times for an owner to be like, “This person is sending me way too many letters. Let me call and talk to them?” The difference between a list, buying that list, and sending the letters out is that that lead becomes more like a warm lead. Whereas calling them is a cold lead. You’re calling random people and asking if they’d be interested in getting it off. The list, buying the list, and working the list is going to be a little bit easier and you won’t get as many calls, but those people that call in are hot or warm leads. Do you get my drift on that? You can buy a list and mail it out monthly.

If you say, “I’m going to go make a list of 50 storage facilities and mail a list,” nobody will go with it. It’s a numbers game. What you could do is build your list manually yourself. We’ll go into all the different ways you can do that in the boot camp. The main way that you can do that is you go on Google Maps and then search Storage Near Me or the location that you’re interested in. Somebody asks, “Is population the only gauge of market classification? Is there a resource or guide that shows which markets are considered primary settings?” There’s not. The primary is like a big city. Population is what it is.

We’ll get into a couple of software that you can use to get in search statistics, but you have to pay for those. We’ll do that in the boot camp. Honestly, it’s just population. I’m going to tell you, when I’m sitting and talking to my virtual assistants and they’re like, “We’ve got a deal,” then I’ll literally google, “What is the population of the city?” I’ll go over the executive summary in the boot camp because we do a lot of case studies in the boot camp. We create an executive summary. Inside that executive summary for every deal that we find is the demographics. One of the biggest demographics that we have is the population within a 1, 3, 5, or 10-mile radius.

When you look at storage, you’re looking at the radius. That’s why they say it’s a 3-mile radius. I could put that down. If you are in a primary market, it’s going to be like a 1 or 3-mile radius, and then a 5-mile radius, or this could go up to 10. You are looking at the population within the radius because there are some storage facilities that we found that there is nothing around for 15, 20, or 30 miles. It’s like, “How big is my radius? How much population is in the area? How much storage is in the area?”

Now you have two ways or my favorite way. My favorite way to build a list of owners is to drive for storage. I’m going to tell you the best deals I have. Those are the first twelve deals that I bought. I found those by driving for storage because driving for storage equals market research. You’re going around. You’re driving and saying, “I want to buy in Valdosta, Georgia. I am going to go drive. I’m going to map all of the facilities out in Google Maps and then I’m going to drive and look at every single one of them and I’m going to try to find more facilities that I can’t find.”

The way that Google Maps works is there’s what’s called the hidden market. In order to get your business onto Google Maps, it’s super hard. If you don’t follow all the rules and if you don’t do the step-by-step procedure, it takes forever. It could take months to figure out how to get on Google Maps. A lot of times now, what they want you to do is a video walkthrough. They want your phone. They want to be like, “Here’s my office. Here’s my storage facility. There’s a parking.”

They want you to do a video walkthrough. If you’re an older person and not good with phones, then you’re not going to be sitting there and trying to put your code in and connect with a Google person, there are a lot of facilities that are not on Google Maps. That is what I call the hidden market. Those are the best leads out there. In fact, all twelve of the facilities that I bought are pretty much-hidden markets. I found those by driving for storage. I’d be driving around and looking at all the facilities on Google Maps, and then I would drive and look at storage facilities that are not on Google Maps.

I would list that down. I would call the owner, try to skip trace, and call the owner. I would be like, “This is Stacy. I’m calling about your storage facility.” They are like, “What do you want? Do you want a unit?” I’d be like, “I want to buy your facility.” They’re like, “Let’s talk.” Pretty much every owner that I ever talked to on all the first twelve facilities, that’s exactly how they were. They’re like, “I want to give you an offer. Let’s do it.”

If you can do this, this is the best way to find storage facilities, but nobody does this. I always teach this, but nobody does this. If you don’t want to drive for storage, you can do what’s called virtual driving for storage. This is what my virtual assistants do. I have fifteen virtual assistants who called every owner or manager in the state, at least 2 or 3 times. They virtually drive for storage and then they build the list.

You can do virtual driving for storage if you don't want to drive for storage. Share on X

They manually build that list and they’re in the Philippines. They can sit on a computer all day, get on Google Maps, and look for facilities. I give them a bonus like, “If we close a deal that’s not on Google Maps, we get an extra bonus for closing that deal.” We push trying to find hidden market deals. It is what we do. if you can do that, add that to your strategy. It’s a gold mine with all the facilities. For finding facilities to put offers in, you’re going to figure out what market you want to be in and then you’re going to build a list of owners, either manually yourself or you’re going to get a list to it and mail out letters. You’re going to get all the information.

Number two, now you have this list, you need to get all the information from the owner. You’re going to call the owner up and you’re going to be like, “This is Stacy. I don’t own a storage facility. I’ll be totally honest with you. I have no idea about owning storage facilities, but I know I want to buy a storage facility. This is my goal for 2024. It is to buy a storage facility. I want to be a storage nerd.”

What I’m doing is calling every single owner in this area and seeing, “If you’d be willing to hear me out, can I give you an offer? Can I practice giving an offer? You don’t have to take my offer. You’ve never given that many offers. I give an offer so I can practice. Would you be willing to give me all the information that I need in order to get an offer? I’ll give you an offer. You can either take that offer or throw it in the trash. It would be great if you would be willing to work with me.” If you said something like that to me on the phone, I’d be like, “We’ll work with you. What do you need? You even called me. Nobody calls me. I want an offer.” Let’s try to figure this out. Two, you’re going to call the owners.

How’d you get the phone number? I already told you you could skip trace. The truth of the matter is if you’re driving for storage or if you’re looking on Google Maps, you look at the sign and the phone number is right on the sign. It’s pretty easy to get the phone number of the storage facility. The phone number of the storage facility may not go to the owner or manager. The owner may not answer because they’re tired of it. They’re full. They don’t need any more tenants because they’re full. They’re the cheapest in the town. They’ve been full for twenty years. They’re not going to answer their phone.

What you do is you don’t call the facility’s phone number. You call the owner’s phone number. That means they have to skip trace to find the owner’s phone number. Make sure that you look up skip trace and see what it is or come to the boot camp so I can show you how it works, then you call the owner directly. Don’t talk to the manager. One of our virtual assistants does nothing but skip tracing. Her job is to skip trace so that we can find the owner’s phone numbers and call them directly.

Sometimes if you call the facility, they don’t answer because they don’t need to answer or the manager answers. You don’t want to talk to the manager because the manager’s going to be like, “He doesn’t want to sit. We’re great. We’re doing awesome.” Call and skip trace the owner. Talk to him directly then you’re going to be super authentic on the phone.

You are not going to be like, “I’m interested in getting a fast deal. I can send you a cash offer right now.” We practice this with my virtual assistants over and over. It’s like, “My name is Christian. I work with Stacy Rossetti from StorageNerds. She owns a lot of storage facilities across the country. She has a lot of partners and partners with a lot of people across the country as well. We’re trying to buy more storage facilities. Would you be interested in talking to us? We would love to give you an offer.”

Try to be as authentic as you can, or if it’s you, do exactly what I say. It’s like, “I promise I’m just calling owners.” I’m going to tell you, that owners love talking on the phone. If you get one, they’ll say, “I’ll hear you out.” The truth is owners in secondary or tertiary markets are like random people and real people. Be authentic, then you want to ask them, “This is what I want. This is what I need. I don’t need a lot of things.”

 

With an owner, you can’t be like, “Send me over your P&L and balance sheet for 2022 and 2023. Send me your tax returns. I’ll look at all this information and then evaluate it so I can see what your property’s worth.” They’re going to be like, “No, sorry.” If anybody called me and said like, “Send me over your tax returns. I can give you an offer,” I’d be like, “Sorry.” What you do is you have the Deal Analyzer. Everything in the Deal Analyzer that you need is in yellow. You ask the questions. What you’re going to need is you’re going to need the purchase price.

Most of the time, they would be like, “I don’t know.” “What would you be interested in getting? Do you have any number at all online?” Once they say “No, we have no idea,” then you’re going to need your total income. It could be annual or monthly. A lot of people cannot comprehend annual income, but they can comprehend monthly income. You’re going to gauge who you’re talking to. If it’s an investor that kind of knows who he’s talking to, he can give you the annual income.

Somebody that owns one storage facility in a town of 5,000, you might be like, “What are you making on a monthly basis?” You can figure that out because you need annual income, but you can get that from getting the monthly income from the over. Also, you need the vacancy. What you need is physical versus economic vacancy. Physical is, “I have this much full.” When an owner thinks of occupancy, they think of physical occupancy.

“I’ve been full for 25 years. I’ve never raised rates and I’m full.” Economic occupancy is, “How much have people paid you? Do they pay you on a monthly basis? How good of a tenant on a scale from 1 to 10?” Ten being they pay every single time on time. One being they call you every month and they never pay and you’re always chasing their money. Economic occupancy is percentages, “I’m 100%, 80%, or 75% full.” In the very first facility that I bought, I said, “How full are you?” I did not understand this concept when I first got started. Nobody taught me this.

He said, “I’m full.” We counted up all the units. If he was full, he’d be making $10,000 a month because we counted 60 units at $100 each and then we’d counted another 60 parking spaces at $100 each. I’m like, “That’s almost $9,000 or $10,000 a month. What are you making per month?” He said, “I’m making $2,000.” “How can you be full and only make $2,000?” It’s not full, full of people’s crap and nobody’s paying. That’s physical occupancy versus economic occupancy. That is what you have to find out.

Those percentages are what those are, then you’ve got to get the unit mix and the price of each unit, which equals your total square footage. It could be like, “How much is your total square footage?” “It’s 12,000 square feet,” and then he gives you all his unit mix and it comes out to 11,722 square feet. That’s why you want to get the unit mix. You want to get the price.

You figure out what the total square footage is because the owner is going to be rounding it up to the number. If I said, “How many cents and how many square feet?” I say, “I got 300,000 square feet.” “How many square feet do I have? A lot of square feet.” After you get the unit mix, you get the unit mix, you get the total square footage, you get the prices, and then you figure out the next step. This is what you get from the owner.

If you can get the annual income, the vacancy percentage, the unit mix plus what they’re charging, and the total square footage, there’s not a lot more that you can get. You could ask them for expenses, and I’ll go over all the expenses in the boot camp, but we know that our expenses are at 35%. If you use the Deal Analyzer, the expenses that we have are a formula. It comes out to 35% for each one. You don’t have to be like, “What are all your expenses?”

If you want to know what the expenses are, I would save that later and run 35%. You can ask them. The point is that you don’t want to be like, “I’m going to give you a whole page of questions.” One person called me and they want to give me an offer one day. I was like, “Send me over what you want.” I have this big long paper with all this stuff on it and I was like, “Delete. I don’t have time to even fill that out. I’m not even working on that.”

If you could get a couple of things, you can give them an offer, and then what you tell the owner is you say, “I want a couple of things from you. I can give you an offer if I get a couple of things from you.” You have to be able to prove these numbers to me. If I give you an offer that’s close to what we want, we can negotiate something out, then you know that doing during the due diligence time, I’m going to ask you for all this information so you can prove these numbers to me.

That’s how we do it. That works the best because we want to do an offer within 48 hours. We’ll do 48 to 72 hours. That’s the farthest amount of time that we’ll do an offering. You can’t spend weeks doing offers. We have had several times where students are going back and forth, doing changing this and overthinking how much. Guess what happened? Somebody else came in, put an offer, and put it under contract. They quit on this stuff.

Total income, vacancy, unit mix, and then expenses maybe. Also, CapEx. You’ll find out what you’re going to do. It’s like, “Do I need to fix the place up, paint, and put a new gate if there are fences or whatever?” You figure that stuff out. You pick and choose what you can do. What a lot of students do is they’ll be like, “It needs a new gate, fence, or this. That’s $30,000.” You are not going to do it all upfront. This person has been running that facility for 5, 10, 15, 20 years and they didn’t get all that.

This is not that big if they’ll be putting a lot of CapEx. Now we bought a facility that was a fire-damaged facility. That needed a lot of CapEx, that was a lot of work. You can put stuff in as you build up. You don’t want to put huge amounts of CapEx in because what that does is it screws the opportunity up. You could be like, “What do I need to do right now? What can I do later?” CapEx and then the most important thing, and you’ve got to figure this out, is your price increase, which is the opportunity because all this is giving you the value as is.

You want to know what your opportunity is. Can you increase the prices? This is how you do a competitive analysis. Competitive analysis means you got to look at all the competition and see what they’re charging apples to apples, unit mix to unit mix, then you have to come up with the average price per square foot where you do an as-is and then you do your opportunity to price per square foot. That’s how it works.

Look at all the competition and see what they're charging. Share on X

This is the most important part of the whole deal analysis. You want to know, “How much money can I make if I do this?” You don’t have to look at it like, “It’s going to take 5 or 10 years.” A lot of people screw themselves over when they start looking at like, “What is my ROI in 5, 10, 15 or 20 years?” It’s like, “What are you going to be able to increase the prices to?” Let’s get that into the offer. Get the offer out. There, you can do all your due diligence and stuff and look at the deal later when you’ve got 15 or 30 days of due diligence. That’s the way I do it. This is the way I do it. This is why I’m teaching it. If you don’t want to do it this way, then you do it in any way you want. Competitive analysis and then you need the financing inputs.

“How are you going to finance this thing? How does the money come?” It’s the question we all have, “Where do we get the money?” Are you going to have a cash offer and pay some cash? Are you going to go to the bank? Are you going to go private lender or private money? Are you going to partner? Are you going to get an owner financed? Whatever the way is that you’re going to do, you need to have the terms for this. You need to know the down payment and the interest payment. That’s the two things you need. You need to know the month and terms.

You cannot figure out if a deal is good unless you have this information. This information goes into your deal analysis. It gives you the overall picture of how the deal is going to look. That is the financing input. What step is that? Let’s go step by step. 2) Call the owners. 3) Get the information from the owners. 4) Figure out your financing inputs on how you’re going to do the terms. These are the four steps on how to get through all the way to the deal analysis and what you’re going to be doing when you talk to the owner and then after you talk to the owner. This is after you talk to the owner. You figure all this out and then you figure this out from the owner.

Offer Letter

Now we got all the deal analysis. You got to put the money and run the deal analysis, either with my Deal Analyzer or whatever deal analyzer you’re going to use. The great thing about my Deal Analyzer is once you put all this information in, it creates the offer letter for you. If you don’t have that built-in, then you have to create your offer letter. The next biggest step is you make the offer. When you have big facilities like, “Where’s my LOI?” I’m going to tell you, when you go directly to the owner and you want to put an offer in, you are not like, “Where’s my LOI? I got to put this.” No owner wants an LOI. The owner wants a letter explaining how much money they’re going to get the offer from and what are the terms. Our offer letter is a cash offer, the owner financing offer, or a bank financing offer. We do typically 2 or 3 of these different structures. One of these and one of these. It’s how we do it.

 

Negotiating Is Collaborating

It’s a nice letter that explains it and it shows how much money the owner’s going to make based on the type of deal that we’re making the offer on. We’re not making one offer. We’re making 3 to 5 offers on every deal we talk to. We give a nice letter. You want to come up with something like that to get to the owner. You don’t want to be like, “Let’s put an LOI. Let’s put it under contract so I can get the due diligence.” You just want to make an offer. Once you make the offer, then it’s all about negotiations. It takes forever to go back and the owner is like, “I like your offer number two, but I want to change the terms a little bit. I’d like to do this instead of this. I’m a little priced to be increased or decreased,” or whatever it is.

A lot of times on our offer letter, we’ll have owners that cross out what they like, put in what they want, and stuff. We’ll go back and forth and we’ll run the numbers again. Negotiations take forever. You want to create a win-win situation for you and the owner. This is not a battle. This is a collaboration. Negotiating is only collaborating. You get on Zoom. You go out to meet the owner either on Zoom or face-to-face. If you want to buy a facility and you’re like, “I want this facility,” then you should be going to that facility and you should be meeting the owner face to face.

Every student that has bought facilities has gone out to the owner, talked to them to put an offer in, and then they negotiate it right then and there. You have an idea of what your offer is and then you go, meet the owner, and you start building a connection. Owners are like me. To sell a facility to a stranger is very difficult, but if you come out and meet me, check me out, and stuff, it’s a hard time for me to say no. Internally, we do Zoom meetings. Every week, we meet at least 3 or 4 owners and then our students go out to meet the owners almost on a weekly basis. You have to put this into your stage one, meeting the owners and going into the facilities so you can negotiate better to create a win-win solution for you and the owner. Especially nowadays, it’s key.

We have a facility in Florida where she’s dead fast on $975,000 and the student wants to do $875,000. I’m like, “It’s like $100,000. Come on. Let’s go out to the owner. I can guarantee if you go out and meet the owner, they’ll come down on the price and you’ll be willing to come up on the price and you guys can meet in the middle.” Now it’s like, “Go out and meet the owner. I bet you they’ll even be willing to owner finance if you go out and meet them.” Now you’re negotiating, going back and forth, you’re trying to create a win-win solution.

 

After that, once you create the win-win solution, you get to put it on under contract. We go over a contract in the boot camp. Do not make your contract super crazy. We have a student that it’s like, “Use my contract. My contract is only two pages. Make it easy.” She’s like, “I’m going to go with my attorney.” The attorney made this big, huge long contract. The owner was like, “No, I’m not going to do it. Bye. See you.”

We had one student where the contract to purchase the facility was 26 pages. The owner was like, “I don’t have time to read 26 pages. I’m out.” Once you start getting him involved in these negotiations, there’s one more person that can screw everything up. I do not bring anybody. I negotiate. I get it under contract. The owner and I work together to create this amazing deal for a win-win situation. That is stage one. It’s a lot, I know.

Figure out what your market is. You’ve got to build your list. You’ve got to call the owners and talk to them. You’ve got to get all the information from them that you need for deal analysis, then you’ve got to do your own deal analysis, buy all this kind of stuff, inputs, and competitive analysis, then after you do that, you create your offer letter and then you make an offer, you go and meet the owner and try to work on negotiating the offer. Once you get a win-win situation, you put it under contract. Ultimately, everything that I went through is stage one.

That is exactly what we are going to be doing in the boot camp for two full days. You’ll be going deeper and deeper into how to do this, especially case studies. I’ll take all the deals from all the deals that we put offers in in the last month or so. We’ll go through the process of how we do this so you can see it. If I can give people in the Philippines to put offer after offer, you guys can do this as well too. Hopefully, you consider coming to the boot camp and spending with me because I can guarantee you that after those two days, you’ll feel more confident to do this over and over again because this is nothing but a numbers game. The more offers you put out, the more chances that it is for you to get something under contract.

The more offers you put out, the more chances you get something under contract. Share on X

On average, it takes between 30 and 40 offers for a student to get a facility under contract. The question that you should have in your mind is, “How am I going to prepare myself to be able to put 30 to 40 offers in? How long is it going to take me to do that? If I don’t do that very quickly within the next couple of months, I may not even be able to buy a storage facility this 2024. I have to educate myself so I can put these offers in so that I can get to the point where I can’t get something under contract,” because stage two takes several months. Stage two is funding your deal and onboarding your deal.

You want to do this now so that you can close a deal by the end of the year and have an owner property by the end of the year. That’s the purpose of the boot camp and what I just taught here. We are out of time. Unfortunately, I don’t have enough time to answer questions. Any questions that you have, please put them in the Super Simple Self-Storage Facebook group and I’ll answer them there. Hopefully, you guys will go to StacyRossetti.com and look at what I have to offer. You spend your time with me so you have an idea of how I teach. I have the course and boot camps. Anything you need is there if you want to learn how to do this. Take care. See you next episode.

 

Important Links

• Deal Analyzer
• Super Simple Self-Storage – Facebook