We Avoided A $1M Investment Mistake By Doing This
Tweet · May 16, 2024
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Legit just avoided a HUGE Storage Investment Mistake 🤦🏻♂️
A good rule of thumb is to never purchase a piece of real estate without physically going to that location and seeing it first.
Either YOU or someone that you trust to be your eyes.
We just avoided a million dollar money pit by doing just that. Visiting it in person.
Here are some of the main items that came up that we wouldn’t have known if we didn’t go:
- Narrow drive aisles lead to damage to buildings
Almost the entire facility has a damaged roof along the edge from the drive aisles being so narrow for moving trucks to maneuver
- Almost entire fence needs to be redone
There were numerous holes, missing poles and parts of the fence that were literally not standing.
- No bollards
Ballard are those yellow poles that you’ll see boarding buildings so that cars don’t cut corners and damage the facility.
- Aisle drainage issues
There was a an aisle that was a little slipped and had run off water running down it. Some units also had water damage because of that.
- Well and septic issues.
Even if you don’t need running water at a facility, there are still issues that can come up with the city for not being compliant.
- Roof and building damage
It’s just an old roof and will need some major TLC.
BEFORE we visited this facility, none of this was obvious nor was it disclosed. This was going to be about a $1M deal that would have turned into a money pit.
While all of those are cosmetic-ish, the biggest issues were that the surrounding facilities are less full than we believed. This would be a long play lease up while we drained funds. Pass.
Visit your investments or have someone you’re close to and trust visit them for you. It could save you $1M