Spotted while snooping on Google Maps at storage facilities...
Two random people being kind to each other!
My partner makes fun of me but you really can get a feel for a town and its culture by driving the streets on Google Maps. Especially the gas stations.
By the time I get to the facility to meet the owner I know my way around town and how it feels. Weird I know!
I always check out the businesses downtown. And the amount of people out and about, parking spots taken, etc.
No scientific data here folks. But if you're looking at out of state RE, I think this practice is worth it.
And here we are. 📞
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In 2021, I worked on a career-defining $75M self storage deal that could have generated tens of millions in enterprise value for my company Bolt Storage.
But we lost it to a competitor...
It hurt!
Here's what happened:
The deal was for a 20 property portfolio (750K sq ft.)
The owner's brother-in-law follows me on X.
They wanted to sell their portfolio, so he called me to visit the properties to discuss buying them.
I went & loved the properties. I spent 4 hrs discussing the deal.
Why?
I knew the properties were worth more, especially if my team & I ran them for a few years.
So I talked to a few LPs & bankers to finance the deal, & made an offer (close to their asking price).
I was pumped. The deal would be my biggest & best yet. I thought I had it.