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.
On Sep 3rd we closed on a 120k sf glove factory built in 1890 in Gloversville NY.
Has 50k sf of self storage inside and is cashflowing $8k a month.
We used none of our own cash and received $50k on closing day.
A thread on creating $2 million out of thin air in 18 months...
First saw the property on Loopnet in mid 2018. I ignored it. Who wants to try to operate a building in an old factory in a dying NY town.
A few months later I reached out. Broker sent me financials. They were good. $25k a month in revenue and $10k in expenses.
So I visited the property and took this footage. It was old. Needed a new roof. Probably environmental issues. Full time manager. Only accessible to customers 9am-5pm M-S. No autopay. A lot of folks paying 1/2 market rent.