I bought a self storage facility in October 2019 for $472,000.
Today it's worth over $1 million.
Here's how we did it:
The property is 11,450 square feet and has 67 units. When we bought it 51 units were rented and it had $6,130 on the rent roll.
We borrowed $375k from a bank (back when it was reasonable to take high leverage) and put in $120k of our own cash (a little extra for reserves / closing costs).
It was doing about $75k a year in total revenue and the owner had about $40k in expenses for about $35k in net operating income.
Our debt service was about $26,000 per year.
Right off the bat we were earning $9k of cashflow on our $120k investment. Not too good.
But we implemented a marketing plan, cleaned up the place, put up a new sign and security cameras. We also setup online rentals and account management for customers.
2020 was a great year for us and we were already doing over $8,100 in monthly revenue on $2,300 of expenses.
In 2021 revenue increased about 15% to about $9,400 per month. Expenses bumped because we charged ourselves market management fees and spent a bit more on marketing / maintenance.
In 2022 the market softened and expenses kept ramping up so despite doing over $10,000 per month in revenue our NOI stayed about the same.
In late 2021 we executed a cash-out refinance at a $1 million valuation - pulling $600k in cash out.
$360k went to pay back our original mortgage, our original investment of $120k was returned and we pulled out an additional $120k, tax free.
Our new debt service (interest + principal is $42k per year.
We're generating about $25k in annual cashflow today from this property and our plan is to hold onto it for a long time!
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I have a lot of free time. Mostly ski, sometimes work.
Made possible by a badass team of 3 in Venezuela & Peru, who will manage 8 properties to🤞generate:
$1,400,000 revenue &
$1,000,000 net operating income this yr
The people, processes, & tools making it happen:⬇️
India just passed China as the most populous country in the world. Why?
Because of the biggest accident in history
Look at where people live in India. What's that band up north?
@dark1x Gonna guess the majority of people measuring a game by hours of content aren’t even finishing the game. Like measuring a giant truck by its tow capacity and using it as a commuter vehicle
We’ve had a busy year. 📆
From taking the first steps to return humanity to the Moon, to unfolding the universe with @NASAWebb, and successfully testing our asteroid defense capabilities—we’ve worked for the benefit of all: https://t.co/uLQF5CIEM3
@DMC_Ryan Get the frustration. But think you’re underselling the FTCs scrutiny. If this is the play, I agree with it. Give them zero ammunition. This deal is all chips in. In 20 years no one will remember 2023 game awards, but MS will still be printing money from this deal
My first season as a Friar faithful and man it’s been some of the best times of my life. Thank you @Padres for 6 months of excitement, laughter (🐐s @DonOrsillo and @Mudcat55), and memories. Already pumped for next season!! #GoPads#friarfaithful
This is what you’ve waited for.
Journey with us through Webb’s breathtaking view of the Pillars of Creation, where scores of newly formed stars glisten like dewdrops among floating, translucent columns of gas and dust: https://t.co/5ea1kCzU5x
Here’s your guided tour ⬇️