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Here is a great opportunity for the right investor.  
I have found a self storage facility for sale here 
in Oklahoma.  Let me explain a bit about the facility 
and then I will describe the opportunity.  The 
numbers for the facility are approximate since I 
do not have this under contract right now.
 

The self storage facility has 150-200 units of 
various sizes.  The owners, fearing capital gains 
taxes, want to provide seller financing.  They 
want about 10% down and they will take back a 
note for the balance for 18 years at 5%.  They 
are quite adamant that the buyer must be willing 
to stay with the facility throughout the life of 
the note - refinancing during the 18 years would 
trigger the capital gains tax that they are 
trying to avoid.
 

The facility is in good shape (to casual 
inspection - I have not had it inspected and 
did not see inside any of the units).  The 
buildings are cinder block construction with 
flat roofs.  The entire perimeter is fenced 
and the office / apartment building was built 
within the last few years.
 

The owners report that there are only a handful 
of vacancies, but their financials indicate 
that they are only receiving about 60% of the 
scheduled rent.  There is either a lot of 
delinquency, units with old rent rates, or 
theft.  At the current income level, the sales 
price is roughly a 7.5 cap rate.  At the current 
expense level, with the specified financing, the 
facility does have a small positive cash flow.  
Correcting the economic vacancy rate would 
produce higher cash flows.
 

I would like to buy this facility with the 
help of partner(s).  I am looking for at least 
one partner with either long term commercial 
holdings or experience with self-storage 
facilities.  I think the purchase proposal 
will be much stronger to these sellers if such 
a partner was part of the team.
 

If you are interested in being part of team on 
this one, please give me a call at 918-340-8303.

Dean