185. Buying your First Self Storage Facility: Do's and Don'ts w/ Ben Kall
Self Storage Income
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Adding Value to the Property Immediately Through Cash Flow
Even in 2018, banks weren't familiar with self storage. It was hard to get aggressive terms for storage. So the second two facilities we bought, we bought on seller financing are a contract for deed directly from this developer that I told you that we had worked with. And so that was completely seller financed. We put less than 10% down. We got a 4% interest rate amortized over 30 years. That was a big deal at the time because it was a lower interest rate and we were able to stretch out our loan over 30 years which drastically helped us with cash flow.
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