In this day and age of recessionary concerns and foreclosures both in the residential and the commercial market, it is a prime time to pick up on some good self storage business deals. The market is ripe for self storage units that are going under amid the weight of the continuing recession and the mortgage banking woes that are affecting each and every American citizen.
Just as the home mortgage meltdown has created an influx of foreclosed on properties that can be had for pennies on the dollar, this is also true in the commercial sector. When self storage units run into trouble they usually call upon the bank to repurchase the loan and if the bank does not want to go through with that deal then they are forced to put the business on the market for the highest bidder. This is where you come into play with a bid that is right below the maximum bid for like kind and quality self storage unit business in the neighborhood and more than likely the property will be yours.
This is not to say that you should drive the price down this is only to say that you would be doing them a favor, them being the business owner of the failed self storage unit endeavor and it will make their load that much lighter. What it takes is a glut of capital and this is not in reference to a few thousand dollars as it takes easily over fifty to one-hundred thousand dollars to even invest in any type of property that is suitable for a self storage unit business. continue reading…
