Converting Self Storage to Owner Occupied? - Posted by Pete-NC

Posted by Pete-NC on July 10, 2007 at 08:57:49:

I purchased a 25k sq ft storage facility with a 1500 sq ft office 18 months ago, and have increased the occupancy from 50% to 75%. And it finally occurred to me, that this would be a perfect situation for a small company with 2-4 employess to purchase and run the self storage as an investment with a positive cash flow and no rent payments. Anyhow, I’ve got two questions about financing?

  1. does this qualify as owner occupied, if so what type of financing is avail? What type of debt-ratio and ltv’s are avail?

  2. how long does the rent roll need to season, we’ve had a fairly steady but steep increase?