Free checklist from Mark Helm
The Self-Storage Buying Checklist
The closing checklist Mark Helm uses as a template when a self-storage facility is under contract: a critical path of what to line up between signing and closing.
- A critical-path timeline: start date, contingency removal date and closing date
- 23 items to track, from the loan application to the closing rent roll
- The documents Mark asks the seller for, from the rent roll to warranties and service contracts
- A 4-page PDF you can download right away
A starting point, not a rulebook. In his Due Diligence Series, Mark describes adding to the checklist or taking items away depending on the deal.
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No spam. You can unsubscribe at any time. See our privacy policy.From Mark's Due Diligence Series
What the checklist is for
In Due Diligence Series #1, Mark describes due diligence as the period when he replaces the assumptions he made before going under contract with real numbers and information. The first thing he does is map out a timeline, so nothing falls through the cracks.
A timeline first
Mark sets out who on the team handles what, and by when. For that series he assumes a due diligence period of 30 to 45 days.
What to get from the seller
The checklist lists the documents Mark requests: lease, survey and site plan, tax bill, insurance, rent roll, financial statements, building plans, warranties and service contracts.
Inspections and reports
Physical inspections, a feasibility report, title work, the appraisal and, if the bank requires it, an environmental report.
About Mark Helm
Mark is a self-storage investor, CCIM and author. He shares what he has learned since 2000 about buying, building, converting and operating self-storage on the Creating Wealth Through Self Storage podcast and blog.
Get the free checklistGeneral education about the self-storage business, not investment, financial, tax or legal advice. Every deal is different. Disclaimer