Logistically speaking, closing on your first storage deal is pretty straight forward. Its not all that much different than closing any other commercial property save a few industry specific nuances that I will touch on in a future post. Generally speaking though, depending on your state (and your preference/need for re-assurance) you will either use an attorney and/or a title company to facilitate the closing of your first storage property. These folks are the ones who will make sure you are getting what you pay for and nothing more, like pesky liens or other unwanted liabilities. It will also be up to you and your attorney to make sure that all the necessary pro-rations are calculated. This will ensure that you and the seller each pay and or receive you fair share of the rent, security deposits, property taxes, etc.
Beyond these closing day logistics, you will also be working in the days and weeks before closing to ensure that you can hit the ground running once you do close. I will reserve that discussion for a subsequent post though. For now, I want to move BEYOND logistics and talk emotions and psychology. Don't run away though, I promise its not too touchy feely! And I do want to share this with you because I would have LOVED to know this prior to buying my first deal. Here it is:
Warning: It doesn't happen to everybody but it is pretty common to be so excited to “close” on your first property only to have it happen and low an behold, there's no giant parade down main street. It can even be a bit anti-climactic and, dare I say, underwhelming. This can cause some folks, myself included (and that's why I share this) to go “oh sh@t, what did I just do”....this potentially life-changing event just happened and yet, I'm underwhelmed, disappointed, a bit scared, etc. Believe it or not, this is fairly common and even normal. Its like if you've ever run a marathon (or worked for months toward some other goal if your not crazy enough to run 26 miles for fun)....there's a bit of a let down once you cross the finish line. Its so common that runners have a name for it. They call it the “post-marathon blues”. Just know that this does not mean you made a mistake. It just means that you're human and susceptible to all the same emotions we all are. Take a breath and know that Storage can and will change your life....it just doesn't happen at the closing table. It started happening when you decided that storage was your ticket to a new life and it will keep happening little by little (with some big jumps mixed in) in the months that follow your first closing.
I hope that you are finding some value in my storage musings and would love it if you'd post comments or questions below. Its a great way to get engaged! I truly believe that immersion is the fastest path to success...so start immersing yourself by reaching out to me in the comments section below:)! And please be sure to subscribe so you don't miss out when the next post goes live!