I am in talks with an owner of a self storage facility and I am wondering which option is better to purchase it. A Master Lease with Option or Seller Financing and why?
Here are some details of property:
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not listed, owner called me off direct mail campaign
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260 units in 5 buildings no climate control and 70% occupied (unverified)
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owner has price in head of $1,350,000, probably from a broker
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owner brought up seller financing in talks
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I should receive financials this week from accountant
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property is free and clear
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agent for Penske truck rental - only one in 10 mile radius
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paved, fenced, and has security system (unverified)
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house/office in front of facility with 2 employees - 1 is live in manager
Thanks in advance for your input. Owner owns other property in town such as cell tower, vacant land and a sub shop and he has owned this property for 17 years and he is ready to retire, he is 71 years old.