How to Find Off-Market Self-Storage Deals

What is an off-market self-storage deal?

An off-market deal is a facility you buy directly from the owner without it ever being listed for sale. There’s no broker, no marketing package and no competitive bidding. In most cases, the owner wasn’t planning to sell until a buyer contacted them. Most of these facilities are small, independent properties that one person or family built and has operated for years.

Listed deals still have a place. My first facility was listed for $850,000, and I paid $705,000 after due diligence showed that the property wasn’t as presented. I ran my operating playbook and sold the facility about two years later for $1.25 million. That’s one deal, not a typical or promised result. However, you can’t control how many good listings come to market, and on the online marketplaces you compete with every other buyer. Off-market sourcing is the part of the process you control.

Why are off-market deals worth the extra work?

When you contact an owner directly, you’re often the only buyer in the conversation, and the price, the timing and the financing are all open to negotiation. In my experience, direct outreach to owners produces the deepest discounts and the best deals, especially seller-financed deals. More than half of our deals are seller financed. In those deals, the seller carries the note and acts as the lender, so the term, interest rate and amortization are all negotiable.

The trade-off is time. Off-market sourcing is a relationship business. Some owners won’t sell for a year or more, and small owners’ records are often incomplete, so your due diligence must be thorough.

Which self-storage facilities should you target?

Target facilities where a better operator can add value, in markets with verified demand. These are the criteria I use:

• Small towns. I build my lists from towns with populations under 30,000.
• Long-time independent owners. I look for owners who built the facility years ago and have operated it ever since.
• Signs of under-management. These include no website, few online reviews, a landline phone number, payment by cash or check only, and rates that haven’t changed in years.
• Verified demand. Call the other facilities in town and ask what is available in common unit sizes. If most of them are nearly full, demand is strong.
• Sufficient size. A very small facility takes nearly as much work to buy as a larger one, so set your minimum size before you begin outreach.

Not every under-managed facility is a good deal. Weak management can be corrected, but weak demand can’t. Before you contact an owner, screen the market as described in the first-facility guide.

How do you build a list of self-storage owners?

Build the list one town at a time. Four sources cover most of the work:

1. Google Maps. Search for “storage” in each target town and review every result. Note the facilities with no website, few reviews or only a landline phone number.
2. County property records. Look up each parcel to find the owner of record and the mailing address. If an LLC or trust owns the property, the state business registry usually identifies the person behind it.
3. Market visits and satellite view. Some facilities never appear on Google. They take the most time to find, and they are often the best deals. Scan the satellite map for rows of storage buildings, and drive the area when you visit.
4. Referrals. Tell brokers, lenders, contractors and other owners what you buy. Owners often know other owners.

As you research, check each property for debt. Seller financing typically works only when the owner has little or no debt, because a large loan must be paid off at closing. When the records show that a facility was purchased with cash, I treat it as a strong candidate for seller financing.

How do you write letters to self-storage owners?

Keep the letter short, personal and honest. My letter explains in a few sentences that I’m not a broker, wholesaler or flipper, that we buy and hold, and that if the owner has ever considered selling, now or in the future, I’d welcome a conversation with no pressure.

Send each owner a letter every quarter for one year, so that every owner receives four letters. A single letter rarely produces a response. Owners typically contact us after the third or fourth letter, once they have seen our name several times.

The work can be done in small batches. I prepared and mailed many of my letters during downtime at the fire station.

How do you call self-storage owners?

Phone calls are the most effective way to reach owners, and letters support them. A letter you sent the previous week gives you a natural reason to call.

On the first call, don’t make a sales pitch. Learn whether the owner has considered selling, what they would do after a sale, and what matters most to them: price, timing, monthly income or a clean exit. When I ask owners why they want to sell, the answer is usually retirement.

For that reason, I raise seller financing in the first conversation. A retiring owner may value steady monthly income more than a lump sum. The seller financing guide explains how to raise the topic.

End every call with a scheduled next step. Instead of asking whether the owner would like to talk again, offer two specific times, such as Monday at 3 p.m. or Wednesday at 9 a.m. If you can’t reach an owner, leave several voicemails over about two weeks, close with a final courteous message, and keep the owner on your mailing list.

Calling time must be protected, or other work will displace it. I block a two-hour calling window, and the people around me know not to interrupt it.

What should you track when sourcing off-market deals?

Track meaningful conversations rather than dials or letters sent. A meaningful conversation is one with an owner who is open to an offer and willing to share information about the facility. Every meaningful conversation should lead to an LOI.

Keep a weekly scorecard of calls made, owners reached, meaningful conversations and LOIs sent. Consistent weekly activity produces better results than occasional bursts. I don’t always meet this standard myself; I’ve gone weeks without sending an LOI.

Delay has a cost. In one market, I always assumed I’d eventually buy a competing facility. I never called the owner, and the facility sold to another buyer.

How do you turn an owner conversation into an offer?

Once an owner is open to an offer, gather enough information to price the facility: approximate monthly revenue, unit count and sizes, occupancy, current rates and any mortgage. Small owners rarely have complete financial statements, so start with the figures you can verify and confirm the rest in due diligence.

Screen the lead first, and then price it. The Deal Filter shows in five minutes whether a lead deserves full underwriting. The calculator estimates stabilized value from street rates and rentable square feet, which is useful when the owner can’t yet provide a P&L. The valuation guide explains how to turn that value into an offer, and the offer section of the first-facility guide explains the LOI.

Give the owner options. My LOI always includes two or three offers, and one of them is always seller financing. Make sure the deal works as a cash purchase first. Favorable terms can improve a good deal, but they shouldn’t be the only reason the deal works.

Limited cash shouldn’t stop you from sourcing deals. I’ve bought houses without putting my own cash into the deal, and I know many investors who have done the same with self-storage.

How long does it take to find an off-market deal?

Plan for months, not weeks. Owners sell on their own timeline, and the deal often comes after several letters and conversations. If you’re serious, plan for a 6–12 month timeline and keep your outreach consistent throughout.

Two things shorten the process: consistent, imperfect action and a fast screening tool. Every week, add owners to your list, mail letters, make calls and send offers to the owners who are open to them.