This facility just hit the market again... And seeing it brought back a lot of memories because we used to own it. Here's the story. Back in 2021, another investor called me with a lead they didn't have time to pursue. At the time, I was very vocal about wanting facilities with 20,000+ square feet in the Southeast, and this one checked all the boxes. ✅ As we dug into the offering package, one number jumped off the page immediately... 👉 57% expense ratio. That was our opportunity. The facility was owned by a respected self-storage coach and several of their students, so we knew we'd have to look deeper than most investors would. When we started peeling back the layers, we found: • Expensive third-party management • High delinquency • Multiple abandoned units full of trash • Gates and cameras not functioning properly • Poor operational oversight And then we found something even better... Several units were listed as 5x5 units renting for around $25/month. The problem? They weren't 5x5s. They were actually 10x10s. Just correcting the unit mix added roughly 2,000 NRSF to the property on paper without building a single square foot. Think about that for a second. No expansion. No construction. No rezoning. Just better operations and better management. This is why I constantly tell people that value-add investing isn't always about building more units. Sometimes the biggest opportunities are hiding in plain sight. 📍 Purchased: November 2021 💰 Purchase Price: $560,000 Over the next 16 months we: ✅ Cut expenses ✅ Improved operations ✅ Fixed management issues ✅ Corrected unit data ✅ Increased revenue ✅ Added value 📍 Sold: March 2023 💰 Sale Price: $1.2 Million Now it's back on the market listed around $1 Million. The lesson? Most investors are looking for the next shiny object. The best investors look for inefficiencies. Value isn't always created with a bulldozer. Sometimes it's created with a spreadsheet, a phone call, and a willingness to dig deeper than everyone else.