Sunshine, Storage & Strategy – Why I Walked Away from a Deal 🌴📦
How is your spring coming along so far?
I kicked off the season with another amazing trip to the Sunshine State! ☀️✈ This time, I actually took a moment to slow down and soak it all in—spent time with family and friends, lots of beach days, and a few solid work sessions by the pool. That’s the beauty of building a business that gives you the freedom to work from anywhere (especially when you are surrounded by palm trees 😉).
As always though, business wasn’t completely on pause. While I was down in Florida, I continued evaluating investment opportunities and even carved out some time to check out a self-storage facility I had been in negotiations with the Seller. We were close to getting it under contract, and I was excited… until I wasn’t.
Here’s a little behind-the-scenes of how I evaluate opportunities and why I ultimately passed on this one:
The drive out there was interesting. Coming off the highway, I passed several large REIT-owned storage facilities, plus a brand new, shiny multi-level facility under construction. That alone doesn’t raise red flags—Florida’s population growth can support added supply—but it did give me pause. Clearly, big players are betting on the area.
Even better, I drove past a bunch of new multi-family builds and gated communities. That’s a great sign—more people equals more potential storage customers. But as I got closer to our potential facility, things changed.
The roads got quieter. I left the main traffic corridors and entered a more industrial zone. Eventually, I found myself on a dead-end street, with the facility sitting alone at the end. No visibility, no drive-by traffic. That’s a problem.
In self-storage, your location really matters. And your customer base usually falls into one of three categories:
- Price-conscious—they want the cheapest option and will go out of their way to save a few bucks.
- Quality-conscious—they want a clean, safe, secure, well-lit facility, and they’re willing to pay for it.
- Convenience-conscious—they care about location and access above all, even if it costs a bit more.
This facility, tucked away in an industrial park, was clearly catering to the price-conscious customer only. And while that’s a viable strategy for some investors, it’s not my sweet spot.
I prefer focusing on value-add plays—either through expansion or by repositioning a facility to attract higher-paying, quality-conscious, or convenience-focused customers. With this property, I couldn’t see a clear path to do either. No matter how well we managed it, the location would always limit us.
So… I decided to walk away from this opportunity.
Not every deal is a winner, and that’s part of the game. Sometimes the best investment is the one you don’t make.
But here’s the exciting part: we’re still actively looking for great opportunities in high-growth markets. If you’d like to stay in the loop on future investments or just chat about your own goals, I’d love to hear from you. Simply complete the Investor Questionnaire, or grab a time on my Calendly Link. Let’s explore what might be a great fit for you this season.
Until next time,
Happy Investing!
~Elizabeth
