This is a recap of my experience buying a self-storage centre, and while the purchase ultimately didn't go through, the experience has taught me a number of lessons I’d like to share. In November 2015, I merged my company with another one and together we decided to expand our businesses into the self-storage sector, not because we knew anything about self-storage, far from it. The main reason was the property itself was built in the 1950's and was big, 14,000 sq meters big. Another feature was its location being on a major road with over 70,000 cars passing each day. That along with over 10,000 sq meters under one roof, and to top it off, it also had a 90-meter-wide office block at the front, which was being used as archive storage, but with no clients. With a price tag of $7.5 million dollars it was looking to be the biggest risk we had ever taken. After weeks of investigation and due diligence, we were able to negotiate the price down to $6.5 million which is still not a small amount, but well inside what we felt the property was really worth. The property itself had an occupancy average from 75 - 90% while on the surface looked fantastic on the books, it was only turning over an average of $39,500 per month which again was great. but this was well below the valuation figures of $55,000 per month if it reached 100%, the gap seemed too large.