Can i sell a Self-Storage Facility without a License
Do need a license to broker a sale of a self-storage business? cuz im technically selling the business, but the real estate comes with that.
[{"id": "i23nk3a", "text": "No. You\u2019ll want an attorney to draft or review the documents though.", "replies": [], "depth": 1}, {"id": "i23nusc", "text": "No. Just make sure that you specifically delineate between real estate, tangible personal property, and intangible value. Usually you try to make the RE \u201cvalue\u201d allocation as low as possible for tax purposes", "replies": [], "depth": 1}, {"id": "i23o2et", "text": "No because if you try to sue you wouldn\u2019t be able to enforce your commission.", "replies": [], "depth": 1}, {"id": "i23qu78", "text": "How much and where?", "replies": [{"id": "i23s8h7", "text": "anywhere from 30,000 Sqft-300,000 sqft 15-100+million  New York Tristate area. I work with family owned self-storage businesses and been talking to a big buyer. Trying to get my cut though.", "replies": [{"id": "i24bkzl", "text": "Gotcha, thanks. I don't touch property in blue states for tax reasons, but best of luck with it.", "replies": [{"id": "i24hpal", "text": "You could also get a finders fee from the buyer if they\u2019re open to that.", "replies": [], "depth": 4}], "depth": 3}, {"id": "i24eamy", "text": "Make sure to get an agreement in writing before making the introductions. Lots of sellers try to avoid any brokers fees if possible. Better to learn early on they don't want to pay you instead of being burned at closing for wasting your time. Bill it as a consulting fee for all the additional due diligence you will help facilitate in gathering documents for the buyer and seller.\nIf this ends up being more than a 1 off transaction, then definitely get a broker license.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "i23rw0g", "text": "You could get it under contract and find a buyer and charge an assignment fee", "replies": [{"id": "i23sig7", "text": "Interesting idea Ill definitely be looking into this", "replies": [], "depth": 2}], "depth": 1}, {"id": "i23wlq5", "text": "@eitlot still marketing or have you awarded it. If you flip me the book, I can take a look (if available). My firm has done / is looking to do more self storage. Typical REPE fund structure", "replies": [{"id": "i23x2jn", "text": "DM me", "replies": [], "depth": 2}], "depth": 1}, {"id": "i24mxv8", "text": "It depends on the state, here in Florida it would be a felony.", "replies": [], "depth": 1}, {"id": "i24qcc7", "text": "Only if you want to get paid by a third party. If you\u2019re the owner you can of course sell on your own behalf, but to get paid a commission you need to be licensed.", "replies": [], "depth": 1}, {"id": "i24zkgd", "text": "Not sure of the laws in your state.  If legal, you you get it under contract, you could sell your contract (not the real estate) for an assignment fee, aka wholesale it.  I\u2019ve done this for years in Oklahoma on SFH, but they recently enacted a law against publicly advertising a property for wholesale, making it a little riskier.  I don\u2019t put things out to a mass list now, just ask a few of my good repeat buyers or buy it myself and immediately resell.", "replies": [], "depth": 1}, {"id": "i2wzkbz", "text": "If you want, shoot me a dm. Im a self-storage broker and can give you an opinion on evaluation. A lot of companies make low first offers when they think they could get a deal", "replies": [], "depth": 1}, {"id": "i4bhn4l", "text": "A broker can help you figure out how much the market is willing to pay for your business :)", "replies": [], "depth": 1}]