AMA - Buying The Neighbor's Land

Today’s question comes from Chandler who writes:

I was turned onto your podcast a little over a year ago and have received tremendous value from your insights ever since. Thank you for your consistent efforts to deliver information about the nuts and bolts of the real estate world.

A little over a year ago, I purchased my first storage facility. After completing a fairly substantial facelift on the property and aggressively managing the rates, I've been able to double my gross revenue from the time of purchase. However, even with the increased rates, the demand for my units continues to outpace my supply. I have no previous experience in construction, so the idea of an expansion project overwhelms me, but I don't plan to let that stop me.

The property adjacent to mine is a large tract of vacant land. I'd like to approach the owner about purchasing the property from him, but I don't want the potential price or terms of the deal to be influenced by the fact that I own the storage next door. Is there a way I can find out how much he wants for the land and make an offer on the property without disclosing my identity? Would this strategy even be appropriate, or am I overthinking the whole thing?

Thanks again for all of your help!

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Host: Victor Menasce

email: [email protected]