Self Storage Income

How do you get the best self storage deals? You’ll need self storage underwriting! Underwriting (AKA analysis) allows you to tell whether or not a facility is worth the price, how much you should offer, and whether it’s even worth buying in the first place. Plus, it’s not just about analyzing on-market deals. You can use our self storage underwriting model to find the “money on the table” off-market deals that most investors will miss. Today, we’re teaching you the first steps of how to value a self storage facility. Regardless of how a seller prices their facility, you MUST perform this analysis to ensure you get a good deal. AJ and Conner discuss the intrinsic vs. extrinsic value of self storage investments and how to control one of these factors so you ALWAYS buy deals with significant upside. We’ll touch on underwriting expenses, revenue, occupancy, and more, plus the one huge opportunity that most investors are missing out on today. Ready to buy your first self storage facility or expand to the next one? This is where to start!  What you’ll learn in today’s show: How to underwrite (analyze) a self storage facility to ensure it’ll make you money The “money on the table” variables you can’t overlook when analyzing storage deals  Why the “value” of a facility is NOT the same as what a seller prices it for  Why you should never, EVER assume the market will make your facility worth more One huge opportunity in self storage that most investors are running from  — Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Podcast Survey https://form.asana.com/?k=da0pR8v74pC8OEgx9dgKRQ&d=1203571084143207 Growing Wealth in Self-Storage 2.0 https://a.co/d/aRSKcSq SSI Live Event https://www.selfstorageincome.com/ssi-live-2024

Self storage investing ISN’T only for the United States. Our neighbors to the north might be a way better pick for your next self storage facility than down here in the States. Need proof? Today’s guest, Jason Koonin from Bluebird Self Storage, is getting higher occupancy and rents and spending $0 on ads with his Canadian self storage facilities. How is he doing it, especially since big facilities in the States are fighting tooth and nail to get any customer in the door? His self storage marketing strategy is a little bit different… First, how does someone new to self storage go from having zero experience to building A-class facilities across a different country? Jason shares how his self storage companies exploded in 2020 and 2021 and how they managed to survive 2022 and 2023. Not only that, Jason realized something that most self storage operators get completely wrong about customer acquisition—you DON’T need to pay for ads…at all! Through strategic self storage SEO, he’s bringing in customers at a fraction of the cost while most of his competitors are still trying to outrank him. We’ll also speak about the significant differences between Canadian self storage investing and American self storage investing and why now may be the best time to get into the Canadian market as their population grows, with VERY few self storage facilities to match the demand. What you’ll learn in today’s show: Why Canada might be the next best place to buy (or build) a self storage facility  How to get more self storage customers without paying a dollar for ads Jason’s self storage SEO strategy he uses to outrank even the biggest competitors in his market  What you MUST do as soon as you start building/planning to buy a self storage facility to rank #1 on Google Jason’s outlook for the self storage industry and what he’s doing to beat the competition Why development is starting to come back and good news for those in self storage acquisitions  — Forge Building episode Sunbird Storage Storagely

Building storage units is not easy, but if you listen to this episode, you’ll be more educated on the self storage development process than most investors out there. If you’re thinking of building a storage facility, this information is essential for you to make the best design decisions and avoid financial pitfalls that could sink your project before it even gets off the ground. Hamish Bell and Melissa Anderson from Forge Building Company join Conner today to talk about the self storage industry and what’s happening with development in 2024. With interest rates still high, more projects are being abandoned, but does that make now a bad time to build self storage facilities? What happens when the supply gets taken up due to all the delayed and canceled projects from today? We’re sharing our thoughts on this episode. Plus, we’ll be getting into the details of building storage facilities, from prices to designing and planning, getting the city on board before you break ground, pitfalls to avoid, and the process you must go through to begin, whether you’re a new investor or someone with previous development experience.    What you’ll learn in today’s show:   Self storage development 101 and why building storage is so different than other asset types Why more self storage development deals are being abandoned in 2024 Construction costs and calculating the price to build your next facility  Conversions vs. new build development and which is a better bet in 2024 Design and planning, plus the one thing you should do BEFORE you begin to build Advice for brand new investors to get started with their first new build facility  — Build with Forge Email Forge: [email protected] 

These two business school graduates may have cracked the code for self storage in big cities. By converting apartment tenant storage lockers into full-blown “micro” self storage facilities, tenants renting tiny units can easily walk a couple of blocks to store their bulkier items, WITHOUT paying the premium of storing at one of the big REITs much farther away. This duo has been so successful that they’ve scaled to sixty locations fast, and they’re not stopping anytime soon. Alex Harman and Peter Smyth, founders of Local Locker and White Label Storage, realized how profitable self storage could be when they were in business school. The problem? Like most students, they had very little money to go out and buy a self storage facility. After struggling to find convenient storage in their own market (New York City), they wondered if they could turn apartment basements into “micro” facilities for tenants like them. They threw together a rough and ready prototype facility, and…it worked! Now, with sixty facilities under the Local Locker brand and another sixty or so being managed by their team, they’ve tapped into the true success of small self storage. Today, I’m talking to them about how they started, the tech stack they use to run these “micro” facilities,” the operational problems they’ve had to solve, and why tiny storage units are crucial for dense cities.    What you’ll learn in today’s show:   How “micro” self storage could be taking over dense cities with limited space Scaling your self storage portfolio fast and why having the right tech is crucial  Systematizing your self storage operations, even if you’re a small facility  Why running a self storage facility yourself is rarely a good idea  Self storage “rules” you must follow to avoid troublesome tenants  Why many apartment tenants DON’T want to rent a unit from a REIT — Local Locker White Label Storage

Enter our survey for a chance to win a signed copy of AJ's NEW book!  Courtney Galyan has worn many hats. He’s been a real estate broker, worked in development, and even owned a pizza franchise. All of those made good money, but the problem was his time was being slowly sucked away. He wanted the “passive” income real estate provided along with the freedom NOT to have to be on-site, running the show every single day. The self storage business, although overlooked by most investors, was Courtney’s lifeline. After driving around a popular lake town and looking for facilities, Courtney and his business partner quickly realized how high the demand for storage was and how poorly most of the facilities were run. Through a commercial broker friend, they secured their first self storage deal, and it was exactly what they were looking for. Now, less than a decade later, Courtney has over 750,000 square feet of self storage—a massive amount for any investor to tackle. With eleven facilities across the South and the Midwest, Courtney has had to bob and weave through hot markets (2018-2022) and slowdowns (post-pandemic). He’s made some mistakes and learned some crucial lessons along the way he’s sharing today that any investor, even brand new ones, can take to heart to scale their facilities faster and get ready for this next market cycle.  What you’ll learn in today’s show: Why Courtney ditched his successful pizza franchise to invest in real estate (and specifically, self storage) The tiny, untapped tertiary markets that have massive pent-up demand for self storage Calculating the risk-to-reward for your business and why self storage makes so much financial sense  Why Courtney believes there’s even more demand for storage facilities coming  Self storage’s return to normal and why it’s EASIER to make decisions on investments now — Resolute Ventures Group Give Courtney a Call: 317-995-2187 📌 Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 🌳 Work with someone experienced in self storage loans at Live Oak Bank! https://www.liveoakbank.com/business-loans/self-storage/?RefId=L_RF_SSI&utm_source=vanity-url&utm_term=incomepodcast 🎙️ Do you have a great story to share on the SSI or AJ Osborne podcasts? You can now apply here! https://form.asana.com/?k=TGU88eU0bFTFW1iHcckuTA&d=1203571084143207 📖 Get AJ's new book that teaches you everything he knows about self-storage https://a.co/d/aRSKcSq 🎫 Tickets are available NOW to the SSI LIVE 2024 event! This September in Coeur d'Alene, Idaho https://www.selfstorageincome.com/ssi-live-2024 

Do you know what makes you money in the self storage business? Management! If you get your management and operations right, you’ll see your revenues jump, your occupancy rates increase, and less turnover from your paying customers. After running our $250,000,000 self storage business, we’ve learned a thing or two about making a facility perform the best (and what makes the most money). Conner is back this week to walk through ten crucial self storage management tips beginners can use to make their facilities more successful. We’ll hit on increasing revenue, why occupancy ISN’T as important as you think, the metrics you must be tracking, and why thinking of ways to fail makes you more successful. With the storage industry becoming more competitive, this is something you CANNOT afford to drop the ball on. Get this right, and you’ll scale your self storage investment portfolio faster and with fewer headaches. Get it wrong, and you could be stuck with expensive, underperforming facilities until you course-correct. Whether you’ve got one facility, twenty, or are just starting to invest in self storage, these tips could get YOU to the next level. What you’ll learn in today’s show: Ten crucial self storage operation tips that will make your facility more successful Why occupancy rates AREN’T everything (and what you really should focus on) Following the “PACE” framework to ensure your facility doesn’t fail  What to do when you have a limited budget but want to improve your facility How to beat your competition by zeroing in on the “details” of self storage  Why you DON’T want to invest in self storage by yourself  — Enter our survey for a chance to win a signed copy of AJ's NEW book!  Get Your Tickets to the Self Storage Income Live Event!  Apply as a Guest   

This might be the biggest, best self storage conversion we’ve ever done. We turned a $4.5 million bankrupt building into a $30 million self storage facility. And here’s the thing: we could have NEVER done this if we were building from scratch. This was a needle in a haystack, and today, we’re sharing how we found it, why other investors overlooked it, and the problems, profits, and lessons from it. Not only was this building massive, but it’s also now one of the most tech-first self storage facilities we’ve ever owned. We had to be really patient with this one. It took FOUR YEARS to get this facility open, and now, we can finally discuss the final numbers and details with you. If you want to make HUGE wealth-building leaps, then stick around because we’re talking all things self-storage conversion and the traps to avoid on your next deal. We’ll explain how we picked up this deal for far less than it should have cost, why we went a million dollars over budget, why we changed our layout and made more money because of it, and how we did it all while storage rates were falling, interest rates were rising, and investors were running away from big deals in fear.  What you’ll learn in today’s show: How we turned a bankrupt building into a self storage facility worth tens of millions  Why you MUST buy when the rest of the industry is sitting on the sidelines  How to avoid the development “traps” that’ll lose you money in self storage  The importance of checking zoning BEFORE you buy and why it’s crucial to get this right  Why we went a million dollars over budget during this ONE project  — Enter our survey for a chance to win a signed copy of AJ's NEW book!  Listen to the AJ Osborne Podcast  Send Us a Question: [email protected]  Watch Our Videos on This Conversion 

Owning a storage facility is not for the faint of heart. Yeah, you’ve got the everyday headaches of late payments, locked-out customers, and the occasional pest problem, but that’s NOT what we’re talking about today. Conner is flying solo on today’s show to share some real footage of what’s (only recently) gone wrong at our facilities. And if you’re looking for your first self storage investment, you CAN’T miss this. What happens when someone is living in a unit? Or, even better, what happens when they burn down your units while they’re living there? How about a trash pickup truck smashing through your front gate? Trailer theft? Tenant-on-tenant vehicular damage? We’ve got it all in today’s show and have the photos and videos to prove it! Want to know what it’s REALLY like owning a storage facility? Then don’t miss this episode. Plus, if you’re a storage operator who wants to see how the biggest and best facilities take care of huge headaches like these, stick around for Connor’s tips toward the end!    What you’ll learn in today’s show: What owning a self storage facility is really like (and all the problems we deal with!) Why you should ALWAYS tell your trash pickup service to WAIT for the gate to open What to do when a tenant who’s (illegally) living in your facility burns their unit down Why you NEED security cameras set up throughout your facility from the start   Inspecting your units regularly and how this can save you massive amounts of time and headache  The systems and processes to put in place NOW so you can deal with these incidents  Why it’s all worth it, and self-storage is still one of the BEST assets to invest in! — Inner Circle  Enter our survey for a chance to win a signed copy of AJ's NEW book! 

The self storage industry is changing. Back during the Great Recession, small self storage investments tanked. Their revenues fell off a cliff, customers consistently went without paying, and there were no buyers or banks to bail out the owners. Since then, self storage investing has changed in a big way. REITs are growing with towering self storage facilities everywhere in big cities, and their next big target? Small self storage investments. This poses an interesting opportunity for inventors: if you get in early enough, your facility could see a massive increase in value and even interest from a REIT. So, what should you be doing NOW to capitalize on this coming change in the self storage industry? Small self storage investing expert Jeremiah Boucher, founder of Patriot Holdings, joins AJ and Conner LIVE to go over the opportunities, threats, and “landmines” to watch out for when buying a small self storage facility—which could be your first or next investment! Plus, Jeremiah even shares EXACTLY what you should do TODAY to a small facility to increase its value before the REIT next door comes knocking.  What you’ll learn in today’s show: The huge opportunity in small self storage investments that you MUST be on the lookout for How the self storage industry has changed and why small markets could house goldmine self storage facilities  What to do TODAY to increase the value of your next self storage facility  The “landmines” to watch out for BEFORE you buy a facility (these WILL cost you) Biggest threats to self storage investors and how to get around them  Why REITs are quietly searching for small facilities and markets to invest in   — Finding Your Edge: How to Win at the Game of Commercial Real Estate Investing Enter our survey for a chance to win a signed copy of AJ's NEW book! 

At just twenty-seven years old, Dillon Leonard has reached financial freedom. How’d he do it? By tenaciously identifying, acquiring, and improving self storage facilities. Within four years, he’s built his self storage business to 800 doors, and he’s done it all by buying storage units in small towns that you’ve probably never heard of. How did he succeed so quickly, and what does he do that sets him apart from the competition? He’s sharing his “simple” secrets today! Dillon had one goal—to reach financial freedom so he could spend time with his family. While working as a firefighter, he began building a residential real estate portfolio. One day (ironically), a tenant burned his property down. Dillon had it with tenants and toilets and realized self storage was the business he truly wanted to be in. If you’re just getting started in self storage investing, Dillon delivers a masterclass on finding, acquiring, and running small facilities. If you follow his lead and put in the work, you, too, can reach financial freedom in just a few years!  What you’ll learn in today’s show: How to find financial freedom FAST by building a self storage business  Why Dillon gave up rental properties and got into self storage investing  How Dillon runs seven facilities (remotely!) in rural areas  Competing with REITs and how investing in smaller markets can yield bigger rewards  Raising rents and how Dillon has managed to keep high occupancy while charging more Buying the competition and the “relationship marketing” Dillon uses to acquire new facilities  — Growing Wealth in Self-Storage 2.0 Connect with Dillon

Looking for off-market self storage for sale? Wondering how to get around the high down payment self storage investing requires? How do you measure demand for an area you’ve never invested in? Today, AJ and Conner are answering some of the most commonly asked self storage investing questions so you can get your first or next facility even faster. Think of this as a “Self Storage Investing for Beginners” FAQ session as we get into the nitty-gritty of finding deals, measuring demand, raising down payments, increasing revenue, and more! If you’re still searching for your first facility, worry not. AJ details the exact method he used to get his first small off-market self storage facilities and how to get an owner to ask YOU to buy the property from them. We’ll also get into measuring demand and whether you should use software or go “secret shopping.” Will a ten-percent down loan pencil out for your next facility? And speaking of down payments, how do you raise the six-figure sum you’ll most likely need to buy your first self storage investment?  We’re answering all those questions and a whole lot more in this episode!  What you’ll learn in today’s show: How to find small, off-market self storage facilities in your area (and get owners to sell to you!) Measuring demand BEFORE you buy a facility and how we know a market is worth it Whether an SBA ten-percent down loan is worth it (and if you can even use one) Why you DON’T need to wait to save up a down payment to invest in self stoarge  Exactly what we do within the first thirty days of owning a facility to increase its value Signs that a facility has poor management and could have significant value-add potential  Raising revenues on your first or next facility through smart asset management Self storage smart locks and how they’ve been working at even our biggest facilities  — Growing Wealth in Self-Storage 2.0 Episode 250. The Self Storage Industry is Starting to “Thaw” (Take Advantage Now!) How to Find Off-Market Self Storage Deals in ANY Market My Most Profitable Self Storage Investing Strategy (with numbers)

Think you’re too late in the game to get into self storage investments? Feel like you can’t give up that career you took decades to build to take a shot at achieving financial freedom? Today’s guest is about to fire you up! At age fifty, he took a giant leap, quitting his chiropractor practice of over twenty years to go head-first into real estate investing. In just four years, he was able to buy six self storage investments, and he’s not stopping anytime soon. And if you feel like your career’s clock is ticking, and self storage could be your way out, Russell Nersesov is the guy to listen to.  In today’s show, Russell talks about leaving his stable career to pursue something else, how he’s finding deals even in today’s tough market, why he makes offers on everything that could work for his portfolio and the two things EVERY investor should be looking for when trying to find self storage investments. Russell even flips the interview, getting AJ’s take on some of the most crucial questions self storage investors are wondering about. You’ll hear why brokers are finally starting to get “realistic” with their prices, the “readjustment period” sellers are going through, and how to have the confidence to buy when everyone is telling you to wait instead (BIG mistake!).  What you’ll learn in today’s show: How to change your career later in life and start investing in self storage today Why Russell invests in small markets with low competition and high upside  Russell’s secret to getting more deals and how he bought six facilities in just four years! How Russell remote manages his facilities while achieving an incredibly high occupancy rate The changing self storage market and why the past four years have been like nothing we’ve ever experienced Buying during down times and how to be greedy when everyone else is fearful  Growing Wealth in Self-Storage 2.0 Episode 193 - Remote-controlled Facilities, Spiraling Debt, & "Now is the Time to Develop" - w/ Mike Burnam Safe Storage USA Follow Russell on Instagram 

The self storage industry is starting to “thaw” as renters return and occupancy begins to rise. But this isn’t happening at every facility. Many self storage operators are still struggling to get new customers in the door, and if your facility is having the same problem, this episode is exactly what you need. We’re peeling back the curtain and sharing exactly what we’re doing to raise occupancy, beat our competitors, and get units rented before the busy season ends. Last week, we talked about a return to “normal” for the self storage industry, with significant year-over-year storage demand drops. Now, it seems that we’re finally getting our busy season back as May rolls in and more facilities experience a seasonal boost. If you’re not taking advantage of this, you need to act fast. Not doing so could force your facility into higher vacancy for longer while your competitors take the customers passing you by. We’re sharing our portfolio stats, the strategies we’re using to increase occupancy, and the operational changes we’re making to bring customers back. If you follow our lead, you could see your facility start to fill up fast this summer! What you’ll learn in today’s show: Why the self storage industry is starting to ‘thaw” and why 2025 - 2027 may be the best years yet Exactly what we’re doing right now to bring in more customers and keep occupancy high Our actual self storage facility stats and why we saw a big uptick in May rentals Operational changes you MUST make if you want to have high occupancy at your facility Whether or not lower interest rates will reignite the hot housing and storage markets Metrics we’re watching closely that point to low or high occupancy rates Get my new book that teaches you everything I know about self-storage- https://a.co/d/aRSKcSq  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 📌 Ready to buy storage? Have your deals personally evaluated by AJ and our team! https://www.selfstorageincome.com/feasibility 📉 Take advantage of today’s market conditions and invest with us- https://cedar.cc/invest 

Self storage rates see a severe year-over-year decline as owners brace for even more supply to come on the market during dwindling demand. What’s happening, and which markets are the most in danger? In this episode, we took some of the latest self storage industry stats on rates, demand, supply, and new construction to answer the question: Why are self storage rates falling, and when will they come back up? We even have data on the hardest-hit metro areas that YOU should watch out for. We could be returning to “normal” as the booming demand from a few busy years starts to dry up. Markets that saw massive population growth are beginning to settle down, but all those shiny new self storage facilities are still around. If you’re a self storage operator in a market experiencing dying demand, what can YOU do to ensure you beat the competition? We’re sharing our secrets on how we make MORE money EVEN while dropping rates in today’s episode.  Got some unusual unit sizes at your facility? Changing your layout (if possible) could result in a considerable difference in occupancy. We’ll talk about a recent development deal we did that could have gone south very quickly if we hadn’t changed to THIS type of unit size layout. So don’t sit around waiting for customers to fill up your facility; do what WE’RE doing NOW before it’s too late! What you’ll learn in today’s show: Latest storage industry stats and why street rates fell so much over the past year The self storage markets that are faring the worst and seeing the biggest price drops How high inventory can kill a self storage market and areas to steer clear of  Why unit size demand changes over time and how to adjust with consumer preferences How to make more money even with lower demand and falling street rates  Why casual self storage operators might not make it in 2024, but the real “business” owners will Get my new book that teaches you everything I know about self-storage- https://a.co/d/aRSKcSq  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 📌 Ready to buy storage? Have your deals personally evaluated by AJ and our team! https://www.selfstorageincome.com/feasibility 📉 Take advantage of today’s market conditions and invest with us- https://cedar.cc/invest 

Get my new book that teaches you everything I know about self-storage https://a.co/d/aRSKcSq  In the past 4-5 years, so many new investors have come into the storage industry (which I love). However, the issue is that all of these new investors came into the industry when self-storage was at its absolute peak. It means that for the past few years you could basically just buy a facility and it would increase in value simply because there was so much demand for self-storage. Back in 2020, I called it the self-storage bubble, and now the bubble has popped. In this episode, I talk about my BRAND NEW book that just released (June 2024). This book is the 2.0 version of my first book and took me over 2 years to write. It literally contains everything I could fit into those 450 pages about the storage industry. If you want a sneak peek of my book - this episode is for you. Lastly, I just want to give a special thank you for all of my podcast listeners throughout the years. It’s because of you that my first book hit the Amazon Best Seller and inspired me to write the second book. Now the 2.0 version hit Amazon Best Seller again in less than a week. So seriously, thank you. Thank you for being a listener throughout the years and for helping turn Self Storage Income into what it is today. Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 📌 Ready to buy storage? Have your deals personally evaluated by AJ and our team! https://www.selfstorageincome.com/feasibility 📉 Take advantage of today’s market conditions and invest with us: https://cedar.cc/invest 

In this episode of the Self Storage Income Podcast, we delve into the crucial aspects of raising capital and working with partners and investors. Join us as we explore proven strategies for securing funding, building strong investor relationships, and leveraging partnerships to grow your self-storage business. We emphasize the importance of recognizing that you can't do it alone – working with others not only broadens your resources but also creates opportunities for people to invest alongside you. This episode offers valuable insights and practical advice to help you navigate the complexities of capital raising and partnership building, whether you've never invested or have dozens of times. Tune in to learn how to maximize your capital, foster collaborative success, and take your self-storage investments to the next level. Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 📌 Ready to buy storage? Have your deals personally evaluated by AJ and our team! https://www.selfstorageincome.com/feasibility 📉 Take advantage of today’s market conditions and invest with us: https://cedar.cc/invest  

Self storage investing vs. multifamily investing: Which wins in 2024? With the popularity of rental property investing rising over the past few years, competition has remained hot for beginner investments like duplexes, small multifamily properties, and house hacks. But if you’re looking to grow your money the most, is self storage a better pick? Would you rather deal with a few tenants and toilets or hundreds of customers simultaneously? We’re breaking down each of these investments piece by piece, from the prices to buy each investment property to raising the property value, cash flow, evictions, auctions, competition, appreciation, and more. Both self storage and multifamily real estate have huge benefits for those willing to put in the work, but is the stress of a midnight toilet call from your tenant worth the benefits that residential real estate provides?  Plus, if you think you don’t have the money to buy a commercial real estate investment, think again. We’ll share examples in this episode of how you can buy a self storage facility for less than a duplex in your area. Don’t believe us? Stick around, and we’ll show you precisely what we mean! What you’ll learn in today’s show: Residential real estate vs. self storage investing and which is a better buy in 2024 Property price differences and how it may be even cheaper to buy a self storage facility in your area More units = more problems? Why it’s easier to have a hundred customers than ten tenants  Evicting tenants and the considerable benefit self storage has that multifamily can’t beat  Forced appreciation and how to use self storage to boost your wealth Multifamily vs self storage competition and which is easier to buy in today’s market 

The self storage industry is changing. From the Great Recession through 2021, those who bought self storage facilities saw massive rent growth, impressive appreciation, and, at times, a seemingly endless supply of renters. As the American population began to move after the lockdowns, self storage only became more attractive, and facilities were filling up left and right with occupancy rates and rents exploding. But now, things have changed. Over the past two years, self storage operators have been hit hard. Rent drops, vacancy, and increased competition took away the “passive” income part of self storage investing. Thankfully, those who treated their facilities like businesses survived, while the casual investors either bit the dust or sold to stop the bleeding. Time-tested investors Andrew Freeman and Jon Marshalla from KO Storage were able to roll with the punches and survive a tough self storage market. Today, we’re talking to Andrew and Jon about how they built their portfolio from zero facilities to over two hundred, plus the markets they’re targeting as the “mom-and-pop” investors slowly sell and large operators “consolidate” what’s left of the smaller facilities. Andrew and Jon even share what they’re seeing in 2024 and how they’re pivoting to control the controllable and not only survive but thrive as the storage industry continues to change. What you’ll learn in today’s show: Why Andrew and Jon ditched multifamily real estate to build a massive self storage portfolio The “lost year” in the self storage industry and why so many operators got hit hard in 2022 One CRUCIAL part of your investing strategy that cannot be overlooked The “acquisition runway” causing mom-and-pop ownership to dwindle  Why small markets, not big markets, might be even safer to invest in  Andrew and Jon’s 2024 plan to buy even more as deals become challenging to find  Previous Episodes with Andrew & Jon Episode 105 with Jon and Andrew Episode 142 with Jon and Andrew Where to find more about our guests!  Andrew LinkedIn Jon LinkedIn Enjoy this podcast? Leave us a great review wherever you listen!  Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 

Today’s guest built a twenty-five facility self storage business in just two years! Even more impressive? He didn’t come from a real estate background, yet he was able to build a serious storage portfolio across multiple states, all by “taking the punches” as they came. If you want to quit your job and start investing full-time, this is an episode you CANNOT miss. You’ll hear how Faraz Hemani left his high-paying Google job to invest in small-market, mom-and-pop self storage facilities.  The question is, did it pay off? After making some good income at his tech sales job, Faraz needed somewhere to park his money. Like most people, he thought rental properties were a great option, but as the market began to climb, Faraz realized that he had no control over whether his portfolio’s price went up or down. He sold off his rental properties and found an asset he could control—self storage. Now, two years later, Faraz has a self storage portfolio of over twenty-five facilities across the southern United States. How did he scale up so quickly? Which markets is he targeting? And how does a complete novice get that many facilities so quickly? If you want to learn how, stick around for this episode as Faraz shares his buy box, favorite markets, and which facilities small investors should target. What you’ll learn in today’s show: How to quit your job and build a self storage business (and whether it’s worth it) Why self storage beats rental properties IF you can master THESE skills Faraz’s exact buy box and the “mom-and-pop” facilities new investors should look for Why Faraz DOESN’T buy in the big cities but sees huge success in smaller towns  Syndicating, raising private capital, and when it’s time to take on investor money The truth about entrepreneurship and why 99% of people CAN’T handle it  Faraz’s LinkedIn Pebble Ridge Capital Group  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Check out Storelocal! Our national self storage brand.  https://www.storelocal.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Wondering how to start a storage business with no money? Surprisingly, most self storage investors start out with no or low-money-down deals. Even the wealthiest of storage investors rarely pay for a property in cash or use their own money to make the down payment.  Self storage DOESN’T require you to have millions and millions of dollars to get started, and in this episode, we’re showing you exactly how to build your self storage portfolio when starting from ZERO. There are a few strategies you’ll need to know before you can buy your first zero-dollars-down storage facility. If you’re able to master these, you can easily pick up a storage facility for very little money down or sometimes zero dollars out of pocket. Want to use other people’s money to pay for your deals? AJ and Conner go over the two parts of raising money and how to raise capital once you’ve got a deal in hand. Do NOT let this tough market go to waste. Now is one of the EASIEST times to get no and low money down self storage investments done! So tune in, and get ready to execute (even if you’ve got NO money!). What you’ll learn in today’s show: How to start a storage business with no money or very little money out of pocket Why now may be one of the BEST times to get seller financing on a storage facility  The exact strategy AJ used to go from no facilities to hundreds of millions in self storage  Beginner steps we would take in 2024 to get our first storage facility deal done  Raising capital for your deals and how to get investors to put up the down payment Why you should always look for the deal first BEFORE you worry about the money What we mentioned: Finding Deals Buying Deals   Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Check out Storelocal! Our national self storage brand.  https://www.storelocal.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

One type of commercial real estate is seeing skyrocketing demand right now: small bay industrial. Haven’t heard of it? You’re not alone. But for investors like Shea Lewis, one of our Inner Circle students at Self Storage Income, this often underrated type of real estate investment gives him great returns, high demand, and rock-bottom vacancy. But what is small bay industrial investing, and why are so many businesses fighting for small bay space right now? If you invest in self storage, or plan to, this episode may change your mind entirely. In it, Shea goes through what small bay industrial investing is, why it’s experiencing “crazy high demand” in 2024, the deals he’s doing TODAY, and why you should get into the warehousing space BEFORE everyone else learns about it. Plus, most of the headaches of self storage investing almost disappear once you enter into small bay industrial warehousing. Want to invest in an asset that has locked-in revenue for YEARS? What about one that has almost unlimited demand? Shea will tell you exactly what you need to know to get into the game and his buy box for buying these cash-flowing commercial assets that most investors overlook! What you’ll learn in today’s show: Small bay industrial warehouses 101 and why they beat self storage in many ways The “crazy high demand” for warehouse space as small business growth explodes Shea’s exact buy box for finding and buying small bay industrial properties  The markets that have the highest demand for these assets and signs of a phenomenal deal  Small bay vs. self storage investing and the major headaches it completely avoids  The one thing you NEED before you start investing in this asset class Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/  Connect with Shea Lewis Here: https://www.linkedin.com/in/shea-lewis-92379365/  [email protected]  https://www.zequitygroup.com/   Videos mentioned in this episode: Cap Rates in Self Storage

Today, we’re going over how to buy a storage facility, even if you’re a complete beginner with zero experience in self storage investing. From pinpointing your purchase price to closing and finally getting the facility under your management, we’ll walk through the six beginner steps anyone can take to buy a self storage facility in 2024. If you’re ready to buy your first self storage investment, these steps MUST be followed! Haven’t found a facility to buy? Tune into last week’s episode, where we went over exactly how to find off-market self storage facilities with the most profit potential. Once you’ve found the deal, the fun really starts. In this episode, AJ and Conner share how they come up with offer prices, why they NEVER trust a broker’s “pro forma” number at first glance, and the contracts you need to have ready when you want to get a deal done. But before you close, there’s still work to do. We’ll discuss due diligence, how to exit a deal when things aren’t what they seem, closing, and what to do as soon as you send over the money so you can hit the ground running on your first facility. What you’ll learn in today’s show: How to buy your first self storage facility even if you have zero experience  Calculating your purchase price and why you CAN’T trust the market  What brokers will tell you to convince you to buy a facility that ISN’T worth it  LOIs (letter of intent) and PSAs (purchase and sale agreement) and when to use them Everything you need to do during your “due diligence” timeline to confirm the deal is worth it How to ensure a smooth transition when you finally take over your first facility!  How to Find Off-Market Self Storage Deals in ANY Market How to Value a Self Storage Facility - Don't Overpay!   Enjoy this podcast? Leave us a great review wherever you listen!  Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/   

In this episode, we’re diving into one of the most frequent questions we get: how to find self storage deals.  We’ll share the five-step guide AJ uses to find self storage deals in 2024 and show YOU how to copy it so you can get your next home run off-market self storage deal. If you’re waiting for your first or next self storage facility, this is EXACTLY where to start! You’ve heard us talk about buying and managing self storage facilities, but where do we even find the ones we want to buy? Unlike rental properties, there isn’t some mass listing site that shows every self storage facility for sale (although many companies have tried). Most self storage deals are done off-market or pre-listing through a broker, meaning that you never even have the chance to see the deals getting done. If you want to learn the expert secrets on how we’re finding self storage deals in today’s highly competitive market, bring a pad and some paper and copy our strategy. What you’ll learn in today’s show: How to find your first or next self storage investment, no matter what market you’re in Building your “buy box” and how to know what you want your first or next facility to look like The geographic “opportunities” that point to a solid self storage investing market  How to “rank” the facilities in your market to see which has the highest profit potential  The ONE thing you need to bring to EVERY broker in your area if you want self storage deals sent to YOU How long it could take for you to get your first self storage investment under contract Enjoy this podcast? Leave us a great review wherever you listen!  Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 

Everyone wants to know how to be a leader. They want the big business, the money, the ability to turn a scrappy team into top performers. But here’s the reality—99% of people don’t have what it takes to become a leader because behind the private jets and huge deals getting done are mountains of failure that most people will never see. So, do you have what it takes to become the next great leader? In this episode, we’ll discuss the three levels of leadership. If you run a self storage facility, you’re likely at one of these levels. Whether you have 100 or 10,000 doors, you need these leadership skills to take your business to the next level and, more importantly, weather the storms that come with leading a team to greatness. Let’s get into it! What you’ll learn in today’s show: The three levels of leadership and why 99% of people won’t make it to the top Why you MUST be comfortable with failing if you want to grow your business  What to do when one of your team members/employees is failing  Hiring, firing, and how to tell if one bad employee is ruining your business  Putting the business first and taking yourself out of the decision-making  How not knowing everything makes you an even better leader  Enjoy this podcast? Leave us a great review wherever you listen!  Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 

The supply of housing is directly tied to the demand for self storage. The more people are moving, the more people tend to need a storage unit. But what happens if the housing market is being crazy, like it is today?    Subscribe for market updates, tips, and more! The housing crisis is not just a matter of super high prices. Since price is a function of supply and demand, and the demand of homes is higher than ever, the last piece is: supply! You solve the crisis by building more houses. There's not a low enough interest rate or tax benefit that can magically add houses onto the market. How does this affect storage? Let's break it down! Enjoy this podcast? Leave us a great review wherever you listen!  Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 

Big REITs can raise and lower prices whenever it suits them - but is this actually the best way to treat your customers? We don't think so. Instead, we focus on operations - how can we improve, so the customer gets a better product?? Our operations team has been visiting our facilities to look at what we can do to improve the value we provide to customers. Are we missing a piece of equipment that would make cleaning easier? Are we making sure we respond to customers' concerns in a timely manner? Then, how do we pass this feedback along from customers to employees to managers?  These are all critical areas of day-to-day business that hugely impact our customers' experience. This is how we compete with the big REITs. They have the means to slash prices that many operators cannot afford. But what you CAN do is to IMPROVE the value you provide for the money.  If $90 can get you a bigger unit for the same cost as a smaller one, making this known to your customers when they're looking to purchase can be a huge win and help you stand out from the REITs that move you in at $50 then jack up the prices in a few months. As a customer, which company would you think more positively about?  We talked about the Pros & Cons of buying out of state in a recent YouTube video, but in this episode, we dive deeper into the ins and outs - the caveats, the behind-the-scenes - of how we manage our facilities despite them being hundreds of miles away. Enjoy this podcast? Leave us a great review wherever you listen!  Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 

Self Storage was hit during the COVID-19 shutdown. But during that time, storage saw a surge in demand, which put it ahead of many other asset classes. It reacted in a way that many thought not possible in a recession.   But the problem is, the industry reacted very strangely. There became an assumption that you can succeed in storage with very little effort or improvement. As the economy shifts back towards the pre-pandemic normal, this approach HAS to change. The market will not simply work in your favor "just because."   In this episode, we talk with Dane Elefante about how the industry has shifted in recent years, but more importantly, how the shutdown impacted the mindset of storage owners and operators. And how that no longer works today.   Dane is the Chief Operating Officer at Platinum Storage Group. He has 16 years of commercial real estate experience in the self-storage property sector, and leads the firm’s data analytics business to integrate property-level, portfolio-level, and market data to inform sub-market location and design decisions. Learn more about Platinum here: https://platinumstorage.com/  Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 

It's real. It's talk. It's Real Talk w/ AJ. Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Storage tech has not kept up with the times - just think: how easy was it to book a storage unit vs booking a flight? Or ordering off of Amazon?  Large companies have condition us, the consumers, to accept new methods of paying for goods and services. We have contactless payments, Apple/Google Pay, Amazon Prime Two-Day shipping, and many more. But what does this have to do with self storage? We brought back Lance Watkins, the CEO of Tenant Inc., who specializes in self storage management software and technology. His expertise in the field allows him to point out several common weak points that the storage industry suffers from compared to other businesses today.  Stroage operators are missing out on all the technology advancements of the last decade. It's now possible to rent your facility completely contactless, cancel or move out of your unit, and have that listing be reposted to your website for a new renter.  How are YOU using tech to make your facility more efficient? As a customer, is it REALLY easier or did it just complicate your life? You have to think about this when you buy, invest, or even rent from a storage facility.  Check out Lance's company Tenant Inc. (who is also a regular podcast sponsor here!) - https://www.tenantinc.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Cell towers play an integral role in our modern world - but they also impact the self storage industry directly. We bought a facility years ago that had a cell tower onsite. We put $800K down, but in the first 2-3 years, we received $500K back utilizing the cell tower on our property.  Today, we bring back Hugh Odom, co-founder & president of Vertical Consultants. He works with property owners presented with cell tower leasing opportunities. Understanding the true value of that lease agreement can impact not only where the tower is, but your surrounding property as well. Hugh brings his years of experience as a lawyer from AT&T - he knows the book inside and out. Cell towers can be a GREAT play - BUT the people in the mobile technology industry know exactly what they're doing - and how they can beat you.  So how does a property owner take on this kind of company? This, and much more in this week's episode of Self Storage Income!  Check out Hugh's business here! https://www.celltowerleaseexperts.com/  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Like any industry, self storage has recently adopted the idea of "promotional pricing." Think "first month's rent" for housing or "device trade in credit" for buying the newest smartphone. At some point, it is just too good to be true.  There's a fine line between "promotional" and "false advertising." Attracting the right customer base - and getting them in the door the RIGHT way - is what Conner and Jesse Harmon talk about in this episode of Self Storage Income. Jesse recently got back from the Tenant Inc. Innovation Conference, where there was a lot of discussion on customer acquisition, customer service, and the role of AI in revenue management. The overwhelming consensus in the industry (particularly the REITs), is to lower prices, get people renting, and then jack up prices. But that takes the choice away from the consumer (and as a consumer, you may feel swindled or ripped off. Rightly so!). Questionable ethics aside, is this really a sustainable long-term strategy? Is there any other way?  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Check out Storelocal! https://www.storelocal.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Single Family homes and Self Storage facilities are drastically different assets. They are both a solid path of investment that can yield great returns. And as a homeowner (or a prospective one), self storage may seen complicated and out of your price range. Like Mike, you may be a homeowner with 1 or multiple properties. He is an ex-corporate worker in the Charolette, NC area and used to be a player in long-term/short-term rentals for Single Family homes. Barely making it out of 2008, he eventually ended up in storage. Three years ago, Mike bought his first Self Storage facility, a small deal under 10,000 sq.ft, moving up from there. Mike's story is inspiring and provides great insights into the nuances of being a new storage owner. Are you ready to take on the challenge? Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Self storage marketing is one of the most CRUCIAL parts of owning a facility, but most self storage operators completely overlook it. They hear words like “branding,” “advertising,” and “SEO” and become frozen, so they stick to drive-by marketing and running ads in the local newspaper. This WILL NOT work in 2024, and with vacancies still running high across the country, the ONLY thing that will save you is self storage marketing done RIGHT. Luckily, we’re about to show you exactly how to do it. We’ve tested these self storage marketing ideas for over a decade, beating the local competition AND the REITs at their own game. And if you’re struggling to fill up your first facility or seeing your whole portfolio stagnate, slowly losing customers to the self storage facility next door, this is a show you CANNOT miss. We’re going to tell you exactly what you need to do to get in front of new customers, close the sale, and fill up your facility in 2024.  What you’ll learn in today’s show: How to start marketing your self storage facility so customers find you TODAY What to do when a REIT or big facility moves into your local market  Why small facilities MUST “play a different game” to get their doors rented  Our surprising finding about intro rates that completely blew our minds  Why your self storage facility name (probably) doesn’t matter as much as you think How to use branding to break into new markets (EVEN if they have high competition)  Want more free education & market insights? Search "Self Storage Income" on YouTube! Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Buying self storage can sounds like an impossible task for a beginner, right? Well, we’ve bought dozens of facilities, even when competition is tight—and we’re showing you what we see in the market today so YOU can acquire your first or next storage deal! Your next self storage facility is closer than you think! But before you get into self storage, you need to know what you want to buy. We’ll detail how to build an investing “buy box” that’ll help you get the EXACT self storage deals you want sent straight to your inbox. Finally, the rookie mistakes that SO many make when closing on a property and how falling into these traps can ruin your real estate investing future and blacklist you from getting any more deals. If you’re ready to start investing in self storage in 2024, this episode is for you. Want more free education & market insights? Search "Self Storage Income" on YouTube! Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

The Fed chair Jerome Powell decided to stop interest rate hikes. It's in the news, it's what's trending - but is it accurate? If so, what are the effects on storage?   The potential rate drop creates a weird dichotomy. Despite wanting GDP to drop, and for unemployment to rise, the Fed changing its tune is surprising. Recessions are the most effective way to stop inflation...when it works. It's also an election year: historically, the Fed has only changed rates once before an election. It threatens the politics involved, and they want to step back.    If they're going to do something, they have to make a decision quickly.   In self storage, this affects more than just the price of a storage unit. This can hit maintenance costs, building/renovations, staffing costs, advertising, and much more. Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Starting over every since year (New Year, New Me) can actually be a bad thing. Why? Because resetting your own progress can actually lead you to regress, not progress.   I n this episode, AJ and Conner talk about how to CRUSH your storage goals in 2024. We started out with a facility FIRE. Without our strategic approach to handling crises based on our past experience, it could have been a disaster.    The article we talked about: https://usinsider.com/when-disaster-strikes-aj-osbornes-blueprint-for-self-storage-resilience-in-response-to-cleveland-fire/  It's SO important to reflect and analyze your own goals and progress, so you don't make repeated mistakes. So what's the best balance between analyzing for improvement, and at what point does it negatively impact your goals? Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Commercial lending is a mess. Interest rates are up, deals aren’t getting done, and banks are becoming very selective with who they lend money to. And whether you’re a beginner or a veteran investor, you’re feeling the sting of struggling to find the money to make your next deal happen.    But what if we told you it wasn’t impossible to find funding even in 2024’s tough real estate market? What if you knew exactly what a bank wanted BEFORE you brought them your deal? How easy would funding be then?   In today’s show, we brought on Vice President of Capital Markets at Cedar Creek Capital, Ben Benditson, to share what investors NEED to know about today’s interest rates, predictions for 2024, and how to get a loan on your next self storage deal, even when everyone else is telling you it’s impossible.   What you’ll learn in today’s show:  - How rising interest rates destroyed demand and occupancy for many self storage operators   - “Semi-black swan” events that changed the real estate market forever  - What lenders want to see from you NOW to lend on your next deal  - DSCR explained, and the one metric banks NEED to see   - Alternative commercial lending products that’ll help you get a deal done WITHOUT the banks    Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have your deals personally evaluated by AJ and our team!  https://www.selfstorageincome.com/feasibility  Take advantage of today’s market conditions and invest with us:  https://cedar.cc/invest

Missed Part 1? Check it out here: https://youtu.be/0Q_aD48I2qM  The Business of Self Storage includes all the important Core Departments that makes the wheels go round. We're talking about legal, accounting, acquisitions, technology, and more. We talked about the day to day operations that happens at a facility in our previous episode. But there's two sides to it: the Business of Storage not only allows you be competitive, but it is required for you to acquire and maintain that property. You don't need to know how to do all of it. But you do need to know what to look for and to hire for. Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have our team do the leg work for you! Our feasibility studies: https://www.selfstorageincome.com/feasibility 

Investing in self storage is not a "passive" investment. It's about how the business is run. We talk a lot about the investment side of things, but what about the business itself?  In this 2 part episode, we focus on how the business side of self storage is executed, with our very own co-host Conner Skeen, who is the COO of our asset management side. He brings over key concepts and ways we approach managing the self storage business. He calls it, the 4 Pillars of the Self Storage Business. - Management - Customer Acquisition Process & Revenue Management - Maintenance - Core Departments We couldn't fit all the good knowledge and stories in one episode, so we're talking about the 4th pillar, our backend Core Departments, in the next episode. Follow the podcast so you don't miss that episode! Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have our team do the leg work for you! Our feasibility studies: https://www.selfstorageincome.com/feasibility 

Real estate took a hit in 2023. Many companies were laying off their deal acquisitions teams. Because it's true - real estate transactions are down massively. But deals still happen. 70% of our deals this year has been off-market deals. This looked very different just a few years ago. In this episode, we brought on Brian Mullally, our VP of Acquisitions from Cedar Creek Capital. We talk about key aspects, such as - Effect of 2023 - Why Buying Criteria is important - Challenges and notes going forward in 2024 At the end of the day, we are a value add company. That's our strategy. It's what we've used to great long-term wealth and build our ecosystem of products. With this endgame in mind, we diligently pursue deals no matter the market conditions. And you should too. Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Ready to buy storage? Have our team do the leg work for you! Our feasibility studies: https://www.selfstorageincome.com/feasibility 

Since we have numbers and charts, this episode is better experienced over on our YouTube channel: https://youtu.be/-FYu86WdZSY  2023 SUCKED. It was a hard year for storage. We talked about how the market has changed in the last episode, but today, we want to see how those changes have affected our assets. Yes, we're sharing with you OUR NUMBERS and talking about insights. I can't control the market. You can't either. But what can we control to measure the true value of your assets? And just as importantly, how long will it take you to make changes?  Measuring performance according to a previously established plan can work well if you know how that performance is being affected. If performance is down because of something I did, then I obviously did something wrong. If it's down, but the market is what brought it down, then I need to be proactively adjusting the original plan.  That's what we did this year. We saw the numbers come in, and now we have to change our business plan just as the market has changed.  Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services

Want to take advantage of today's market conditions with us? Learn more: https://cedar.cc/ The Self Storage Market is now more different than ever. This is the first time we're seeing the impact of high interest rates in this industry. All the policy changes in the last year have culminated in us approaching storage in a way we have never before. What's going on with the self storage market? In this episode, Conner and AJ break down what they're seeing in their private equity side as well as the operations side. If you're an investor, owner, or wanting to get into it - this is a time of consolidation that will impact every corner of our industry.   Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services

When Jonas started investing in Self Storage, he sent out turkeys to storage owners in his area - TURKEYS - during the Thanksgiving season. He didn't use mailers or run ads, but was able to secure 3 deals, despite this unconventional "tactic." Our guest today, Jonas Duckett, now owns over 30 facilities that he acquired with his wife. His valuable insight into the dealmaking process is why we wanted him on our podcast - to share them with you!  Connect with Jonas! https://www.storeitquick.com/  Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services

If you want to get into the Self Storage investing game, you may be trying to decide if buying a pre-built facility is better than building one on a blank plot of land (or expanding an existing one).   Our guest Matt Wallace has extensive experience with just this. He transitioned from multifamily residential real estate to Self Storage, and had to go through many challenges and hoops to build a facility. Dealing with the city and the falllout of existing management was just the beginning.   Find out more about Matt: https://wealthfit.com/expert/matt-wallace/ Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services

Finding a self storage deal can be daunting. You know there's opportunity, but it can be hard to find unless you know exactly where to look.  In this episode, we talk to Shoiab Kabani, who first joined our Inner Circle community 6 months ago. He asked, "If I'm going to buy a facility, what do I focus on?" From there, he went into a learning deep dive, and applied his knowledge on his own. Now he's closing 3 separate deals in the SAME month. Incredible! Let's dive in and talk about what to look for when looking for a deal, like market conditions, your buy box, and the processes to use!  Learn more about Sho: https://www.linkedin.com/in/shoaib-kabani-a1b1b87  Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services

Buying your first storage facility is no easy feat. Today we talk with Ben to learn how he bought his first one. Ben Gottfredson started in his small town of St George, Utah, where he bought his first facility after being denied by banks repeatedly. He started with a small service business, but quickly realized the potential of self storage and thought it was worth being persistent for. We're talking what are some of the mistakes he wishes he didn't make, and what you should know if you are looking to get into self storage! Follow Ben: https://www.instagram.com/ben_gottfredson/ Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services

Self Storage is not just a real estate investment - it's a business. And it should be treated as one. "You don't have a business until you can go somewhere to 3-4 days and you company continues to make money." So today we brought A&E's Pace Morby on the podcast to discuss how he built his real estate business and is somehow able to manage it with his insanely busy schedule. If that sounds like what you are trying to do - build generational wealth WHILE balancing life & family - this episode is for you.  Pace breaks down what the most commonly missed things that made his business grow exponentially. Lessons from his mentor Jon Bohm (who coaches the Arizona Cardinals), from his experience on Triple Digit Flip, and from within his own business. In this LIVE episode of Self Storage Income (from our event), let's dive into what makes a business successful. Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership

Coming fresh off from our event, Conner and AJ discuss their main takeaways on what they learned, and what the next step looks like for them. What did we learn, and what are we seeing on the ground?  We have a UNIT FULL of exclusive episodes, including one from the amazing Pace Morby that we did live on stage, and many more than were never heard or seen before. Stay tuned! Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership

Ever wondered how to compare the profits in multifamily and self-storage real estate? Join us in this episode as we dive deep into the numbers with our special guest, Maryanne! Many people begin their real estate journey in multifamily. While that's okay, there is a lot of extra work involved in multifamily. We invited our very own Asset Manager, Maryanne Fasanya, who comes from a multifamily background, to join us on this episode and answer some of those questions! Take notes on this one because it's PACKED with information! Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our architecture services can be found here: https://cedar.cc/services Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership

How do you underwriting a facility if the market is turned upside down? In our latest youtube video, we talk about the massive rate drops that have plagued the self storage industry in the past year. BUT, the largest storage companies, the REITs, are making RECORD PROFITS. How is that possible? Our video on the massive rate drops: https://youtu.be/Xd-eCkvSXPE  But more importantly, how do we move forward? Because banks don't care what your income COULD be, they only look at what it IS. This messes up underwriting. This messes up projections. It confuses banks and investors alike. Let's talk about it in this episode of Self Storage Income. Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership