The Self Storage University Podcast

Did you know that hitting a fiber optic cable with your post-hole digger can bankrupt you? There are a large number of buried utilities in the U.S. that you might hit every time you put a shovel in the ground if you don’t follow the correct procedure. In this Self-Storage University podcast we’re going to discuss why this is a big issue and how to protect yourself.

One great way to find a self-storage facility to buy is a simple direct mail piece. But with so much mail landing in mailboxes across America, how can you stand out from the pack? On this Self-Storage University podcast we’re going to explore some of the options and theory behind making your direct mail piece a more effective tool.

On most on-line offerings, the time on the market is featured somewhere in the listing. This is one of the most valuable pieces of information available – yet many buyers overlook its importance. In this Self-Storage University podcast we’re going to explore how knowing how long a facility has been up for sale can prove to be a useful tool in getting it under contract.

There are many different ways to find a self-storage facility to buy, but one of the best is working with a broker. But aren’t brokers only interested in working with big, experienced buyers? In this Self-Storage University Podcast we’re going to delve into the basics of building a relationship with a broker and why being big is not always the important factor.

Even though we don’t know it yet, experts predict that we are already at the start of the next Great Recession. There are two ways to approach a U.S. economic downturn: 1) with fear and loathing or 2) with a healthy optimism. In this Self-Storage University podcast we’re going to explore some positive attributes regarding recessions.

You can’t buy a self-storage facility without a survey. But most buyers do not get the most out of the survey nor do they understand what a proper survey should even reflect. In this Self-Storage University podcast we’re going to review the topic of surveys and what you can do to get a more successful survey drawn.

Some sellers are flexible and other won’t budge on their price. In this Self-Storage University podcast we’re going to review some creative ways to achieve a good price when the seller is unwilling to work with the buyer or acknowledge the normal rules of negotiating.

With the turmoil in the lending market, finding ways to lock on lower interest rates – or just have a willing lender with knowledge of the asset – have become very important. And often this revolves around doing a loan “assumption” or some type of derivation of that concept. In this Self-Storage University podcast we’re going to review how loan assumption works and give you tips on how to successfully approach it.

You can’t buy real estate with at least some cash for a down-payment. But what do you do when you exhaust your personal money yet still find deals to buy and need a source of the capital to get the job done? In this Self-Storage University podcast we’re going to explore the different types of capital partners and what their benefits and disadvantages are.

It’s no surprise that self-storage facility loan interest rates have gone up to the highest level in nearly 40 years – and in only 18 months. And there has to be a correlation between these increases and the arrival of loan defaults on the part of many facilities. But when? And how can you put yourself in a position to buy these deals when they come to pass? That’s the topic of this week’s Self-Storage University podcast.

There is a revolution going on in the labor market and the implications are rumbling through all areas of employment. How will self-storage fare in the newfound quest of employees to fight for staggering wage increases. In this Self-Storage University podcast we’re going to explore this timely topic as the wage war rages on.

The most dangerous – and profitable – tool in buying self-storage facilities is debt. It can either greatly enhance your rate or return or drag you down and drown you. In this Self-Storage University podcast we’re going to explore debt, how it works, and what the pitfalls are at a time when interest rates are at 40-year highs.

Buying a self-storage property typically revolves around getting the seller to do something, and that skill is called “persuasion”. But how does it work and how can you be better at it? In this Self-Storage University podcast we’re going to explore the basic methods of persuasion and how to practice them.

Real estate is all about leverage and obtaining debt is a big part of successfully buying a self-storage facility. So how do you find a bank? In this Self-Storage University podcast we’re going to give you the simple steps required to find a lender.

One of the key components – in fact the first thing you notice when you pull into the facility – of any self-storage property are the paved surfaces. Unfortunately, there are some unscrupulous paving companies that see your dependence on road quality as an ample opportunity to trap you into paying more than you should. In this Self-Storage University podcast we’re going to review the typical paving scams and how to block them.

I recently leased two storage units – one in a city of 2.8 million and one in a city of 4,500. And the results perfectly illustrate where the money is in self-storage investing today and where the money definitely is not. And it’s amazing how the tide has turned.

You’ve got bank debt, and you’ve got seller carry – and then there’s the hybrid called a “wrap” note. But what does that mean, how do they work, and what do you have to watch out for? That’s the focus of this Self-Storage University podcast. If you’re looking at alternative financing options in the current interest rate climate, then this topic should be of great interest.

Many markets across the U.S. are experiencing negative population growth. But is that an important issue when it comes to making smart investment decisions regarding storage properties? In this Self-Storage University podcast we’re going to explore what’s causing negative population growth and what the implications are for your investments.

The self-storage industry began its self-promotion in the 1970s, at the time that Public Storage started its ascent. But has the storage niche been living up to the original premise? In this Self-Storage University we review one of the early sales materials from the 1970s to see what has proven correct and what is already out of date.

It’s one thing to think about self-storage investing and another to actually do it. In this Self-Storage University podcast we’re going to review the methods the pros use to find deals, analyze them, get them financed and operate them. If you want to succeed at self-storage investing, this podcast reviews the systems that work.

One of the first places that buyers typically look for self-storage facilities are on-line listing services, such as Loopnet.com. But this is actually one of the least productive sources, coming in last against brokers, cold-calling and direct mail. Nevertheless, there are deals to be found using this high-tech option – if you know how the process works. In this Self-Storage University podcast we’re going to explore on-line listings from a buyer’s perspective.

“Term default” is what happens when your loan comes due and you are unable to find a replacement borrowing option. It was a common problem in the Great Recession in 2008, and that was mostly because borrowers used poor judgement and little caution in their approach to loan renewals and it caught up with them. In this Self-Storage University podcast we’re going to review the loan process and how to best attack a pending loan renewal.

To get the price you want on a self-storage property, you have to be skilled in negotiation. So how can you develop and refine those skills? In this Self-Storage University podcast we’re going to review some simple methods to enhance your negotiating ability and get you more fluid in the art of bartering.

Not all real estate brokers are created equal, and some display their deficient skills – yet there is benefit from these brokers if you hang in there. In this Self-Storage University podcast, we will review the benefits of bad brokers and offer suggestions on harnessing their positive features to better find a self-storage property that meets your goals.

Single-family home mortgage rates have risen faster in the past twelve months than at any time in the past 40 years. What’s the impact of this event on the self-storage industry? In this Self-Storage University podcast, we’re going to drill down on the granular effect of these higher rates and payments and come to some conclusions on where the opportunities and problems are.

Before you can make money with a self-storage facility, you first have to buy one. But what if you’re short on the necessary down payment cash? In this Self-Storage University podcast we’re going to review creative methods to fund your down payment capital, and how each of them works.

Direct mail is one of the best ways to find a self-storage facility to buy. And the discussion always turns to whether you will have better luck sending a postcard or a letter. In this Self-Storage University Podcast, we’re going to compare the benefits and disadvantages, along with some tips for creating a more effective direct mail piece.

Many believe that self-storage facility prices are infinitely negotiable as long as the seller and buyer agree to a price. But that’s simply not true. In this Self-Storage University podcast, we’re going to discuss how the banking industry ultimately fixes values and how to embrace and follow these guidelines instead of wasting time pushing along deals that will never be able to get financed.

Some sellers may want you to buy the entity that owns their property and not the property itself. Can you do that? In this Self-Storage University podcast we’re going to drill down on the concept of buying an entity, what can go wrong with that concept, and how to mitigate that risk.

So you hired a third-party contractor to do something, whatever it may be, striping the pavement, putting in a speed bump, fixing a roll-up door, but then suddenly the relationship gets awkward. It's not working out. It's not functional. Things aren't happening. The question is when do you call it quits with a contractor? We're going to be talking about that strange, sometimes awkward relationship that exists between the self storage owner and the contractor, and it's always on the knife's edge of feast or famine, success or ruin.

The world economy has endured countless bubbles and resulting financial baths. They follow the same trajectory every time and you can see them build with investor behavior and attitudes. Is there a bubble and bust coming in the self-storage industry? We’re going to explore this topic with examples from past financial panics and zero in on where the storage industry stands in relation to these historical moments.

Sometimes you want to add on to your existing storage facility or make other modifications but you are blocked by city, county or state ordinance. In those cases you have only one alternative: obtaining a variance. But how does that work? In this Self-Storage University Podcast we’re going to discuss the variance process and tips to help you succeed based on past experience.

Interest rates are up – way up. It’s the highest level in 20 years and still has not peaked. What will be the impact of these suddenly higher rates on the self-storage industry and what can you do to protect yourself and your investments in this unprecedented environment? In this episode, we’re going to cover the history of interest rates, how they affect every level of the storage business, what you can do to mitigate these issues and even some predictions for the future.

America is seeing a financial instability that has not been experienced in 40 years. Should you sit out buying a storage facility during this period of uncertainty? That’s the topic we’re going to explore in-depth in this Self-Storage University podcast. Since your financial future hangs in the balance, it’s an issue that every investor should consider.

Many of the best self-storage deals come from cold-calling potential sellers. Yet many people find this simple technique stressful and awkward. In this Self-Storage University podcast we’re going to review some tips on how to make cold-calling a pleasurable experience to better launch you deal flow.

The competition can be fierce in the heart of the city, with self-storage facility prices that often make no sense as an investor. But that does not mean you have to sit out the current environment. A better alternative is to venture farther out, where the competition is lesser and the profitability is higher. But how can you tackle this larger territory and when have you pushed too far out? That’s the topic of this Self-Storage University podcast.

Many self-storage brokers are going to want you to sign a Non-Disclosure Agreement (NDA) before they will give you the information on some properties. But is that a good idea? In this Self-Storage University podcast we’re going to discuss what NDAs are and offer some tips to consider when you have to sign them.

In an environment where many of the best self-storage deals are in American suburbs and exurbs it’s critical that you choose locations in the “path of progress” so that your occupancy and rents are always growing with the expanding population in these neighborhoods. But how can you predict the future of a self-storage location? In this Self-Storage University podcast we’re going to review the many tools available to gauge the future growth of a location.

There are two ways to buy a self-storage facility: as an asset purchase or an entity purchase. What’s the difference? That’s the topic of this Self-Storage University podcast in which we’ll explore which one is superior and which is not nearly as good.

Conrad Hilton’s mother once told him “if you want to launch big ships you have to go where the water’s deep”. But that sentiment almost cost him his career when 1929 hit. In this Self-Storage University podcast we’re going to review the dangers of going “big” and how to mitigate those risks.

One of the best ways to find a self-storage facility to buy is through “direct mail”. But what does that mean and how do you do it properly? In this Self-Storage University podcast we’re going to review how to use direct mail as a tool to find deals to buy, as well as some tricks and tips to increase your success with this method of prospecting.

When you buy your second and successive self-storage facilities, you are faced with a tough choice of synergy vs. diversity – namely, to congregate all your holdings in one basic market or to spread that risk over more than one market. In this Self-Storage University podcast, we’re going to explore these two opposing forces and how to make the correct decision based on your goals.

One of the largest line items on any self-storage P&L is “property tax”. But there are tricks you can use to minimize this burden – which will only be expanding as counties nationwide strive to find more ways to pay their bloating bills. In this Self-Storage University podcast we’re going to review the playbook to keeping your storage facility’s property taxes as low as possible.

Benjamin Franklin, the historical figure from American history, had many thoughts and comments that live on today. One of his famous thoughts was “it’s not the price of the fireplace but the cost to keep it stocked with wood”. How does that relate to improvements to self-storage facilities? That’s the topic of this Self-Storage University podcast.

Self-storage is a relatively simply business model, and without cash coming in there’s nothing to go out. As a result, collecting your rent is key. But many storage buyers and owners do not use good business practices in this basic – but vital – arena. In this Self-Storage University podcast we’re going to drill down on the right and wrong way to collect rent.

Let’s assume that you have a storage owner who you are so close to getting to sign your purchase contract but can’t seem to get them to sign on the dotted line – how can you push them over the top? In this Self-Storage University podcast we’re going to discuss some real-life solutions to getting your deal over the goal line.

Many self-storage owners and buyers have the wrong impression on the relationship between occupancy and rents. Due to this misunderstanding they often miss out on important opportunities to boost revenue. In this Self-Storage University podcast we’re going to unlock the mysterious relationship between rents and occupancy, and how to harness that knowledge for greater profits.

When buying a self-storage facility all financing is good financing, right? Not always. There are some unusual risks in non-traditional debt. In this Self-Storage University podcast we’re going to review the different types of non-traditional debt and what’s good and bad about them, as well as methods to mitigate the risk.

Contrary to what the Biden administration may be telling you, higher inflation is unlikely just a temporary phase. If higher inflation is the new norm for America then how will that impact the self-storage industry? That’s the topic of this Self-Storage University podcast, which will focus on not only the impact but how to mitigate against the risks.

If your self-storage facility has a manager – and they have a car – there’s a whole level of liability that you have to be protected against. In this Self-Storage University podcast we’re going to review the topic of how to properly mitigate the risk of managers driving their way into problems for your property. As you’ll see, there’s much more than just gas prices to worry about.