Creating Wealth Through Self Storage

Is there really a slowdown in the self storage space as a result of rising interest rates? There appears to be, but for me at least, the total picture isn’t quite in yet. Just like our world today, the self storage industry is a mixed bag of contradictions. As a small investor, our job is to navigate these seeming contradictions, and come up with strategies to get in or grow our self storage busin...

I get a lot of questions about automaton and remote self storage management I am no expert, but let me introduce you to one. Meet Terry Campbell of Copper Self Storage Management Company. He is the expert. -My Training and Coaching at https://TheQuickStartAcademy.com/ -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 -5 KPIs w...

I have noticed a very interesting thing as I have coached and consulted people over the years getting into the self storage business. Before you watch, ask yourself if you are a self storage developer or operator. Video link:  https://www.youtube.com/watch?v=bjemvjSH4PE

There is a lot of grinding of teeth and wringing of hands around rising interest rates and buying self storage today. I don’t want to minimize the impact higher interest rates can have on projects and underwriting them. I will make what may seem like a counter-intuitive statement about debt during times like these. Let me share my relationship with debt now. Our November 11th and 12th Bootcamp: ht...

I get asked many different self storage questions, but this one seems to come up a lot. I received one asking how much money it takes to get into self storage and cover the first few years. Hard to say because every deal is different. However, here are three examples in today’s market that I and people I know are analyzing. -My Training and Coaching at https://TheQuickStartAcademy.com/ -Listen on...

Let me introduce Terry Morrison. Terry was in a Self Storage Bootcamp I did in Q1 2021. Guess how many projects he is in now? Focus on what he says is the reason he has been able to be successful. He gives three reasons for the things he does. I think you will enjoy meeting him. -My Training and Coaching at https://TheQuickStartAcademy.com/ -Listen on Apple Podcasts – https://podcasts.apple....

Let me introduce you to Chris. Here is an interview I did with him (keep in mind, I am not a good interviewer). Chris is a student who did, in his first year or so in the self storage business, 13 deals and has three more under contract. In an era of low CAP rates and now rising interest rates, I find this amazing. See what you can learn from him. -My Training and Coaching at https://TheQuickStart...

Let me tell you about Fred’s (not his real name) story and about how he got into self storage. Over the next few episodes, I will interview some previous students and/or tell the story of a few students I have worked with, so some of you may see yourself in them. Fred was a salesperson earning a very good income, in the $300,000 to $500,000 range per year. He had a wife and a small family. Soon af...

I actually get asked this question a lot today about self storage. “Is it still a good investment for small investors?” Or a question like, “Didn’t I miss when I should have gotten in 20 years ago?” Well… let’s look! -My Training and Coaching at https://TheQuickStartAcademy.com/ -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id158842587...

Yes, self storage has performed well during past recessionary times. Let’s go over some stats you can use with partners, lenders, and investors. But… all this data is interesting but mostly irrelevant when it comes to deciding on a self storage project. Let’s discuss that as well and focus on what is relevant. -My Training and Coaching at https://TheQuickStartAcademy.com/ -Listen on Apple Podcasts...

I was asked to write an article on self storage as an investment vehicle to fund one’s retirement. I almost turned down the assignment because I have such a strong opinion about the retirement advisories and wealth advisors’ industry. I need to say I am not an investment advisor. I don’t want to be one. Everything I say is my opinion, and my opinion only. But let’s look at...

For most of our facilities, in 2020 & 2021, what do you think was the number one source of new leases? If you guessed the internet, you are close. But as a portfolio, what is the number one source of our new lease? Let me share with you in a quick episode what it was. -My Training and Coaching at https://TheQuickStartAcademy.com/ -Listen on Apple Podcasts – https://podcasts.apple.com/us/...

“Referrals” as a source of new self storage leases average between 10% on the low end to 40% on the high end per quarter between 2016 and 2021. We do our best to track everything, including where our new leases come from, and referrals have always been a very high source of new leases for us. I think you may be interested to know where the referrals come from. You may be very surprised. -My Traini...

If you do it right in your self storage facility, you can create a lot of additional income and value for yourself by having the right additional sources of revenue. Even in managerless, automated projects, one can create a high percentage of additional revenue. But every facility is different. Let me share with you a real facility, the bread and butter add-on revenues we had, and the income and v...

Will Rising Interest Rates Cool Off the Self Storage Market? Or at least the acquisition side of it? In my opinion, that wouldn’t be all bad. But I have my doubts. Let me share my observations and thoughts about where we are currently, July 2022, concerning possible recession and what is possibly in store for the small investor in self storage. -My Training and Coaching at https://TheQuickStartAca...

Jonathan, the person who works with me on providing the content I produce supporting small investors getting in, or growing their self storage business, suggested I consider writing something on security options for people building or rehabbing a facility. It always seems like a boring subject to me, but in every Bootcamp, he reminded me there are a lot of questions on it. He is right. I seem to b...

This self storage episode will be short but could be worth, let’s say, $40,000 of value. Perhaps worth watching. I am talking about a specific way to increase retail sales. And we have done one thing that really has dramatically increased our retail sales. Let me share it with you now. Video link:  https://www.youtube.com/watch?v=G7jD9Jh4Y3g -My Training and Coaching at https://TheQuickStartAcadem...

I was reminded by a friend and someone I have been working with for a number of years just how naive I was four or five years ago about the self storage industry. I remember writing and saying, “With all the data and technology available today, there is no need for overbuilding of self storage. It is possible today to have a soft landing and not put more square feet in markets and trade areas alre...

The self storage business is competitive. Lots of new space is coming or just came online. Probably in your market. Much of our strategies as small business owners and small self storage operators are to automate and cut down on payroll costs to be competitive and take our businesses into the future. But is customer service sacrificed? Let me share with you some experiences and ideas. -Listen on A...

Let me show you how you can create, let’s say, $292,000 additional value on your next self storage acquisition of, let’s say, a 365-unit self storage facility. This is real value from cash into your checking account. Let me explain. -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 -The QuickStart Academy: https://thequickstar...

I recently gave a talk at the 2022 Inside Self-Storage Convention and was asked to write a follow-up article on Financial Literacy. The talk was titled “Reading Your Financial Story, Interpreting Your Self-Storage P & L’s And Other Financial Statements.” I am amazed at the number of self-storage owners and business owners with little or no financial knowledge, myself included when I got into t...

This is the final episode in a series on leadership development inside a self storage business. Remember, no matter where you are in your self storage journey, owning a portfolio of facilities, or just starting out. As you get into the business, you will be creating a culture. You will be creating an experience that customers, vendors, employees, partners, and all team members will have as they in...

In this third episode in the Self Storage Leadership Series, I want to talk about a trait an effective Leader has that has always been rather elusive to me… The Art of Delegation. I call it an art because it requires almost an intuitive skill, in my humble opinion. I believe this because, in my experience, there are so many variables involved that it is hard to quantify who will be the best person...

As a self storage owner or soon-to-be owner, you are going to need the right team assembled. I discussed this in detail in Episode 331. We talked about the team members, the roles or spaces that we need to get covered, and the possible ways (hint: 3 different ways to assemble team members) to put the team together. In this episode, I want to talk about it from the perspective of developing oneself...

After returning from the recent ISS 2022 Expo in Las Vegas, I am more convinced than ever that effective self storage leaders who are moving the needle in their companies and the industry itself are great storytellers. It does not matter how sophisticated someone is or thinks they are, they will not take the action you suggest unless they can visualize themselves inside a story of why they should....