Creating Wealth Through Self Storage

A lot of people I work with say they are getting into the Self Storage Business by such and such a date. When I read Stephen Covey’s “Seven Habits of Highly Effective People,” it was at a time early in my professional life when it made a real impact on me. Habit Two in the book is “Begin With the End in Mind.” Let’s connect the dots and see how Habit Two works around you getting in the self storag...

Nothing other than perhaps online marketing has risen as fast for self storage owners as property tax. And that number is much larger than the marketing cost. Let me share with you what we do. This could save you thousands of dollars per year! -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 -The QuickStart Academy: https://t...

As I am looking at a self storage project, I have noticed that I am checking (1) apartment rent growth in the market and (2) housing demand. Let me show you what I am talking about. It affects equilibrium, in my opinion. -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 -The QuickStart Academy: https://thequickstartacademy.com...

Given the tight nature of the self storage market, as small investors, we are searching for any idea, lead, or data point to help us get in or grow our self storage business. I read the industry papers as they come out. Recently, I read an industry report with a lot of good information. But we need to be careful. If we are going to draw conclusions about where we are focused, be clear that you don...

As self storage owners, we hear a lot about inflation today. What does it really mean for us? Well, in my opinion, it is a mixed bag. Let me share with you where I think it may help and hurt us so we can adjust accordingly. -Listen on Apple Podcasts – https://podcasts.apple.com/us/podcast/creating-wealth-through-self-storage/id1588425875 -The QuickStart Academy: https://thequickstartacademy....

Most people I work with getting in the self storage business are individuals who think they are solo entrepreneurs getting in storage. It often takes a while to realize they are not. There is no way. Yes, you may not have employees or partners… but I guarantee you, you are not going to do it all by yourself. You need a team. Period. No person is an island. -Listen on Apple Podcasts – https:/...

Something was brought to my attention by someone whom I provide self storage coaching regarding the relationship between apartment rents and storage rents.  Specifically, this relationship can impact demand for self storage in a market area. Said another way, how this relationship can affect per square foot per capita “equilibrium” in a self storage market. Let’s explore. -Listen on Apple Podcasts...

This is the fourth and final episode in a series titled  Practices For Self Storage Entrepreneurs to Develop Series . Given the state of the self storage industry today and the unique challenges, I thought I would share some of the best habits, mindsets, or “practices” I feel can aid us. This has been as much for me as it has for anyone. The final practice is more subtle than the others, but it af...

This is the third episode in a series titled Practices For Self Storage Entrepreneurs To Develop Series. The older I get, the more I realize how life can occur like a contradiction. Let’s discuss what may sound like another contradiction on the surface but really isn’t. Another practice I think is critical for the self storage entrepreneur in today’s world: Develop Patience … But Move Quick. Video...

This is the second episode in a series titled Practices for Self Storage Entrepreneurs to Develop Series. Given how fast we have to move to control storage opportunities in today’s world, I think a few ideas on best practices could be helpful. In last week’s episode we discussed the concept of finding the formula that works and repeating it. Last week’s episode also mentioned a p...

Practice One: Specialize…Don’t Diversify The investment world tells us to diversify, don’t put all your eggs in one basket. I guess that’s good advice if you are a passive investor. However, I am very leery of “investment advisors, “who are usually the ones telling you to diversify. If you are not a passive investor, and using self storage to create wealth, I have a different spin. -Listen o...

This is the final episode in the Back To The Basics Series. In the past three episodes, we have been discussing the challenges or problems we as small investors face and the solutions to each. Each solution creates the seeds of the next challenge. In the last episode, we discussed how to create deals to analyze. In this last episode, we will explore two different people who went through the QuickS...

In this Back To The Basics Series, we have discussed two of the challenges small investors face today getting in self storage and their solutions. Today we discuss how to find the right deals and show an example of someone who did. We will also discuss the upcoming training that goes into more detail.   Bootcamp here: https://creatingwealththroughselfstorage.lpages.co/2022-q1-live-virtual-boo...

In our last episode, we briefly discussed the current landscape the small investor bumps up against while getting into the business today. Big money chasing storage keeping prices very high, making it harder to compete for deals. We also discussed the solution. If you didn’t see, hear, or read last week’s episode, there is a link here: https://creatingwealththroughselfstorage.com/back-...