Send us a text

In 2008, Brad Minsley faced every real estate developer's nightmare: $500 million in loans called across 27 banks. Most operators would have been wiped out. Instead, Brad fought back, survived the crisis, and used those hard-won lessons to build Ten Federal - one of the most innovative self-storage companies in America.

Today, Ten Federal operates 120 facilities with revolutionary automation technology, proprietary DaVinci locks, and just 0.6 employees per store (compared to 2+ at major REITs). Their funds have consistently outperformed, with their 2019 fund finishing #1 among all commercial real estate funds that year.

In this episode, we cover:

• How Brad survived the 2008 crisis when banks called $500M in development loans
• Why the combination of high leverage + balloon payments is a death sentence
• The hidden danger of material adverse change clauses in loan documents
• How Ten Federal pioneered unmanned self-storage operations
• The vertical integration strategy that creates unfair competitive advantages
• Why most real estate operators actually harm performance
• Data science and machine learning in self-storage investing
• Building proprietary technology that now operates in 1 of every 7 storage facilities nationwide

Key Takeaways:

• You can survive high leverage OR balloon payments, but not both
• Deep operational knowledge prevents exploitation by contractors and vendors
• Automation + enterprise software creates massive competitive moats
• The best opportunities exist where sophisticated operators can outcompete mom-and-pop owners

This conversation reveals how crisis-tested experience, combined with technological innovation and operational discipline, creates sustainable competitive advantages in real estate.

Connect with Brad Minsley: 

Email: [email protected] 

Website: www.10federal.com 

Company: Ten Federal (self-storage development, automation, and fund management)

Resources mentioned:

• Poor Richard's Almanac by Benjamin Franklin
• Poor Charlie's Almanac by Charlie Munger
• The New Personality Self-Portrait by John Oldham
• Death of Money by James Rickards
• Big Debt Crises by Ray Dalio

The Timeless Investor Show explores enduring principles of wealth creation through history, philosophy, and practical experience. Subscribe for weekly conversations with battle-tested investors and timeless market insights.

Subscribe to the Timeless Investor Newsletter for our long-form content.

Follow the Timeless Investor Show if you want to hear more of our podcast content.

Get your own copy of Timeless Wealth: Real Estate Through the Ages.

If you want to learn about new investment opportunities through Lombard Equities Group (accredited investors only), please reach out here.

Think Well. Act Wisely. Build Something Timeless.