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 

224. How to Stay Competitive w/ Effective Management

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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/ 
shea@zequitygroup.com 
https://www.zequitygroup.com/ 
 
Videos mentioned in this episode:
Cap Rates in Self Storage 

242. Why Demand is Exploding for “Small Bay Industrial” Warehouses w/ Shea Lewis

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/ 
 

241. How to Buy a Storage Facility in 2024 (Beginner’s Guide)

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/ 

240. How to Find GREAT Self Storage Deals in ANY Market

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/ 

239. How to Be a Good Leader: Why You Must Be Prepared to Fail (Often!)

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/ 

224. How to Stay Competitive w/ Effective Management

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