Self Storage Income

Single Family homes and Self Storage facilities are drastically different assets. They are both a solid path of investment that can yield great returns. And as a homeowner (or a prospective one), self storage may seen complicated and out of your price range.

Like Mike, you may be a homeowner with 1 or multiple properties. He is an ex-corporate worker in the Charolette, NC area and used to be a player in long-term/short-term rentals for Single Family homes. Barely making it out of 2008, he eventually ended up in storage.

Three years ago, Mike bought his first Self Storage facility, a small deal under 10,000 sq.ft, moving up from there. Mike's story is inspiring and provides great insights into the nuances of being a new storage owner. Are you ready to take on the challenge?

Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/

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

Self storage marketing is one of the most CRUCIAL parts of owning a facility, but most self storage operators completely overlook it. They hear words like “branding,” “advertising,” and “SEO” and become frozen, so they stick to drive-by marketing and running ads in the local newspaper.

This WILL NOT work in 2024, and with vacancies still running high across the country, the ONLY thing that will save you is self storage marketing done RIGHT. Luckily, we’re about to show you exactly how to do it.

We’ve tested these self storage marketing ideas for over a decade, beating the local competition AND the REITs at their own game. And if you’re struggling to fill up your first facility or seeing your whole portfolio stagnate, slowly losing customers to the self storage facility next door, this is a show you CANNOT miss. We’re going to tell you exactly what you need to do to get in front of new customers, close the sale, and fill up your facility in 2024. 

What you’ll learn in today’s show:

Want more free education & market insights? Search "Self Storage Income" on YouTube!

Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/

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

Buying self storage can sounds like an impossible task for a beginner, right? Well, we’ve bought dozens of facilities, even when competition is tight—and we’re showing you what we see in the market today so YOU can acquire your first or next storage deal! Your next self storage facility is closer than you think!

But before you get into self storage, you need to know what you want to buy. We’ll detail how to build an investing “buy box” that’ll help you get the EXACT self storage deals you want sent straight to your inbox.

Finally, the rookie mistakes that SO many make when closing on a property and how falling into these traps can ruin your real estate investing future and blacklist you from getting any more deals.

If you’re ready to start investing in self storage in 2024, this episode is for you.

Want more free education & market insights? Search "Self Storage Income" on YouTube!

Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/

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

The Fed chair Jerome Powell decided to stop interest rate hikes. It's in the news, it's what's trending - but is it accurate? If so, what are the effects on storage?  

The potential rate drop creates a weird dichotomy. Despite wanting GDP to drop, and for unemployment to rise, the Fed changing its tune is surprising. Recessions are the most effective way to stop inflation...when it works. It's also an election year: historically, the Fed has only changed rates once before an election. It threatens the politics involved, and they want to step back.   

If they're going to do something, they have to make a decision quickly.  

In self storage, this affects more than just the price of a storage unit. This can hit maintenance costs, building/renovations, staffing costs, advertising, and much more.

Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/

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

Starting over every since year (New Year, New Me) can actually be a bad thing. Why? Because resetting your own progress can actually lead you to regress, not progress.   I

n this episode, AJ and Conner talk about how to CRUSH your storage goals in 2024. We started out with a facility FIRE. Without our strategic approach to handling crises based on our past experience, it could have been a disaster.   

The article we talked about: https://usinsider.com/when-disaster-strikes-aj-osbornes-blueprint-for-self-storage-resilience-in-response-to-cleveland-fire/ 

It's SO important to reflect and analyze your own goals and progress, so you don't make repeated mistakes. So what's the best balance between analyzing for improvement, and at what point does it negatively impact your goals?

Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/

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

Commercial lending is a mess. Interest rates are up, deals aren’t getting done, and banks are becoming very selective with who they lend money to. And whether you’re a beginner or a veteran investor, you’re feeling the sting of struggling to find the money to make your next deal happen.   

But what if we told you it wasn’t impossible to find funding even in 2024’s tough real estate market? What if you knew exactly what a bank wanted BEFORE you brought them your deal? How easy would funding be then?  

In today’s show, we brought on Vice President of Capital Markets at Cedar Creek Capital, Ben Benditson, to share what investors NEED to know about today’s interest rates, predictions for 2024, and how to get a loan on your next self storage deal, even when everyone else is telling you it’s impossible.  

What you’ll learn in today’s show: 

- How rising interest rates destroyed demand and occupancy for many self storage operators  

- “Semi-black swan” events that changed the real estate market forever 

- What lenders want to see from you NOW to lend on your next deal 

- DSCR explained, and the one metric banks NEED to see  

- Alternative commercial lending products that’ll help you get a deal done WITHOUT the banks   

Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/

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

Missed Part 1? Check it out here: https://youtu.be/0Q_aD48I2qM 

The Business of Self Storage includes all the important Core Departments that makes the wheels go round. We're talking about legal, accounting, acquisitions, technology, and more.

We talked about the day to day operations that happens at a facility in our previous episode. But there's two sides to it: the Business of Storage not only allows you be competitive, but it is required for you to acquire and maintain that property.

You don't need to know how to do all of it. But you do need to know what to look for and to hire for.

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 

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 

Real estate took a hit in 2023. Many companies were laying off their deal acquisitions teams. Because it's true - real estate transactions are down massively. But deals still happen. 70% of our deals this year has been off-market deals. This looked very different just a few years ago.

In this episode, we brought on Brian Mullally, our VP of Acquisitions from Cedar Creek Capital.

We talk about key aspects, such as

- Effect of 2023

- Why Buying Criteria is important

- Challenges and notes going forward in 2024

At the end of the day, we are a value add company. That's our strategy. It's what we've used to great long-term wealth and build our ecosystem of products. With this endgame in mind, we diligently pursue deals no matter the market conditions.

And you should too.

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 

Since we have numbers and charts, this episode is better experienced over on our YouTube channel: https://youtu.be/-FYu86WdZSY 

2023 SUCKED. It was a hard year for storage. We talked about how the market has changed in the last episode, but today, we want to see how those changes have affected our assets. Yes, we're sharing with you OUR NUMBERS and talking about insights.

I can't control the market. You can't either. But what can we control to measure the true value of your assets? And just as importantly, how long will it take you to make changes? 

Measuring performance according to a previously established plan can work well if you know how that performance is being affected. If performance is down because of something I did, then I obviously did something wrong. If it's down, but the market is what brought it down, then I need to be proactively adjusting the original plan. 

That's what we did this year. We saw the numbers come in, and now we have to change our business plan just as the market has changed. 

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/

Our architecture services can be found here: https://cedar.cc/services