Mark Mcguire started his career in the music industry and eventually got a record contract on the table. But he got to a point where he felt he was in it for the wrong reasons – chasing dollars and eventually losing passion for it. At that point, he decided to transition into real estate, which has always been part of his family’s DNA.
Today, Mark is the VP of Investor Relations at Hearthfire Capital, a real estate and property management firm specializing in self-storage operations and investments. With the pandemic as a huge catalyst, self-storage is now seeing an all-time high in physical occupancy. It’s much less competitive than other types of property investments, making it a highly viable alternative.
Here are some power takeaways from today’s conversation:
Mark’s eureka moment transitioning from music to real estate
Why he initially backed away from getting involved in real estate
Why self-storage is a great alternative to investing
Investing in self-storage vs. a multifamily property
Value-added elements to self-storage
Lessons learned through failure
The danger of running a business with just passion and loveSelf Storage: The Bastard Child in Real Estate
There's a stigma attached to self-storage in that it’s only for the lower classes of society, which is far from the truth. Self-storage has an uptick in utilization, with the millennials as the largest group of users, whether for personal or business reasons.
Since self-storage thrives on transition, the pandemic has been a strong catalyst for its massive success. Although self-storage space has a wide, addressable market, the keys to success include identifying what the market needs, how to target them specifically, and how much they’re willing to pay.
How to Add More Value to Self-Storage
Mark recommends scouting for under-managed or under-rented properties. Then look into the operating expenses and tech implementation. Think automated gate access or the ability for remote access with minimal human contact.
The Danger of Running a Business with Just Passion And Love
As a business, you can focus on passion and love. But you have to have people around you who will turn that passion and love into something that can sustain it. Otherwise, if you're not running it the right way, passion and love just fizzle out.
www.investingwithmark.com