Refining the Buy Box and Underwriting Criteria

You can live hundreds of miles away from your self storage facility and still run it successfully. Just hear from Bill DeWaal and Korbin Smoot, founders of Better Self Storage. They’ve got 19 facilities across multiple states and run self storage management to perfection with a team of VAs, a director of operations, and without having to fix, overlock, or inspect a single unit.

You can invest from anywhere in the country, or even anywhere in the world, and this is how you do it.

Bill and Korbin are what a solid partnership looks like. Korbin is chasing deals while Bill is making sure the facilities make sense. Their formula clearly works, as now they have 19 facilities and are experts in self storage remote management. Plus, they’ll share what a great partner looks like, so you don’t get into the self storage business with a bad actor.

Don’t know what to buy when sellers are still asking too much, but the numbers won’t budge? Bill and Korbin define their buy box for small, scalable remote facilities, and how they easily increased revenue by 300% at one facility, and the impressive outsourcing they do so these two can focus on building their portfolio, not managing units. Plus, underwriting (analysis) tweaks they’ve made to ensure they’re getting a deal, not a dud, and how to compete with the REITs who drop prices fast and furiously. 

What you’ll learn in today’s show:

• What makes a great self storage partnership, and how to find someone who plays off of your strengths
• Remote managing a sizable self storage investment portfolio (it’s more than possible)
• How to use virtual assistants (VAs) to clear hours of work off your plate every day
• The real reason you want to buy multiple facilities in the same market (so much less work)
• Bill and Korbin’s buy box for small, but seriously profitable, self storage facilities 
• Setting your self storage rates when the big facilities around the block are offering fire sales  

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Join AJ’s Self Storage Income Inner Circle - https://www.selfstorageincome.com/inner-circle 

Better Self Storage - https://www.betterselfstorage.com/ 

Korbin's Contact Information: KorbinSmoot@gmail.com, 801-505-2334

Bill’s Contact Information: 801-910-0594

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🌳 Work with someone experienced in self storage loans at Live Oak Bank! We seriously love them. https://www.liveoakbank.com/business-loans/self-storage/ 

📑 Our Self-Storage Feasibility Studies will help you speed up the process in understanding markets, potential risks, and analyzing the facility itself.  https://cedar.cc/feasibility-studies/ 

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