Underwriting: polka-dot test to supply index

Fernando Angelucci is a self-storage investor and syndicator who’s transacted on over $200M worth of self-storage facilities across dozens of states in just six years. After starting in house painting, flipping, and multifamily, he ditched the “three T’s” (tenants, toilets, trash) and went all-in on self storage, where he now specializes in wholesaling, value-add deals, and creative seller-financed structures—while spending most of the year living abroad.​

On this episode we talk about:

• Fernando’s journey from immigrant parents and a Fortune 50 corporate job to full-time real estate investor

• How he used 60 credit cards and $97K in high-interest debt to launch his flipping business (and why he doesn’t recommend it)

• Why he pivoted from flipping and rentals into self storage and what makes the asset class so attractive

• How to wholesale self-storage deals step-by-step, from building lists to skip tracing to talking with owners

• The key underwriting metrics he uses (supply index, price per square foot, occupancy, and competition)

• How he structures creative seller-financed deals (multiple offer structures, master lease options, and more)

• The importance of reps, rejection, accountability, and public goals in getting your first deal done

Top 3 Takeaways

1. Self storage is a powerful, scalable niche. With roughly two-thirds of facilities owned by mom-and-pop operators, there’s a massive opportunity to buy under-managed properties, modernize operations (web presence, pricing, tech), and quickly increase NOI.

2. Wholesaling self storage is a low-capital way to start. By buying data, skip tracing owners, building relationships, and assigning contracts, you can generate large fees without taking title or raising huge amounts of capital—while learning the business from inside the deal flow.

3. Creative financing unlocks deals banks won’t touch. By really listening to an owner’s “why” (retirement income, grandkids’ tuition, travel), you can craft seller-financed structures, second-position notes, and master leases that solve their problem and allow you to acquire cash-flowing assets with minimal money down.

Notable Quotes

• “Once you get comfortable with people saying no and failure, then you just realize it’s reps. That’s all you gotta do—reps.”

• “If you’re always 100% full, that’s not a good thing in self storage. It means your rents are too low.”

• “Too many people rush to get a contract. Slow down and find the why behind the why—then structure the deal around that.”

Connect with Fernando Angelucci:

• Website / Investing: https://ssse.com​​

• Instagram: https://www.instagram.com/thestoragestud​

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