Adding Value to Your Self Storage Deals?

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We looked at all the rents in lot in Oklahoma. We could see the average rent for a 10 by 10 was something like $70. So we said, let's pull the bandit off. We raised prices from $50 to $70. Within two months, we went from revenue being X to 50% greater or something drastic like that. Buying deals in Florida is tough. Prices in Florida are really high in insurance. The southeast United States has been our focus so far.

Patrick Donley sits down with John Plumstead, who is a full-time real estate professional and owner of Gray Line Investments. They talk about what he learned from teaching at West Point’s Center for Enhanced Performance on how to develop and master a mindset for real estate success. How John set a goal to be on the Army football team and became captain of the team.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

06:34 - How John set a goal to be on the Army football team and became captain of the team.

20:45 - Why owning and operating an ice cream store provided a priceless education.

35:04 - Why having a little bit of a chip on your shoulder can be a good thing.

36:17 - Why he and his partner decided to focus on self-storage.

36:18 - What he learned about mindset and overcoming mental barriers while teaching at West Point’s Center for Enhanced Performance.

41:51 - What real estate books he would use to teach a West Point real estate class.

53:40 - What his goals are for his company, Gray Line Investments.

1:00:49 - What his top tips are for mastering a winning mindset.

And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Robert’s book The Everything Guide to House Hacking.
The Book on Rental Property Investing by Brandon Turner.
The 4-Hour Work Week by Tim Ferriss.
The Dhandho Investor by Mohnish Pabrai.
The Investor’s Guide to Growing Wealth in Self Storage by AJ Osborne.
The Commercial Real Estate Playbook — John’s podcast.
Rich Dad Poor Dad by Robert Kiyosaki.
Richer, Wiser, Happier by William Green.
Related episode: Listen to REI153: 1300 Units in 21 Months w/ Sultan of Storage, or watch the video.

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