From Corporate VP To 8.1 Million In Self Storage Facilities and Freedom (In 2 Years) w/ Baird Kleinsmith
Feb 2, 2024
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Baird Kleinsmith, an entrepreneur, shares his journey of going from a Corporate VP to owning 8.1 million in self-storage facilities in just 2 years. They discuss transitioning from corporate America to self-storage entrepreneurship, the concept of light work vs. heavy work, reflections on financial circumstances, building a mastermind community, and the journey to remote management.
Baird transitioned from a corporate job to investing in self-storage properties, finding success through operational improvements and a mix of financing options.
Baird built a remote management team for his self-storage business, emphasizing the importance of clear expectations and effective communication for successful delegation and freedom.
Deep dives
Baird's Journey to Self-Storage Property Investment
Baird shares his experience transitioning from a corporate career in financial technology to investing in self-storage properties. After feeling dissatisfied with his nine-to-five job, Baird sought out alternative investment opportunities. He came across the concept of buying self-storage properties and was inspired to pursue it after listening to a podcast. Baird's journey began with acquiring his first property and quickly grew to include a total of eight properties, with a focus on adding value through operational improvements. He financed his investments through a mix of bank loans and seller financing.
Baird's Approach to Hiring and Building a Remote Management Team
Baird discusses his approach to hiring and building a remote management team for his self-storage business. Initially, he handled tasks such as answering phones and customer service himself, but realized the need to delegate in order to focus on higher-level aspects of the business. Baird shares his success in hiring remote talent from Latin America, particularly Venezuela and Mexico. He highlights the importance of clear expectations and effective communication in managing remote employees. Baird has successfully built a remote management model where his team handles day-to-day operations and he has minimal involvement, allowing him the flexibility to enjoy personal time and travel.
Baird's Reflections on Entrepreneurship and Work Satisfaction
Baird reflects on his journey as an entrepreneur and the satisfaction he finds in his work. He emphasizes the importance of aligning work with personal fulfillment rather than purely financial gains. While Baird acknowledges the potential for scaling his business and raising outside capital, he values the freedom and lifestyle his current setup offers. Baird highlights the joy he finds in improving businesses and the tangible results he sees in revenue and net income growth. He also touches on the balance between work and personal interests, sharing his experiences of taking time off and pursuing his passions alongside running the business.
Baird's Advice on Investing in Self-Storage Properties
Baird provides advice on investing in self-storage properties based on his own experiences. He suggests looking for properties that are undermanaged or mismanaged, offering opportunities for value addition through operational improvements. Baird highlights the importance of effective communication skills and accent reduction when hiring customer service staff. He also discusses his financing approach, which involved a mix of bank loans and seller financing to acquire his properties. Baird encourages aspiring investors to be clear about their expectations and to seek guidance from experienced professionals in the industry.
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