The Do More Podcast From Zero to $130 Million: Kris Bennett's Journey in Self Storage
Kris Bennett shares his journey from a challenging start in real estate to successfully managing significant self-storage deals, ultimately reaching a portfolio worth $130 million.
The discussion with Kris Bennett paints an insightful picture of the journey from a non-traditional college student to a prominent figure in the self-storage investment sector. Kris begins with his late entry into college at the University of North Carolina, where he juggled the responsibilities of being a father and a student.
His unique perspective on education and life experiences shaped his approach to real estate investing. Kris's initial foray into the industry during the 2008 recession was marked by hardship and disillusionment, as he dealt with the challenges of foreclosure work. This experience, while difficult, ultimately propelled him toward a more fulfilling career in multifamily and self-storage properties.
Kris elaborates on the importance of mentorship, networking, and education in his career trajectory. His time managing a real estate fund at UNC provided him with invaluable insights and connections that would later prove instrumental in his success. He shares stories of pivotal moments that led him to focus on self-storage, emphasizing the asset class's potential for stability and growth.
The conversation also highlights the critical nature of partnerships in real estate, with Kris reflecting on both successful collaborations that fueled his growth and lessons learned from partnerships that fell short. He draws attention to the necessity of aligning interests, expectations, and values among partners, a theme that resonates deeply in his experiences.
Looking to the future, Kris expresses a deep commitment to growing his podcast, aiming to educate and empower others in the real estate space. He shares his vision of providing valuable content that simplifies complex investment concepts, making them accessible to a broader audience.
As Kris navigates the current economic landscape marked by rising interest rates and market fluctuations, he remains optimistic about the future of self-storage investing, advocating for adaptability and creative financing strategies as key components for success. His journey embodies the spirit of perseverance, adaptability, and the pursuit of knowledge, inspiring listeners to embrace their paths in the often unpredictable world of real estate.
Top Takeaways:
- Kris Bennett's journey through college as a non-traditional student showcases the challenges of balancing academics and family life.
- The importance of aligning values and expectations in a partnership to ensure successful business ventures in real estate.
- Kris's experience in real estate highlights the need to adapt strategies based on market conditions and tenant behavior.
- Understanding the nuances of asset classes like self-storage compared to multifamily properties can lead to better investment decisions.
- The shift from multifamily to self-storage was driven by market interest and potential profitability, demonstrating the need for adaptability.
- Kris emphasizes the significance of continuous education and networking in achieving success in the real estate industry.
Links referenced in this episode:
The Do More Podcast