Self Storage Income

Welcome back everybody to the Self Storage Income podcast, this is your host AJ Osborne! First off, I wanted to take a second to give a huge THANK YOU to all our listeners and supporters. You guys are what drives this podcast and everything we’re doing here at Self Storage Income. Today’s topic comes straight from you. We had a listener write in this question on the Self Storage Income website (linked at the end of these show notes). We also get talking points and subjects for the podcast and our YouTube Channel (also linked at the end of these show notes) right from your comments and reviews. That said, keep it up! I love hearing from you all and hearing about all the exciting things you’re doing. So what was this listener question? Well, if the title didn’t already give it away, the question in a nutshell was this: “I really want to invest in self storage, but how do I start investing when I don’t have any money to invest?” This is by far one of the most asked questions in regard to self storage investing, and even real estate investing as a whole. Everyone wants to get in, but so few of us have any money to get started initially. This seems like a huge hurdle right? Funny enough, as you grow, this problem actually never goes away! Ever heard of an investment firm or private equity company doing a “capital raise”? Chances are, you probably have. Because guess what!? We cannot build empires alone. Not only that, in a lot of cases, it doesn’t make investment or business sense to only ever use your own capital. Thing is here, deals will always need money and you have to get it from somewhere. But there’s something really exciting about this fact… there is more money out there than there is great investments. Meaning, investors are always looking for more and better investment opportunities. This is only one side of the equation however. When it comes to starting out, there are a number of ways that you can start investing in self storage when you have little or no money. I’m going to dive into a few of the strategies in today’s today’s episode. I’m going to share some strategies not only on how to invest with no money, but also ways to structure the deal, equity splits, partnerships, and I’m even going to touch a little on contracts and exit strategies. All said and done, if you’re wanting to get starting investing in self storage but you have little or no money, this is the episode you don’t want to miss. As always, get those notebooks out and get ready for some value bombs! Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility. You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by: Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast! This is NOT your host AJ Osborne! This is Conner and Caley doing a Self Storage Income takeover!   AJ just so happens to be in Florida at the moment enjoying some well deserved family time. That said, we have full reign over the podcast today and are going to dive into one of the most popular subjects of discussion regarding self storage investing, and that subject is how to analyze a market for self storage.   Despite what you might have heard about self storage, you cannot simply have the “build it and they will come” mentality. It could spell disaster for us if we fail to recognize this. Not only could it spell disaster for us and our investment in that market, it could also destroy that market for everyone for decades to come. It’s extremely important that we can correctly and thoroughly analyze a market for self storage. We have to be able to tell if the market is good or bad, if building would be better than acquiring, if we should keep the market on our list or totally forget about it, etc.   There is a lot that we have to take into account when we look at any self storage deal, but today, we’re going to focus on the three keys that you need to be looking at to gauge and analyze a market.   Missing the mark and either buying or building a storage facility in a bad market is a recipe for failure. The fact is, it doesn’t matter how great you are, it doesn’t matter how great your storage facility is, the market will make or break you. The market is the ultimate decision maker and we have to be able to provide what the market wants and needs.   Get ready, take notes, and let’s rock and roll! Thanks everybody! Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage income podcast! I’m your host AJ Osborne!   Why are you interested in self storage? What does success look like to you when you envision your future in self storage? How do you define success in self storage and how will you achieve that? Are your self storage investing goals truly defined?   These are all questions that you should have an answer to. After all, these questions are your road map. We have to know where we’re going and how we’re going to get there. Without knowing and understanding these fundamentals, we can’t plan or execute on our goals at all.   That’s why today, I wanted to jump into defining what real freedom through self storage really is, ways you can get there, and what you need to be thinking about today to get started off right.   We hear a lot about how people want to be “financially free” and this very well may be you and why you’re looking at self storage investing. But what is “financially free” exactly?   Is it covering the cost of living? Allowing you to do anything you want at any point in time? Massive generational wealth? Have you even stopped to analyze what financial freedom is or would mean to you and how much income you would need to achieve that goal?   And then the big question - will what you’re doing, or what you have planned actually get you to where you want to be?   I have seen and talked to a TON of people who have not clearly defined all of these questions. It’s amazing to see people’s wheels start to turn once they actually start diving into the granular details of these vague and limited goals they’ve felt like they’ve had to set for themselves. It's interesting to see that we all so often make goals for ourselves that we don’t even really understand.   We’re going to dive into these questions today and we’re going to talk about freedom through self storage and what that means. Now let’s get some answers to these massive questions!   What does freedom mean to you? Be sure to write me and let me know! Thanks for listening everybody, AJ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast! This is your host AJ Osborne. That’s right, you read the title of this episode correctly. That “Risks to Self Storage” may have caught you off guard. If you’ve spent any time in the storage world or even looked at purchasing a facility, chances are, you’ve heard all the hype: “Self storage is recession proof.” “Self storage is a cash cow!” “Build it and they will come.” You probably haven’t heard much about the risk and trust me, there are very real risks in self storage investing. Let’s get some facts straight right out of the gate - you cannot eliminate all risk. You can only plan for risk and do what you can with what you can actually control. That’s right, nothing is ‘risk proof’ and honestly, thinking something IS risk proof is insanely risky. So what exactly are the biggest risks to self storage? I’m glad you’re asking this question and even more glad you’re seeking an answer. We should never get carried away by all the hype and should be extra cautious whenever there’s hype surrounding anything. I’m going to share with you guys the biggest risks to self storage as an asset and I’m also going to share some risks regarding the self storage industry as a whole. No this isn’t an all doom and gloom, this is taking a look at real risks and preparing you to face them head on. Thanks for tuning in everybody, AJ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility. You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by: Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income podcast!   Today we have an awesome episode lined up for you. We’re going to be talking about self storage conversions. We have an insane conversion project going on currently and we wanted to share some key insights into what you need to be looking for when you’re analyzing a potential self storage conversion project.   Whether it’s an old big box store or an industrial space that you’re looking at repurposing into self storage, there are a few key things that you absolutely need to be looking for through your due diligence. These keys could be the deciding factor to your deal either being a home run, or being a colossal failure.   The four keys we’re diving into today are concrete flooring, gas piping, HVAC’s, and roofing.   We share what exactly you need to be looking for and what exactly you need to do to help ensure you cover as many bases as possible in regard to each of these critical items.   Get the note books out, take notes, and be sure to address these four keys on the next potential self storage conversion project you’re considering. There’s much more going on and much more to consider than you’d expect. Be prepared and don’t be caught off guard.   Thanks for listening everybody! We’ll see you next time. Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast!   I’m extra excited to get this episode out to you guys because in today’s episode, we’re doing something we’ve never done before.   As you probably know, we get a ton of awesome questions from you guys every day. We use a ton of the questions that you ask to create more videos, podcasts, social media posts, and content in general. This is awesome because we get to create content around the specific questions you guys are asking.   Today, we’re doing something a bit different - we’re taking your questions right from YouTube, social media, emails, and reading them and answering them off the cuff.   We had a blast doing this! It was great to take some of the best and most common questions about self storage and get them answered for you. If you enjoy this as much as we do, be sure to get active with us on the Self Storage Income social media, YouTube, and of course the Self Storage Income website.   I won’t waste any more of your time, jump into this episode and hear what people have been asking (or you just might hear your name and one of the questions you’ve asked us). Thanks everybody, AJ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast! I’m your host, AJ Osborne! So as you could imagine, I get a ton of questions about a lot of things self storage… but something I get asked about absolutely all the time is RV and Boat storage. Common themes I hear are, “Hey AJ, I have some land and want to put some open parking spots for RV and boat storage so I can make some money and get into the self storage game.” Or, “Hey AJ, I want to develop but don’t have the capital to build a large full scale storage facility, could I do Boat and RV storage?” To be honest, RV and Boat storage is a niche within a niche. Storage is a niche of real estate and business, and RV and Boat storage is a niche of it’s own within that…. And it’s not something I know a ton about because I don’t specialize in it. But you’re in luck. Today I have another awesome guest on the podcast for you who DOES specialize in this exact thing, and he’s absolutely crushing it. It’s my pleasure to introduce you all to Scott Ramser. Scott came into the storage world in the 80’s ad 90’s with a development background in industrial property. Almost by accident, Scott ended up backing an RV and Boat Storage facility. After that… the rest was history. So much so that in 2003 Scott burned the ships and scrapped all other assets and went all in on RV and Boat Storage. Scott shares a ton of great info in today’s episode. He shares how he got started, what his investment strategies are, how he improves the value of RV and Boat storage facilities, his value add strategy, tips on the ideal RV and Boat storage layout, the ideal ratio of acres to the amount of units you can make, and more. If you’ve even remotely thought about starting or owning an RV and Boat storage specific facility, you absolutely need to listen to this episode through and through. Scott is a wealth of knowledge and share a lot of great insights into this niche within a niche. Thanks for listening everybody, AJ Keep up with Scott and the amazing work he’s doing at his website: Ramser Development Company - https://www.ramserdevco.com/ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility. You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by: Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast! I’m your host, AJ Osborne. Today we’re talking about the nitty gritty… the unexpected crises and large expenses you absolutely need to be aware of. It’s tough sometimes to imagine the worst case scenario, whether because it makes you cringe or because you simply don’t know what you don’t know. Either case is no excuse to recognize the very real possibility of a storage facility failing. On this note real quick… if you ever hear anyone say storage is “recession proof”... run away. Self storage has performed extremely well through recessions, however, storage is not (and neither is anything else), “recession proof”. To say self storage is recession resistant… is a much more accurate phrase. So please, don’t think self storage can never fail, because it can. Now that that’s been said… I want to share with you in today’s episode some of the things that you need to be thinking about when it comes to the worst case scenario at your storage facility. Just a few examples - we’ve had tenants threaten the lives of our employees, we’ve had unexpected repairs that ended up costing over $50K, we’ve had tenants that end up coming under investigation for murder and our team having to coordinate with law enforcement… I could go on and on. To help shed some light on these unfortunate events, I wanted to cover some of these crises and large expenses so that you can be sure to know what to look for, and so that you can have solid standard operating procedures for yourself and your team to handle these situations. All in all, we need to realize that bad things can and will happen at some point or another and we need to be prepared financially and mentally for those challenges. Thanks for tuning in, I’ll see you next time! AJ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility. You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by: Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast, I’m your host AJ Osborne. Today we have the one and only Drew Pearson on the podcast today to share his self storage investing journey with you. Even though Drew just recently jumped into the amazing asset class of self storage, he has already closed on two facilities and has a third currently under contract. How is Drew finding, evaluating, and closing on these storage deals? That’s a fantastic question and we’re going to dive into all of it. Drew started his real estate career working at a commercial real estate brokerage firm. Seeing first hand the incredible power of real estate investing, Drew knew that he had to make the leap from real estate broker to real estate investor/owner. To do this, he wanted to get an inside and in depth look behind the scenes to see how deals are found, funded, and structured as a whole from start to finish. This lead him to start working as the head of acquisitions for a private equity firm. After gaining some insider knowledge, Drew set out and began investing in industrial property. Shortly after he really started looking at the self storage asset class. Right in the height of COVID Drew decided to go all in on self storage and he’s since built a funnel that allows him to be the bear, allowing deals to flow to him, rather than him chasing deals. We talk everything from finding deals, to analyzing deals, the due diligence process, what he looks for in real estate investment deals, the importance of covering your downside and limiting risk, the strategies he’s using to increase the value of his holdings and much much more. Listen in, take notes, and get ready to get out and crush the self storage investing world. Thanks everybody, AJ Keep up with Drew and all the great work he’s doing on his website Pearson Partners at: https://www.pearsonpartnerspe.com/ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility. You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by: Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast, this your host AJ Osborne! Special Note - This episode is for anyone thinking about BUILDING or DEVELOPING a storage facility. Alright, let’s get to it.... I’m always excited about the great guests that I’m able to bring you guys, but today, I’m extra excited. We have two amazing guests on the podcast today who have an incredible amount of knowledge and experience in the self storage industry. It’s a pleasure to introduce you to Forge Building Company’s Hamish Bell and Scotty Sundin. You’d be hard pressed to find anyone in the self storage industry with as much building and storage development experience. They’re truly experts in their fields and they provide a behind the curtain view into the world of building a storage facility. Forge Building Company is one of the most premier storage facility developers in the U.S. They’ve helped build countless storage facilities of all shapes and sizes, all across the country, in all types of different markets. Ground up, conversions, multi-story in high density regions, Forge has done it all. In today’s episode we cover the building process from start to finish, we talk storage industry trends they’re seeing, new and exciting storage facility innovations, and more. We also made sure to ask what the most common mistakes they see people making when it comes to developing a storage facility. You might also be curious what building costs and cost trends are looking like for labor, materials, and a company like Forge to GC your project… and don’t worry, we cover that too. Thanks for listening everybody and stay tuned for the next episode of the Self Storage Income podcast. AJ Check out the Forge Building website here and all the great work they’ve done: https://forgebuildings.com/ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility. You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by: Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast