Self Storage Income

These two business school graduates may have cracked the code for self storage in big cities. By converting apartment tenant storage lockers into full-blown “micro” self storage facilities, tenants renting tiny units can easily walk a couple of blocks to store their bulkier items, WITHOUT paying the premium of storing at one of the big REITs much farther away. This duo has been so successful that they’ve scaled to sixty locations fast, and they’re not stopping anytime soon. Alex Harman and Peter Smyth, founders of Local Locker and White Label Storage, realized how profitable self storage could be when they were in business school. The problem? Like most students, they had very little money to go out and buy a self storage facility. After struggling to find convenient storage in their own market (New York City), they wondered if they could turn apartment basements into “micro” facilities for tenants like them. They threw together a rough and ready prototype facility, and…it worked! Now, with sixty facilities under the Local Locker brand and another sixty or so being managed by their team, they’ve tapped into the true success of small self storage. Today, I’m talking to them about how they started, the tech stack they use to run these “micro” facilities,” the operational problems they’ve had to solve, and why tiny storage units are crucial for dense cities.    What you’ll learn in today’s show:   How “micro” self storage could be taking over dense cities with limited space Scaling your self storage portfolio fast and why having the right tech is crucial  Systematizing your self storage operations, even if you’re a small facility  Why running a self storage facility yourself is rarely a good idea  Self storage “rules” you must follow to avoid troublesome tenants  Why many apartment tenants DON’T want to rent a unit from a REIT — Local Locker White Label Storage

Enter our survey for a chance to win a signed copy of AJ's NEW book!  Courtney Galyan has worn many hats. He’s been a real estate broker, worked in development, and even owned a pizza franchise. All of those made good money, but the problem was his time was being slowly sucked away. He wanted the “passive” income real estate provided along with the freedom NOT to have to be on-site, running the show every single day. The self storage business, although overlooked by most investors, was Courtney’s lifeline. After driving around a popular lake town and looking for facilities, Courtney and his business partner quickly realized how high the demand for storage was and how poorly most of the facilities were run. Through a commercial broker friend, they secured their first self storage deal, and it was exactly what they were looking for. Now, less than a decade later, Courtney has over 750,000 square feet of self storage—a massive amount for any investor to tackle. With eleven facilities across the South and the Midwest, Courtney has had to bob and weave through hot markets (2018-2022) and slowdowns (post-pandemic). He’s made some mistakes and learned some crucial lessons along the way he’s sharing today that any investor, even brand new ones, can take to heart to scale their facilities faster and get ready for this next market cycle.  What you’ll learn in today’s show: Why Courtney ditched his successful pizza franchise to invest in real estate (and specifically, self storage) The tiny, untapped tertiary markets that have massive pent-up demand for self storage Calculating the risk-to-reward for your business and why self storage makes so much financial sense  Why Courtney believes there’s even more demand for storage facilities coming  Self storage’s return to normal and why it’s EASIER to make decisions on investments now — Resolute Ventures Group Give Courtney a Call: 317-995-2187 📌 Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 🌳 Work with someone experienced in self storage loans at Live Oak Bank! https://www.liveoakbank.com/business-loans/self-storage/?RefId=L_RF_SSI&utm_source=vanity-url&utm_term=incomepodcast 🎙️ Do you have a great story to share on the SSI or AJ Osborne podcasts? You can now apply here! https://form.asana.com/?k=TGU88eU0bFTFW1iHcckuTA&d=1203571084143207 📖 Get AJ's new book that teaches you everything he knows about self-storage https://a.co/d/aRSKcSq 🎫 Tickets are available NOW to the SSI LIVE 2024 event! This September in Coeur d'Alene, Idaho https://www.selfstorageincome.com/ssi-live-2024 

Do you know what makes you money in the self storage business? Management! If you get your management and operations right, you’ll see your revenues jump, your occupancy rates increase, and less turnover from your paying customers. After running our $250,000,000 self storage business, we’ve learned a thing or two about making a facility perform the best (and what makes the most money). Conner is back this week to walk through ten crucial self storage management tips beginners can use to make their facilities more successful. We’ll hit on increasing revenue, why occupancy ISN’T as important as you think, the metrics you must be tracking, and why thinking of ways to fail makes you more successful. With the storage industry becoming more competitive, this is something you CANNOT afford to drop the ball on. Get this right, and you’ll scale your self storage investment portfolio faster and with fewer headaches. Get it wrong, and you could be stuck with expensive, underperforming facilities until you course-correct. Whether you’ve got one facility, twenty, or are just starting to invest in self storage, these tips could get YOU to the next level. What you’ll learn in today’s show: Ten crucial self storage operation tips that will make your facility more successful Why occupancy rates AREN’T everything (and what you really should focus on) Following the “PACE” framework to ensure your facility doesn’t fail  What to do when you have a limited budget but want to improve your facility How to beat your competition by zeroing in on the “details” of self storage  Why you DON’T want to invest in self storage by yourself  — Enter our survey for a chance to win a signed copy of AJ's NEW book!  Get Your Tickets to the Self Storage Income Live Event!  Apply as a Guest   

This might be the biggest, best self storage conversion we’ve ever done. We turned a $4.5 million bankrupt building into a $30 million self storage facility. And here’s the thing: we could have NEVER done this if we were building from scratch. This was a needle in a haystack, and today, we’re sharing how we found it, why other investors overlooked it, and the problems, profits, and lessons from it. Not only was this building massive, but it’s also now one of the most tech-first self storage facilities we’ve ever owned. We had to be really patient with this one. It took FOUR YEARS to get this facility open, and now, we can finally discuss the final numbers and details with you. If you want to make HUGE wealth-building leaps, then stick around because we’re talking all things self-storage conversion and the traps to avoid on your next deal. We’ll explain how we picked up this deal for far less than it should have cost, why we went a million dollars over budget, why we changed our layout and made more money because of it, and how we did it all while storage rates were falling, interest rates were rising, and investors were running away from big deals in fear.  What you’ll learn in today’s show: How we turned a bankrupt building into a self storage facility worth tens of millions  Why you MUST buy when the rest of the industry is sitting on the sidelines  How to avoid the development “traps” that’ll lose you money in self storage  The importance of checking zoning BEFORE you buy and why it’s crucial to get this right  Why we went a million dollars over budget during this ONE project  — Enter our survey for a chance to win a signed copy of AJ's NEW book!  Listen to the AJ Osborne Podcast  Send Us a Question: info@selfstorageincome.com  Watch Our Videos on This Conversion 

Owning a storage facility is not for the faint of heart. Yeah, you’ve got the everyday headaches of late payments, locked-out customers, and the occasional pest problem, but that’s NOT what we’re talking about today. Conner is flying solo on today’s show to share some real footage of what’s (only recently) gone wrong at our facilities. And if you’re looking for your first self storage investment, you CAN’T miss this. What happens when someone is living in a unit? Or, even better, what happens when they burn down your units while they’re living there? How about a trash pickup truck smashing through your front gate? Trailer theft? Tenant-on-tenant vehicular damage? We’ve got it all in today’s show and have the photos and videos to prove it! Want to know what it’s REALLY like owning a storage facility? Then don’t miss this episode. Plus, if you’re a storage operator who wants to see how the biggest and best facilities take care of huge headaches like these, stick around for Connor’s tips toward the end!    What you’ll learn in today’s show: What owning a self storage facility is really like (and all the problems we deal with!) Why you should ALWAYS tell your trash pickup service to WAIT for the gate to open What to do when a tenant who’s (illegally) living in your facility burns their unit down Why you NEED security cameras set up throughout your facility from the start   Inspecting your units regularly and how this can save you massive amounts of time and headache  The systems and processes to put in place NOW so you can deal with these incidents  Why it’s all worth it, and self-storage is still one of the BEST assets to invest in! — Inner Circle  Enter our survey for a chance to win a signed copy of AJ's NEW book! 

The self storage industry is changing. Back during the Great Recession, small self storage investments tanked. Their revenues fell off a cliff, customers consistently went without paying, and there were no buyers or banks to bail out the owners. Since then, self storage investing has changed in a big way. REITs are growing with towering self storage facilities everywhere in big cities, and their next big target? Small self storage investments. This poses an interesting opportunity for inventors: if you get in early enough, your facility could see a massive increase in value and even interest from a REIT. So, what should you be doing NOW to capitalize on this coming change in the self storage industry? Small self storage investing expert Jeremiah Boucher, founder of Patriot Holdings, joins AJ and Conner LIVE to go over the opportunities, threats, and “landmines” to watch out for when buying a small self storage facility—which could be your first or next investment! Plus, Jeremiah even shares EXACTLY what you should do TODAY to a small facility to increase its value before the REIT next door comes knocking.  What you’ll learn in today’s show: The huge opportunity in small self storage investments that you MUST be on the lookout for How the self storage industry has changed and why small markets could house goldmine self storage facilities  What to do TODAY to increase the value of your next self storage facility  The “landmines” to watch out for BEFORE you buy a facility (these WILL cost you) Biggest threats to self storage investors and how to get around them  Why REITs are quietly searching for small facilities and markets to invest in   — Finding Your Edge: How to Win at the Game of Commercial Real Estate Investing Enter our survey for a chance to win a signed copy of AJ's NEW book! 

Guest Dillon Leonard achieved financial freedom at 27 by building a self storage business in small towns. He shares secrets on acquiring, managing facilities remotely, raising rents, and competing with REITs. Learn how he transitioned from rental properties and find out his tips for success in self storage investing.

Looking for off-market self storage for sale? Wondering how to get around the high down payment self storage investing requires? How do you measure demand for an area you’ve never invested in? Today, AJ and Conner are answering some of the most commonly asked self storage investing questions so you can get your first or next facility even faster. Think of this as a “Self Storage Investing for Beginners” FAQ session as we get into the nitty-gritty of finding deals, measuring demand, raising down payments, increasing revenue, and more! If you’re still searching for your first facility, worry not. AJ details the exact method he used to get his first small off-market self storage facilities and how to get an owner to ask YOU to buy the property from them. We’ll also get into measuring demand and whether you should use software or go “secret shopping.” Will a ten-percent down loan pencil out for your next facility? And speaking of down payments, how do you raise the six-figure sum you’ll most likely need to buy your first self storage investment?  We’re answering all those questions and a whole lot more in this episode!  What you’ll learn in today’s show: How to find small, off-market self storage facilities in your area (and get owners to sell to you!) Measuring demand BEFORE you buy a facility and how we know a market is worth it Whether an SBA ten-percent down loan is worth it (and if you can even use one) Why you DON’T need to wait to save up a down payment to invest in self stoarge  Exactly what we do within the first thirty days of owning a facility to increase its value Signs that a facility has poor management and could have significant value-add potential  Raising revenues on your first or next facility through smart asset management Self storage smart locks and how they’ve been working at even our biggest facilities  — Growing Wealth in Self-Storage 2.0 Episode 250. The Self Storage Industry is Starting to “Thaw” (Take Advantage Now!) How to Find Off-Market Self Storage Deals in ANY Market My Most Profitable Self Storage Investing Strategy (with numbers)

Former chiropractor Russell Nersesov shares his self storage investing journey at age fifty, buying six facilities in four years. He discusses career transitions, finding deals in tough markets, making offers, and essential investor criteria. Brokers’ adjustments, buying confidence, and market insights are highlighted. The focus is on small markets with low competition and high upside, offering valuable advice for aspiring investors.

The self storage industry is starting to “thaw” as renters return and occupancy begins to rise. But this isn’t happening at every facility. Many self storage operators are still struggling to get new customers in the door, and if your facility is having the same problem, this episode is exactly what you need. We’re peeling back the curtain and sharing exactly what we’re doing to raise occupancy, beat our competitors, and get units rented before the busy season ends. Last week, we talked about a return to “normal” for the self storage industry, with significant year-over-year storage demand drops. Now, it seems that we’re finally getting our busy season back as May rolls in and more facilities experience a seasonal boost. If you’re not taking advantage of this, you need to act fast. Not doing so could force your facility into higher vacancy for longer while your competitors take the customers passing you by. We’re sharing our portfolio stats, the strategies we’re using to increase occupancy, and the operational changes we’re making to bring customers back. If you follow our lead, you could see your facility start to fill up fast this summer! What you’ll learn in today’s show: Why the self storage industry is starting to ‘thaw” and why 2025 - 2027 may be the best years yet Exactly what we’re doing right now to bring in more customers and keep occupancy high Our actual self storage facility stats and why we saw a big uptick in May rentals Operational changes you MUST make if you want to have high occupancy at your facility Whether or not lower interest rates will reignite the hot housing and storage markets Metrics we’re watching closely that point to low or high occupancy rates Get my new book that teaches you everything I know about self-storage- https://a.co/d/aRSKcSq  Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 📌 Ready to buy storage? Have your deals personally evaluated by AJ and our team! https://www.selfstorageincome.com/feasibility 📉 Take advantage of today’s market conditions and invest with us- https://cedar.cc/invest