Self Storage Income

How do you underwriting a facility if the market is turned upside down? In our latest youtube video, we talk about the massive rate drops that have plagued the self storage industry in the past year. BUT, the largest storage companies, the REITs, are making RECORD PROFITS. How is that possible? Our video on the massive rate drops: https://youtu.be/Xd-eCkvSXPE  But more importantly, how do we move forward? Because banks don't care what your income COULD be, they only look at what it IS. This messes up underwriting. This messes up projections. It confuses banks and investors alike. Let's talk about it in this episode of Self Storage Income. Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership

The possibility of regulating self-storage rates has loomed on the horizon, and it may be closer to becoming a reality than we anticipated. I'm here to break it down for you, why it's a problem, why there is a discussion about doing it at all, and why the whole situation isn't as straightforward as it seems. Trust me, there are some surprising reasons behind all this, and we're in for some major changes! Stick around as we dive into the issue and find out why the self-storage industry is being shaken up. "Self Storage’s Biggest Threat is Getting Worse" https://www.youtube.com/watch?v=Xd-eCkvSXPE  "The Self Storage Bubble is About to Pop" https://www.youtube.com/watch?v=Sm0pZsLkxoo&t=0s  Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Our architecture services can be found here: https://cedar.cc/services Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership

Our Self Storage Income Live Event: https://www.selfstorageincome.com/ssi-live-2023  Self Storage has changed MASSIVELY in the last 10 years. Big players have entered the market and started investing in a key component: technology.  If you don't have a website nowadays, your business *will not* be discovered. The self storage facility today is far more advanced than that of just a few years ago. There's AI managing tenants, there's algorithms behind revenue management - the prices you see on their site.  So what do facilities need to stand out in today's age? And be able to reach their customers? And more importantly, how should they treat their customers, so that they stay your customers?  Today's guest is our very own Jesse Harmon. His expertise in Marketing, Revenue Optimization & Commercial Strategy gives us a close, on-the-ground, inside look into the daily operations of storage in the modern age. Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our architecture services can be found here: https://cedar.cc/services Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership

We're answering your questions LIVE on the podcast! This episode was previously streamed over on our instagram. Follow us there and send us your questions! https://www.instagram.com/ajosborne/  Take the first step. Surround yourself with the industry experts, and network with those just like you at our Self Storage Income Live Event: https://www.selfstorageincome.com/ssi-live-2023  Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our architecture services can be found here: https://cedar.cc/services Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership

Starting out in Self Storage can be daunting, especially when you're doing it all by yourself. Doesn't matter if you are starting with nothing and just want to create some extra income, or if you want to start a full-on, scalable business. It's difficult, right? But that's exactly what Masha and Erik did. And they did it within the last 3 years.  Masha Klapanova emigrated from Russia with her family and very little money. She now owns and operates multiple storage facilities. How long did it take? Well, she came to our first SSI Live event in 2021, and in 2022, she returned as a SPEAKER, who now owns facilities and has even more under contract. Erik Hansen is like many of us who want to start in storage. His background in construction - and his 9 to 5 job - were at massive risk during the 2020 shutdowns. He had to make a choice: do I stay where I am and just accept my new reality, or do I create a life I want to live? That pushed him to get into self storage, where he has created a business owning and operating as well.  Let's learn from their successes and mistakes. What do you need to know when you first start out?  Take the first step. Surround yourself with the industry experts, and network with those just like you at our Self Storage Income Live Event: https://www.selfstorageincome.com/ssi-live-2023  Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership

How do you grow wealth in self storage? Today, we're going BACK TO BASICS, specifically: how storage is NOT an investment, it's a business. It should be treated as such. What? What does that mean? It all distills down to this: operational improvements.  It worked for our first few facilities, and we use this model in our company to this day. Customers deserve a good experience when they walk into a facility. They deserve a clean space and a friendly face.  As an operator, this massively increases the revenue and value of your property. We break down how in this episode of the Self Storage Income Podcast. Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Join my Inner Circle! An exclusive mastermind for real estate investors seeking the most advanced strategies and resources in the world for generating wealth and passive income through self storage investing. https://www.selfstorageincome.com/inner-circle Ready to jump into Self Storage? Start here (our newsletter is here too): https://www.selfstorageincome.com/ Our architecture services can be found here: https://cedar.cc/services Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership

Learn about the abnormal changes in the self-storage industry and how REITs adapt to them. Discover the disconnect between street rates and occupancy, and the impact of rate management. Explore the challenges of securing financing in the self-storage industry and the importance of conveying its unique aspects. Understand how rental rates may not directly correlate with REIT revenue. Finally, delve into the analysis of markets and the potential for additional upside in self-storage facilities.

This podcast episode delves into the performance of the self-storage market and addresses concerns about potential regulation. It discusses the impact of technology and rate management on the market, highlighting strategies to increase revenue and occupancy while cautioning against aggressive rent increases. The episode also explores the differences between short-term survival mentality and long-term disadvantage, covering growth in assets, filling unoccupied units, financing challenges, and future rate increases. Finding the right balance between occupancy and revenue in a self-storage portfolio is emphasized, with examples and the speaker's strategy discussed. Analyzing the spread between rent and market rates is underscored as a way to identify risks and opportunities in real estate investments.

How are storage facilities trading at absorbent prices in some places, but are great deals in other markets? There are different forces that affect how a storage facility is valued. Well, that's backed by research and numbers.  Every since industry goes through 3 main phases of development. Youth, adolescent, and mature. Self Storage was primarily in its Youth phase prior to 2008, then everything changed.  When you look for deals, its difficult to use the same "factors" that you've been told to use or that would be the industry standard. Why? You HAVE to put it into context. Not all factors are accurate all the time.  In this episode, Conner and I tackle how we find good deals. What are the factors that WE look at? Especially in today's market (post-bubble. Yes we'll follow up on that too). There's a lot of data that goes into this. Although it's fine to listen, you will get the full experience over on our YouTube channel, where you can visually see the data points: https://youtu.be/AFHlzoWHAXQ  Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Join my Inner Circle! An exclusive mastermind for real estate investors seeking the most advanced strategies and resources in the world for generating wealth and passive income through self storage investing. https://www.selfstorageincome.com/inner-circle  Ready to jump into Self Storage? Start here (our newsletter is here too): https://www.selfstorageincome.com/  Our architecture services can be found here: https://cedar.cc/services Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership Thanks for listening!

So many people out there say that they automate or have a "touchless" storage facility. But there's so many misconceptions to doing this. Yeah, it sounds great: outsourcing facility management to a virtual assistant (VA) or 3rd party management company.  What are some of the caveats to automating your facility? Especially when starting out? Today we bring on Jonah Hall, the co-founder of Smartlock Self Storage, who specializes in in software development and corporate management.  When he started in 2018, he had to get creative when he was faced with a major challenge: converting an old Dollar General into a tiny self storage facility. But it was TINY. How do you manage it remotely WHILE not being able to hire a manager on site? More in this episode.  Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest Join my Inner Circle! An exclusive mastermind for real estate investors seeking the most advanced strategies and resources in the world for generating wealth and passive income through self storage investing. https://www.selfstorageincome.com/inner-circle  Our Sponsor - Tenant Inc. - https://www.tenantinc.com/ Join our Facebook Community to talk and learn with our 300+ members today. - https://www.selfstorageincome.com/ssi-monthly-membership Learn more about our feasibility studies, architecture, and consulting services:  https://www.selfstorageincome.com/services Grab AJ's audiobook Growing Wealth in Self Storage for FREE: - https://www.selfstorageincome.com/free-audiobook Thanks for listening!