4:04 "The dollar buys you way more than it did 30 years ago." Oh really? You're telling me I can get a Big Mac or happy meal for a lot less than I could 30 years ago? Or a gallon of gas for less than 30 years ago? Or literally any consumer product, for less money than 30 years ago? Yeah I don't know where the heck you're getting that metric my guy. But that is the polar opposite of what is true. Take that from a consumer.
Great video AJ. We’re closing on our first facility next week and are starting to think about our second one. Looking forward to your video on financing.
Well I don't know about perfect lol, I do have a great team though. Thanks a ton for the support, I appreciate it. Hmm, suggestions - never forget demand is key, and start talking to builders who know and understand self storage and can accurately price building a facility.
Hi there! While I have been able to find total square footage per capita for the facilities I am looking at, I am struggling with how tactically identifying the customers who are using storage in a specific market, how they are using storage, how those customers and their use cases vary across unit sizes and types, and seasonality and rates over time. I am focusing on smaller markets where I don't know where to being trying to find that information. Do you have any suggestions?
Just found you buddy. I’ve owned a 97 unit facility for 12 years or so. Somebody else has managed it for that period. Now I’m taking control. I’ve got a slight bit of a mess to dig out of. I’ll catch up on your channel.
WOW, what an awesome overview!!! I'm currently in the residential (wholesaling and buy & hold) and commercial (small to midsize apartments) spaces as an investor. The "Storage" class seems like a great asset class to add to my portfolio to diversify. I'll definitely have to research more. Excellent info, AJ, and thank you for time, content & effort!! To Your Success!!!!!!!!!!!!!!!!!!!
Great content AJ and thank you. Looking to turn a 'car lot' into one...Garage in Ireland! I'm sure you have some content on small Storage units for built up areas...... ever in Dublin give us a shout !
I've been on a binge and I've listened to about 15 episodes AJ's podcast. Here are my observations: AJ and his team are brilliant in the storage industry I wouldn't give away as many secrets as he does it seems like could quickly adapt or counter his strategies Exactly what he talks about in this episode it seems like once the word gets out that storage are enticing new customers and then jacking up the rates. Storage company owners would say well that's the game we got to play but to the public appearance matters and it looked at as gouging the customers with tate hikes Just hit my toe into the storage market and I love it🎉🎉🎉 And for the UA-cam God's I am now a subscriber light and commented on several of your post since most of my binging has been on Spotify 🎉🎉🎉
Yeah not sure what happened on this one! It's definitely quieter than others. I'll be sure to let the team know. Thanks for tuning in and hanging out still though! Hope you could catch some of it at least.
Great video..I'll get your book today, hope it's on audiobook, also couldn't understand what your were saying with the name if the Bank you use for SBA loans. What the bank you all use
Hey Mark, thanks for the support! Hope you enjoyed the book! Looks like Brannen beat me to it, but yes, Live Oak Bank is the one I recommend. liveoakbank.com/incomepodcast Thanks Mark!
A lot of great info from start to finish regarding the up coming opportunities in storage. Another great way to diversify your portfolio as storage continues to grow.
Thank you for this very informative and interesting content! :) What is your opinion on franchise systems for self storage? They are getting very popular in Europe now.
Hey Hans, we have a similar strategy through our partner Storelocal, which is a network of independent storage operators that all market with the same branding and are backed by its systems and support tools. This helps cut down on solo-operators needing to do everything by themselves and increasing competition against the large REITs. Not a traditional "franchise" but the idea is there
I really enjoyed the video. Funny, I actually ordered the book before coming to this video. We've been in the multi-family part of real estate for many years, so it is interesting to see the similarities and differences between the two sub-sectors.
Hey @tdrisc139 - thanks for the comment and congrats on starting your storage journey! Check out my video to help you better analyze markets: ua-cam.com/video/iP8ZuyfIlPY/v-deo.html&lc=Ugy85CffYOQEx-S-xuh4AaABAg&ab_channel=SelfStorageIncome Head over to my site www.selfstorageincome.com to get my free self-storage starter pack and join our free newsletters to learn more about investing in self storage! 💪
Why can't you keep the money for the unit when you sale the stuff that they left behind. Isn't thare an abandonedment law that states if it's there after 30 days you can claim it.
Hey @shanecynova2424 - great question! I'm not a lawyer/attorney but it's often required for the facility owner to provide notice to the tenant, publish public notices, and go through a legal/auction process to sell or dispose of the abandoned items and get the unit ready to rent again. Storage facility operators typically have specific procedures to follow before selling or disposing of abandoned items.
Hey @adamouchignimoumbagna6443 - Great question! A Self-storage business plan should provide an overview of your business concept, market analysis, marketing strategies, operations, and financial projections. It should also convey your business strategy, target market, competitive advantage, and financial viability in a concise format. Use it to create a comprehensive plan that can guide your self-storage business towards success. If you are interested in learning more, check out our SSI Community to expand your knowledge and learn more about the self-storage world 👉 www.selfstorageincome.com/ssi-monthly-membership
Hey @gerdan1 - thanks for the comment! Head over to my site www.selfstorageincome.com to get my free self-storage starter pack and join our free newsletters to learn more about investing in self storage! 💪
Hey @rodrod1486 - thank you for reaching out! If you are asking out our Inner Circle membership, you can learn more about it here: selfstorageincome.com/inner-circle. Let us know if you have any questions!
Looking to diversify from my STR's and into self storage. Went through and took notes from this video and have been absorbing all I can from your podcast and book. Can't thank you enough for the video and knowledge share! I look forward to finishing the rest of the playlist. Massively helpful.
Man can't tell you how awesome that is to hear. Thanks for tuning in and being a part of it all. Really happy to hear that you're finding value in this stuff (it sure takes a lot of time and effort to put together lol). Thanks Matthew and happy hunting!
![How Much Money Do You Need to Get Started in Self Storage? [Your First Facility]](http://i.ytimg.com/vi/Ma1zSDJzTYY/mqdefault.jpg)
4:04
"The dollar buys you way more than it did 30 years ago."
Oh really?
You're telling me I can get a Big Mac or happy meal for a lot less than I could 30 years ago?
Or a gallon of gas for less than 30 years ago?
Or literally any consumer product, for less money than 30 years ago?
Yeah I don't know where the heck you're getting that metric my guy. But that is the polar opposite of what is true.
Take that from a consumer.
Great video AJ. We’re closing on our first facility next week and are starting to think about our second one. Looking forward to your video on financing.
Thanks Wayne! That's awesome to hear. Sounds about right, can't just stop at one facility 🤣
Your videos are perfect, any suggestions for someone who is brand new to self storage and wants to build a facility?
Well I don't know about perfect lol, I do have a great team though. Thanks a ton for the support, I appreciate it. Hmm, suggestions - never forget demand is key, and start talking to builders who know and understand self storage and can accurately price building a facility.
I got screwed by my dad
Hi there! While I have been able to find total square footage per capita for the facilities I am looking at, I am struggling with how tactically identifying the customers who are using storage in a specific market, how they are using storage, how those customers and their use cases vary across unit sizes and types, and seasonality and rates over time. I am focusing on smaller markets where I don't know where to being trying to find that information. Do you have any suggestions?
Just found you buddy. I’ve owned a 97 unit facility for 12 years or so. Somebody else has managed it for that period. Now I’m taking control. I’ve got a slight bit of a mess to dig out of. I’ll catch up on your channel.
WOW, what an awesome overview!!! I'm currently in the residential (wholesaling and buy & hold) and commercial (small to midsize apartments) spaces as an investor. The "Storage" class seems like a great asset class to add to my portfolio to diversify. I'll definitely have to research more. Excellent info, AJ, and thank you for time, content & effort!! To Your Success!!!!!!!!!!!!!!!!!!!
Great content AJ and thank you. Looking to turn a 'car lot' into one...Garage in Ireland!
I'm sure you have some content on small Storage units for built up areas......
ever in Dublin give us a shout !
That's awesome! Will do Nick, thanks a ton for tuning in!
Looking to get into storage units ngl lol
I've been on a binge and I've listened to about 15 episodes AJ's podcast.
Here are my observations:
AJ and his team are brilliant in the storage industry
I wouldn't give away as many secrets as he does it seems like could quickly adapt or counter his strategies
Exactly what he talks about in this episode it seems like once the word gets out that storage are enticing new customers and then jacking up the rates. Storage company owners would say well that's the game we got to play but to the public appearance matters and it looked at as gouging the customers with tate hikes
Just hit my toe into the storage market and I love it🎉🎉🎉
And for the UA-cam God's I am now a subscriber light and commented on several of your post since most of my binging has been on Spotify 🎉🎉🎉
Fantastic video. Your content is always on point. Please make a video that details how to value a facility and what to pay for it. Thank you AJ!
Hey @tonyjablonski, there you go! ua-cam.com/video/7MImoRq8L94/v-deo.html&ab_channel=SelfStorageIncome. Hope it helps! 💪
Don't cut your volume. I got it cranked and can't hear.
Yeah not sure what happened on this one! It's definitely quieter than others. I'll be sure to let the team know. Thanks for tuning in and hanging out still though! Hope you could catch some of it at least.
Mines clear down to the bottom third and it’s plenty loud here
Informative video, but how do you factor in when you have consumers that don't pay their storage fees! What's the process for that if they don't pay?
As someone just starting in this industry, would you buy land and build or look for existing structure to purchase?
10 pts for what to do 2 pts for how, and yes I got your book already and do like it ✌️
🤣 🙌 Thanks Tomek!
If needed how does insurance work, where do you start and how do you manage a facility from far?
Great video..I'll get your book today, hope it's on audiobook, also couldn't understand what your were saying with the name if the Bank you use for SBA loans. What the bank you all use
He said Live Oak Bank
Hey Mark, thanks for the support! Hope you enjoyed the book! Looks like Brannen beat me to it, but yes, Live Oak Bank is the one I recommend. liveoakbank.com/incomepodcast
Thanks Mark!
Thanks for the support Brannen!
This should be titled how to start a storage business. This is not investing.
I am very interested in self storage but where to start how to get into and of course finance
Awesome bolt action rifle toy
Thanks! I love that thing! 'Merica 😎
A lot of great info from start to finish regarding the up coming opportunities in storage. Another great way to diversify your portfolio as storage continues to grow.
@yachtierealestate245 - thanks for the comment! Glad it was helpful! What other topics would you like us to discuss?
@@SelfStorageIncome new development storage in todays climate.
Also, I am mostly in multifamily. Retail investor funds seem to be tightening, regarding capital raise. What are you seeing in self storage?
critical factors in selecting a self storage market@@SelfStorageIncome
Thank you for this very informative and interesting content! :)
What is your opinion on franchise systems for self storage? They are getting very popular in Europe now.
Hey Hans, we have a similar strategy through our partner Storelocal, which is a network of independent storage operators that all market with the same branding and are backed by its systems and support tools. This helps cut down on solo-operators needing to do everything by themselves and increasing competition against the large REITs. Not a traditional "franchise" but the idea is there
I really enjoyed the video. Funny, I actually ordered the book before coming to this video. We've been in the multi-family part of real estate for many years, so it is interesting to see the similarities and differences between the two sub-sectors.
I agree, it's fascinating to see how not only their similarities / differences, but also how one can affect the other. Thanks for your support!
Really helpful content. Currently analyzing RV storage opportunities in NC
Hey @tdrisc139 - thanks for the comment and congrats on starting your storage journey! Check out my video to help you better analyze markets: ua-cam.com/video/iP8ZuyfIlPY/v-deo.html&lc=Ugy85CffYOQEx-S-xuh4AaABAg&ab_channel=SelfStorageIncome
Head over to my site www.selfstorageincome.com to get my free self-storage starter pack and join our free newsletters to learn more about investing in self storage! 💪
What bank did you say you use?
Why can't you keep the money for the unit when you sale the stuff that they left behind. Isn't thare an abandonedment law that states if it's there after 30 days you can claim it.
Hey @shanecynova2424 - great question! I'm not a lawyer/attorney but it's often required for the facility owner to provide notice to the tenant, publish public notices, and go through a legal/auction process to sell or dispose of the abandoned items and get the unit ready to rent again. Storage facility operators typically have specific procedures to follow before selling or disposing of abandoned items.
Can you help share a self storage plan template. Thank you
Hey @adamouchignimoumbagna6443 - Great question! A Self-storage business plan should provide an overview of your business concept, market analysis, marketing strategies, operations, and financial projections. It should also convey your business strategy, target market, competitive advantage, and financial viability in a concise format. Use it to create a comprehensive plan that can guide your self-storage business towards success. If you are interested in learning more, check out our SSI Community to expand your knowledge and learn more about the self-storage world 👉 www.selfstorageincome.com/ssi-monthly-membership
Thanks. amazing
Thanks
You bet Brian!
Great video. Learned a lot. Thank you
@willyhogan6374 - thanks for commenting. Glad it was helpful!
?Is there a class to take to learn about all that....
Hey @gerdan1 - thanks for the comment! Head over to my site www.selfstorageincome.com to get my free self-storage starter pack and join our free newsletters to learn more about investing in self storage! 💪
Great content as I begin the self storage journey. Appreciate it!
Hey @bmonroe3106, glad it was helpful! 😉
Thanks AJ!
You bet Michael! Thank YOU!
Thanks
You bet!
Thank you, great content and insight into the business
Outstanding information. Doing some due diligence around this industry and this is truly an exceptional video. Thank you for this!
My pleasure James! Happy to help! Thanks for the awesome feedback!
Masterclass when?
Hey @rodrod1486 - thank you for reaching out! If you are asking out our Inner Circle membership, you can learn more about it here: selfstorageincome.com/inner-circle. Let us know if you have any questions!
Looking to diversify from my STR's and into self storage. Went through and took notes from this video and have been absorbing all I can from your podcast and book. Can't thank you enough for the video and knowledge share! I look forward to finishing the rest of the playlist. Massively helpful.
Man can't tell you how awesome that is to hear. Thanks for tuning in and being a part of it all. Really happy to hear that you're finding value in this stuff (it sure takes a lot of time and effort to put together lol). Thanks Matthew and happy hunting!
@@SelfStorageIncome excited for the bootcamp next week 👍🏼. Take care
AJ, I appreciate your approach, market, site analysis, legal and financial analysis to self-storage
Invaluable advice