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New to self storage investing? Then, at all costs, avoid these seven crucial beginner mistakes. When you’re buying a storage facility, a lot can go right…but a lot can go wrong, too; if you haven’t been in this game for a while, it’s easy to trip up and buy a facility that ends up costing you. So, how do you avoid all the beginner pitfalls that we’ve seen wipe out storage operators before they get their footing? Stick around because we share two decades of mistakes with you, so you DON’T make them.
We’re getting into WHY beginners never buy their first storage facility, the “good” problems you should hunt for when looking for deals, and the WRONG metrics that will throw you off course. We’ll also describe, in detail, how to analyze a market for demand so you don’t buy in an area that DOESN’T need more self storage. Plus, how getting unit sizes right can help you beat the competition and fill up your facility fast.
We’re also highlighting due diligence errors and how to fact-check what the seller reports so you don’t buy a facility different from the one you thought you were getting. And stick around for the end-we’re taking your questions from past episodes and answering them on today’s show!
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00:00 Intro
02:12 Why We Do This for FREE
11:07 1. Waiting for a "Perfect" Opportunity
16:34 "Good" Problems to Look For
20:42 2. Looking at the Wrong Metrics
24:40 3. Not Looking at Future Demand
28:31 4. Comparing Dissimilar Assets
32:37 5. Getting Unit Demand Wrong
38:00 6. Due Diligence Fumbles
42:44 7. Never Getting Started
44:00 Self Storage Q&A!
1 окт 2024
