April 15th is coming up. I don’t tend to fret over it like I used to. Two reasons I own self storage facilities and, We have had cost segregation reports completed on each one of them. https://youtu.be/mI-ZQC6pKyM Real Estate is perhaps the best way to minimize your...
I used to always tell someone new in the self storage business that they should purchase an existing facility first. Get your feet wet, learn the business, then if you really like it, build your second or third facility. I don’t say that anymore. Not today. Not with...
As you are creating your business strategy, two central questions are: who is going to run the business? who is going to run the facility? https://youtu.be/Jhw7GoOXIEU The answer to the first is you! You are going to run the business. You’re creating it and it’s an...
I know this is close to heresy, but especially in the world of self storage, but…STOP USING CAP RATES. The way they are being used in marketing self storage today is misleading, bordering on fraudulent. https://youtu.be/JiMDI74KgYQ Who should stop using them? Well...
I once represented the CEO of a large publicly trade company in a few real estate transactions in our market. He thought he would teach me how to negotiate. He told me to “Get as much as you can. Push it till they are about to walk. Then back off and be friendly. They...
“Where do you find the self storage facilities you buy?” Well, finding self storage facilities to purchase is an art. Yes, I have a method, which I will share here, but in the end it's an art. https://youtu.be/0twU5yQUoi8 But I think being in business is like being an...
"How big should my first storage facility be? “How big a facility should I buy?” “How big a facility should I build?” If you’ve followed me at all, you know how I’m going to answer that question. Every single time I get asked. https://youtu.be/EF6B4AK5HFk “It...
Do you know one of the most meaningless numbers ever asked or ever told concerning your self storage facility? I hear about it every day. “How many units we have we leased?” “We’ve leased “X” units.” I know its interesting, and it does point to trends, but for...
There is a real revolution going on in the self storage industry these days. In an industry where the biggest innovation to date (climate controlled units) happened in the 1970’s, this is arguably the biggest development ever in the business landscape for self...
As I said last week, if you keep you eyes on a few things in this business, you can create a lot of profitability. One of them is “Accounts Receivable”. This is what keeps the economic occupancy percentage and the physical occupancy percentage very close to each...
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