I often tell people “If you keep your eye on about 5 things, your self storage facilities can be a very profitable business.” Let’s discuss one of them. We started taking last week about the difference between physical occupancy and economic occupancy, but lets really...
“How could you buy that facility that was listed at a 5.2% CAP Rate?” “I didn’t” I say. “But look at what you paid. That is much closer to their list price than I could ever pay.” “OK, but it wasn't a 5.2% CAP rate on my income stream! In fact I think I got a fair...
“Self storage facilities are so expensive to buy today!” “I’m afraid to build a new one as my first facility.” “How can I get into this business?” In today’s competitive self storage market there is a way smaller investors, like us, can get in the business and...
“They want HOW MUCH for their self storage facility?!” #x*!(*%! “Maybe we should just build one.” As the self storage market heats up, and prices keep getting higher and higher for existing self storage facilities, more and more people are leaning towards building new...
There is a little know secret to building your self storage business most don’t think about, that can make the biggest difference in your goals being reached, or not.
So I found myself sitting down to write an episode that I have been regularly deleting and couldn’t help but ask myself what could I possible say that would make a difference for my subscribers who are getting in and/or growing your self-storage business about planning your 2016.
“If you are born without a lot of money, and you never borrow money and go in debt, you are going to die without a lot of money.” https://youtu.be/FhTPxe24zi4 A mentor told me that once. He also said it is important to know the difference between good debt and bad...
Your specific income goals should always be where you business strategy planning starts. If you don’t have a strong “why” you want to invest in the business, you can’t begin to start on the “how.”
It has never been harder to buy self-storage than it is right now for the smaller investor. It has also never been a better time to buy self-storage for the smaller investor. But don’t let anyone tell you otherwise, it is challenging. It is hard because REITS have...
What is the greatest asset you have in your business?
I know the knee jerk reaction is “my customers” or “my employees”.
I know they are both great assets, but consider again. They are not the greatest.
You, are the greatest asset to your business. It is you.
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How Mark approaches finding, analyzing and getting into self storage, in three short videos.
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