Let me introduce you to Fred (not his real name).
When we connected on a phone call to see if the Bootcamp training was right for him, he had a residential real estate background.
He owned a residential real estate brokerage company and a few residential investment houses.
He had always thought self storage would be an excellent investment but had never ventured into commercial real estate.
He had never done any construction other than a little rehab on houses.
Self storage had at least one more zero in the numbers than he was used to, and he really wondered if he could really get in the business.
He said he was open to learning, didn’t have a lot of money, and I could hear the doubt in his voice.
I told him it was possible. I could tell he was not afraid of work and could learn, but he was unsure if he could get into the business.
As we started working in the Bootcamp, he decided the best way to get in the self storage business for him was to start with a smaller project, get in, then if he wants to grow more, sell the first one, or refinance the first one and pull; money out, or just raise money.
He tentatively began looking and using some of the techniques we go over and will discuss in this episode.
In my humble opinion, his biggest obstacle wasn’t a small amount of cash or prices being high. It was his doubt if he could do it.
Fortunately, success in life comes not to those who need it or understand what to do, not even to those who believe they can, but to those who take action.
Fred took action and, within six months, purchased his first small self storage facility he found by directly connecting with the Owner.
The Challenges
In our last couple of episodes, we have discussed the current landscape a small investor has to deal with to get into the business today:
- Big money chasing storage keeps prices very high, making it harder to compete for deals.
We also discussed a solution. Specifically, we discussed the type of opportunities to be looking for today to not compete as much against the larger players.
If you didn’t see, hear, or read Episode 322, there is a link here.
In Episode 323, we discussed the next challenge today for small investors.
- Knowing specifically how to analyze the types of deals we have to go after as the solution to the first challenge.
Here is an example of some of the training we go over in the Bootcamp and discussed in the last Episode. Keep in mind the specific numbers have changed since the recording of this tutorial, but the process is the same. We go over the current numbers we are using today in each Bootcamp because they constantly change.
The next challenge we go over in the Bootcamps is:
- How to create deal flow to look at.
If we know what to go after and analyze it, we next need deals to analyze.
Fred utilized one of the techniques of creating a market area, getting a list of self storage owners, scrubbing the larger players and REITs out of the list, then connecting directly with the Owners until he found someone interested in talking to him about selling their facility.
For the smaller investor today, I teach a three-pronged approach that we do to create an ongoing deal flow that is specific to the type of opportunities we have to look at (solution to challenge one).
It does not take long to have potential projects to look at back up your inbox.
Yes, you have to analyze more today to find the right deal for you, but this is a good one to have in the world of challenges.
It took Fred, someone who was unsure if he could even do it, six months.
I am constantly inspired and amazed at the amount of work and courage many of the people in the Bootcamps display as they forge ahead and go through the spaces they need to in order to get in self storage today
Conclusion
We have so far discussed three of the challenges small investors face today getting in self storage and their solutions.
But once Fred found his opportunity, he had to control it, go through the due diligence, and know what specific plan of action was needed in his first 90 days of ownership.
We will discuss that next week.
The QuickStart Self Storage Bootcamp
My goal here is to create valuable content that will support the small investor who wants to get into the self storage business or grow their self storage business do so in today’s reality.
And I certainly do not want you to feel you are always being sold to by me.
However, if you are new to self storage or just want more support, a viable option for you may be to participate in the next upcoming Bootcamp.
Sign up for the boot camp here
I wish I could have 100’s in the Bootcamp, but I have to limit the number of people, primary because:
- I only have one person from any given part of the country so as not to have more than one person in the Bootcamp focused on a given market area or region. I don’t want to create an environment where someone who has paid to be there feels like they have competition in the Bootcamp.
- `Everyone needs the opportunity to get one-on-one support in certain areas of their development during the Bootcamp and in the three-month follow-up, and I could not do that with a very large group.
The Bootcamp isn’t for everyone, and many can get in or grow your business without the level of training this Bootcamp offers. But if you think this may support you, click below to get more information, and if you want to, or feel you need to talk to me personally, there will be a link there to schedule a call with me to get any questions answered.
If you want to be in the self storage business in 2022, I want to support you however it may look.
Perhaps it is the QuickStart Self Storage Bootcamp on Feb 4th and 5th 2022. If you are hearing or seeing this after February go to CreatingWealthThroughSelfStorage.com and find out when the next one is happening, or explore the On-Demand Version of the Self Storage Bootcamp.
Click here to find out.
