Intro & Disclaimer
Welcome to The Creating Wealth Through Self-Storage Show with Mark Helm.
Nothing shared here guarantees your success in the self-storage business. This content is for informational purposes only.
Nothing said or implied is a call for investment, and you alone are responsible for your results in any business endeavor.
Meet Rich Porter
In this episode, Mark introduces Rich Porter, a long-time member of the Inner Circle community. Rich has built a unique niche in the self-storage world by taking his analytical background and transforming it into a powerful, repeatable system for finding opportunities—both land development and conversions.
Rich’s superpower is his ability to:
- Research markets deeply
- Systematize processes
- Document everything
- Create efficient workflows for identifying real opportunities
These methods allow him to partner with others, support deal flow, and uncover prospects that most people would overlook.
Rich’s Background
Rich currently lives in Connecticut and originally met Mark around 2014. After a few years spent researching stocks, he returned to self-storage in 2017,
and since 2020 has worked closely with Mark and the Inner Circle.
Before entering real estate, Rich worked as a program analyst—observing business processes, documenting workflows, then building systems that automated everything.
That foundation now fuels his methodical approach to self-storage.
Rich’s Process for Finding Land Opportunities
Rich begins most searches using Radius+, LoopNet, and Crexi. His workflow is designed to minimize wasted time and quickly filter out locations that don’t meet investment standards.
Step 1: Initial Search Filters
On LoopNet/Crexi:
- Property type: Commercial or Industrial
- Lot size: 3–15 acres
- Only show listings actively on the market
- Exclude auctions and pending listings
He opens each candidate property in a new tab and reviews:
- Zoning
- Lot dimensions
- Description
- Any potential red flags
Step 2: Aerial View & Roadway Assessment
Rich performs a “bird’s-eye” review to quickly evaluate:
- Surrounding uses
- Access & visibility
- Wetlands or unbuildable portions
- Neighboring anchor tenants
If the parcel passes this test, he brings the address into Radius+.
Step 3: Radius+ Market Data Review
He checks:
1. Per Capita Supply
Target: Below ~8–10 sq ft per capita
Higher numbers suggest oversupply.
2. Population (3-mile radius)
Target: 10,000+ residents
Deals under this threshold often get automatically rejected.
3. Median Household Income
He prefers areas where the median household income is above the state average, indicating stronger customer quality.
4. Average Rents
He compares 10×10 unit average rents to local norms. Low rents may indicate weak demand; high rents may indicate strong opportunity.
Step 4: Traffic Count
Each state has traffic data portals. Rich pulls daily vehicle counts and considers:
- 10,000–20,000 vehicles/day as a solid baseline
- High-visibility roads as a strong advantage for lease-up
Step 5: Flood Zones and Wetlands
Rich uses FEMA maps to rule out problematic parcels. Many properties—especially in Florida—fall into flood zones that complicate
or eliminate development potential.
Rich’s Process for Finding Conversion Opportunities
Conversions are more work. He filters for:
- Property types: Office, Industrial, Retail, Shopping Centers, Specialty
- Building size: 10,000–80,000 sq ft
- Lot size: 2–15 acres
- Clear height: 17+ ft preferred for adding a second story
- Exclusions: properties under construction, planned, or in permitting
He identifies candidates, checks zoning, evaluates whether the building footprint and acreage support the needed rentable square footage, and runs them through the same Radius+, traffic, and flood-zone review.
Due Diligence: Talking With Local Authorities
One of Rich’s biggest advantages is calling local:
- Zoning departments
- Town planners
- County engineers
He verifies:
- Whether self-storage is allowed
- What approvals are needed (by-right, conditional use, special use)
- Local attitudes toward storage development
- Any restrictions, upcoming road projects, or infrastructure issues
Town planners often give him the “real story” that brokers don’t always share.
Driving for Storage & Skip Tracing Owners
When seeking existing facilities (mom-and-pop sellers), Rich:
- Uses Radius+ to generate a list of facilities
- Filters out REITs and operators using dynamic pricing
- Compiles 100–200 facility addresses
- Skip-traces each address to get owner name, phone, and email
- Drives the properties
- Calls the owner first, then the facility if needed
- Tracks every contact attempt in a master seller sheet
His philosophy is simple: life changes. An owner uninterested today may be eager next month—and he wants to be the first call they make.
Analyzing a Facility Using a Random Daily Close
Rich requests a Random Daily Close (RDC) instead of a full P&L because:
- It’s easy for the owner to provide
- It’s non-intrusive
- It contains enough financial data to evaluate the deal
From a single RDC, Rich derives:
1. Physical Occupancy
Example: 82.1% full.
2. Gross Potential Rent (GPR)
Calculated by multiplying monthly GPR by 12 to get annual GPI.
3. Economic Occupancy
Actual income divided by GPR. A large gap between physical and economic occupancy represents major upside.
4. Delinquency Ratio
Unpaid charges divided by monthly GPR. An acceptable delinquency ratio is usually 5% or less. High delinquency is a red flag but also a major value-add opportunity.
5. NOI Estimate
He uses a standard 38% operating expense assumption when detailed expense data is not available.
6. As-Is Value
NOI divided by a cap rate (often 7–8%) to estimate current value.
7. Potential Value
Modeled using the upside from:
- Raising economic occupancy
- Eliminating or reducing delinquencies
- Adjusting rents closer to market
This allows Rich to deliver owners a well-structured offer packet that may include:
- A cash offer
- One or more seller-financing options
- Different down payment and structure scenarios
County-Level Opportunity Mapping
Rich can evaluate entire regions or states by mapping:
- Median household income
- Per-capita storage supply
- 3-mile and 5-mile populations
- Rent comparables
- Storage bans or restrictions from local zoning offices
From 20+ counties, he may narrow down to only 5–6 truly viable ones. He can also prepare spreadsheets for investors who want to explore a particular region before searching for parcels.
Working With Rich
Rich keeps all deal data in the cloud and can share folders with interested buyers.
To get on Rich’s email list or inquire about his research services:
Email: rich.digitalcurrency@gmail.com
He is flexible in how he works with investors and often assists with deal sourcing, land filtering, and zoning verification for Inner Circle members.
Closing Thoughts
Mark closes the interview by acknowledging Rich’s:
- Strong work ethic
- Unique ability to build systems
- Skill in creating repeatable processes
- Consistent deal generation
- Willingness to document and teach his methods
Rich expresses gratitude for the Inner Circle community and the opportunities to collaborate, learn, and share what he has developed:
“It’s been the most exciting adventure I’ve ever experienced. There’s a lot more to learn, and a lot more to share, and I’m open to both. It’s a lot of fun to be with people of like mind.”
We hope this breakdown of Rich’s process helps you as you go out and find your next self-storage opportunity.
