In our last episode, we briefly discussed the current landscape the small investor bumps up against while getting into the business today.
Big money chasing storage keeping prices very high, making it harder to compete for deals.
We also discussed the solution.
If you didn’t see, hear, or read last week’s episode, there is a link here: https://creatingwealththroughselfstorage.com/back-to-basics-series-for-small-investor-getting-in-self-storage-the-opportunity/
Or in the show notes to get to the episode.
One thing in life I have learned is this; every problem I have today was the solution to another problem I had earlier.
By knowing what specific types of self storage opportunities to go after, we all have to learn how to look at existing self storage, or vacant land, or an existing vacant building, and know what could be there, the income it could produce, the approximate expenses to run it, and how much it might cost to create or upgrade.
My experience is that unless we feel we know this, we are unsure of what we can pay, we’re less powerful in negotiations, and we mostly don’t get very far in today’s market.
There is nothing hard about it, but we have to be on top of how to analyze, determine cost today, and the potential income (this value and cash flow) after we are done.
Unless you feel you have a handle on this, not much happens.
In our Self Storage Bootcamps, we spend a lot of time on this, using today’s current construction numbers. More on the Bootcamp below.
Bootcamp here: https://creatingwealththroughselfstorage.lpages.co/2022-q1-live-virtual-bootcamp/
Previous week’s episode: https://creatingwealththroughselfstorage.com/back-to-basics-series-for-small-investor-getting-in-self-storage-the-opportunity/
New to self storage? Start here: Mark’s free 3-part video series
Courses: The QuickStart Academy
Software: Storage World Analyzer
Books: The Creative Method of Wealth Generation · Creating Wealth Through Self Storage
Free tools: 5 KPIs ebook · 4 Critical Metrics · Cap Rate, ROI & IRR Calculator
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