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Learn what you need to know about self-storage investing, be educated and know the common mistakes that newbies make in self-storage investing, and discover the similarities and differences in self-storage investing in the USA and Canada.
Resourc...
Learn what you need to know about self-storage investing, be educated and know the common mistakes that newbies make in self-storage investing, and discover the similarities and differences in self-storage investing in the USA and Canada.
Resources/Links
Summary
Scott Meyers is known as one of the leading experts in Self-Storage. After becoming a penniless landlord in the Single-Family Rental and Apartment business, he began investing in Self-Storage. He “Saw the Light” and quickly sold all his Single-Family Rentals & Apartments to create a small empire of Self-Storage facilities nationwide. His company’s focus is on syndicating Self-Storage deals and helping others launch their own Self-Storage business to enjoy a lifestyle free from tenants, toilets, and trash.
In this episode, Scott brings in his expertise to discuss the ins and outs of self-storage investing. He’ll tackle the common mistakes you should watch out for as a newbie and how to prevent them, and the resources you need to get started. Get ready to take some notes and write down these top tips for profiting from self-storage investing!
Topics Covered:
Key Takeaways:
” I think the lesson we’ve learned was trying to get out in front of folks that are investing for the first time and haven’t been through an economic cycle.” – Scott Meyers
“With commercial real estate and self-storage, it takes a little bit more to learn to understand how to underwrite it and put on it to determine if something is good. Hire feasibility study consultants and appraisers to help along the way. But on the front end, to be able to identify opportunities there, it’s a little more education to know and understand what that looks like.” – Scott Meyers
“I think patience along the way leads to my next point. It takes longer for anybody that’s going out from scratch to our students from the get-go to find a facility that may meet their investment criteria. It makes sense as a value and opportunity. It may take six to 12 months before they identify and close on a project.” – Scott Meyers
“When you run out of cash, you need to be open to partners. And so, accepting it and understanding what partnerships look like, risk tolerance, threshold, and whether you want to be the driver or bring in somebody will also help in those decisions to compliment you.” – Scott Meyers
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