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Real estate can become complex, but you can always opt for simplicity in the way you manage the business.
Do you want to get into real estate without the hassle of tenants, managing people, dealing with repairs and maintenance, toilets, and trash?
That is what we have to dive into in this episode, how to run things simply, even during hard times and still earn more.
Scott Meyers and his affiliated companies focus on the acquisition, development, and syndication of self-storage facilities nationwide. He currently owns and operates over 2,400,000 square feet and over 14,000 units nationwide. His education organization, SelfStorageInvesting.com, provides courses, tools, live events, and mentoring to help others launch their own self-storage business to enjoy a lifestyle, as he has coined, "free from tenants, toilets, and trash!". His various companies fund and build-6 houses each year in Mexico by taking his family, staff, and clients on an all-expense paid short-term mission trip.
In this episode, Scott shares how he loves the simplicity of running self-storage facilities and still earning well even during economic downturns. As he said, this is one investment portfolio that has repeatedly proven itself that works best even in the most trying times.
Checkout: Raising Capital Without Rejection Full-Day Workshop (Online): https://investorattractionworkshop.com/
What you will learn from this episode for 17 minutes:
Resources:
Topics Covered:
01:31 - Is self-storage recession-proof?
02:47 - Number of reasons people utilize self-storage
04:33 - In what instances does self-storage not an advantage in a recession
06:03 - The time when auctions go up at the same time as accounts receivable
07:49 - Benefits of having a self-storage included in your portfolio
10:11 - What it looks like managing individual facilities nationwide
12:01 - When do you need someone in person to manage the facility [plus the ancillary income streams coming from managing self-storage]
14:36 - How to get started with self-storage with not much money to spend on it
16:42 - Where you can learn all things self-storage
Key Takeaways:
"When we hit a recession, people downsize, businesses downsize. When there is trauma in their lives or their business, they downsize. And then they put stuff in storage until things turn back around again. And so, we see a spike in demand for storage during a recession." - Scott Myers
"In self-storage, if somebody doesn't pay you, you put an overlock on their unit on the sixth day, and then after 90 days or 60 days, depending upon what state you're in, then you get to sell their stuff off, and the unit opens up again, and you're able to move in the next person waiting in line." - Scott Myers
"Just from a simplicity standpoint, we would rather manage people's stuff than manage people, and we can use technology to run our facilities." - Scott Myers
Connect with Scott Meyers:
Connect with Dave Dubeau:
