175. Starting Out with Small Facilities - The Changing Industry w/ Jeremiah Boucher
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 4 October 2022
⏱️ 66 minutes
🧾️ Download transcript
Summary
Starting out in Self Storage is no easy feat. And one of the biggest factors to consider is, which market do I want to be in? And will that market be profitable with the size of facility I'm looking at?
With the Fed hiking interest rates to fight high inflation, the market is changing at an incredible rate. Buying a facility is no longer the "guaranteed" return on investment it has been in recent years. What are the large REITs doing in response to the changes?
In this episode, we invited Jeremiah Boucher to talk about smaller facilities in the current market, specifically in sub-prime markets. He flew all the way out to Couer D' Alene, Idaho, where we held our Self Storage Income Live Event, and recorded this podcast with us live on stage!
He is a returning guest, but for those of you who don't know, Jeremiah is a value investor who specializes in the acquisition and development of alternative commercial real estate assets. He learned the real estate business from the ground up and currently owns and operates Patriot Holdings, a $300M-plus portfolio of high-performing commercial properties.
Jeremiah brings a lot of value and interesting discussion to this episode. You don't want to miss this one!
You can find out about Jeremiah's company here: https://www.patriotholdings.com
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My best-selling book on Growing Wealth with Self Storage is now available in audiobook format! Pick it up for free here: https://www.selfstorageincome.com/free-audiobook
Our partners:
Forge Building Company - https://forgebuildings.com/podcast
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Live Oak Bank - liveoakbank.com/incomepodcast
Tenant Inc. - https://www.tenantinc.com/
Want to invest in storage without dealing with the day-to-day operations and management? Learn more about our syndication company Cedar Creek here:
Transcript
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| 0:00.0 | You know, you're seeing larger players now aggregate and they're buying smaller facilities |
| 0:05.0 | that are in rural and tertiary markets. |
| 0:07.0 | But what that means for us is I think we're at the right place at the right time, |
| 0:10.0 | where there's a lot of compression of cap rates, even in tough markets, |
| 0:15.0 | where small business people, entrepreneurs, anyone that's a developer, |
| 0:19.0 | or just someone that's in storage, you know, there's a |
| 0:22.3 | whole new opportunity where I think in this industry you can buy an asset and actually add a lot |
| 0:28.3 | of value, even in a competitive market. The amount of people coming into the industry has changed. |
| 0:35.0 | And so how these new people coming into the industry, how they get into the industry, |
| 0:39.5 | right, that is changing on their opportunity. You know, when we started out in the small facilities, |
| 0:44.8 | and for anybody that was in the game during the Great Recession, you saw what happened on the |
| 0:52.3 | cell of those small facilities, right? |
| 0:54.3 | Those smaller facilities and those smaller markets, when that capital retreated, |
| 0:58.5 | got obliterated, but it got obliterated because of the buyer. |
| 1:02.0 | There was no institutional grade. |
| 1:04.9 | The money was fixed to debt, and there wasn't demand for those assets, right? |
| 1:10.0 | That's changing. |
| 1:11.9 | Hey, what is up, everybody? |
| 1:13.1 | Welcome back to the self-storage income podcast. |
| 1:15.8 | Today we have a very special edition of the podcast in store for you |
| 1:20.6 | because this is an episode we did live at the self-storage income live event of 2022. |
| 1:26.3 | We did this in front of a crowd of like 200 people |
... |
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