185. Buying your First Self Storage Facility: Do's and Don'ts w/ Ben Kall
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 13 December 2022
⏱️ 77 minutes
🧾️ Download transcript
Summary
Starting out in Self Storage can seem scary and complicated. Even if you've studied the topic and the math, nothing beats experience in the industry and knowing what metrics to achieve and what pitfalls to avoid.
Ben Kall is a real estate agent and broker out of Minnesota. He's dealt in multi-family, triple net lease (NNN), and now Self Storage. His first investment (outside his first home) was a $1.5 million facility. We've invited him on to share some of his experiences just starting out, what it's like,and what you need to know about acquiring your first facility!
Check out Ben's company: https://www.mn-storage.com/ and https://www.waukeestorage.com/
Live Oak Bank - liveoakbank.com/incomepodcast
Tenant Inc. - https://www.tenantinc.com/
Janus International - https://www.janusintl.com/
Want to invest in storage without dealing with the day-to-day operations and management? https://www.cedarcreekwealth.com/
Transcript
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| 0:00.0 | Oh, we were scared out of our minds. Our goal, like our lifelong goal, was to own three houses |
| 0:05.4 | that would eventually pay for our kids' future college. Period. That was our goal. So then we started |
| 0:10.3 | reading a few different books and realized that I had to start investing so I could have passive |
| 0:14.5 | income and kind of live the lifestyle that I really wanted. And so we started investing in my, |
| 0:19.2 | other than my house, the first actual investment was a |
| 0:22.0 | $1.5 million storage facility. So first ever investment I ever got into was a self-sourge |
| 0:26.9 | facility. Got the lead and we were under contract in 24 hours and closed 30 days later. Wow. |
| 0:32.7 | There's that that issue that we run into all the time where people think you have to do the |
| 0:36.7 | house hacking. You have to do the duplexes. Then you have to go to multifamily, then maybe you can go to |
| 0:41.7 | commercial. Like, did you have any of that discussion in your head or like what made you |
| 0:45.9 | realize that you could just go straight to commercial? |
| 0:48.9 | Hey, what is going on, everybody? And welcome back to self-storage income. Today we have a |
| 0:53.9 | special guest here on the podcast. |
| 0:56.1 | Ben Call, he is a real estate agent and broker from Rochester, Minnesota, and he's been investing |
| 1:02.6 | since 2018 and owns several different classes of real estate like multifamily, triple net lease, |
| 1:08.6 | and now self-storage. He's going to be talking about his |
| 1:11.9 | experience starting out in self-storage from these different asset classes and why you don't |
| 1:18.0 | actually need a already existing portfolio in order to break into the industry of self-storage |
| 1:25.0 | and to start investing right away. He's also the host of the Action Academy podcast. |
| 1:30.2 | But before we get started, I just want to remind you, |
| 1:32.7 | we're still celebrating the launch of AJ's audiobook growing wealth in self-storage. |
| 1:37.2 | If you want to copy, just head to the link down in the show notes, |
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