186. The Rise of the Self Storage Industry w/ Steve Mirabito
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 21 December 2022
⏱️ 57 minutes
🧾️ Download transcript
Summary
Self Storage hasn’t always been the real estate class that we all know today. It’s one of the youngest and was originally developed under drastically different circumstances. Cities often approved storage to gain an income producing property that didn’t stress the infrastructure by adding more traffic or population.
Understanding the key changes from how storage started and how it got to where it is today will shed some light into what exactly affects the demand, markets, and revenue. What makes it tick?
Today, we’ve invited Steve Mirabito, President of StoragePRO, Inc and a board member of the world’s largest Self Storage Co-Op, Storelocal. He has been in the industry since the early days, and his experience in the industry is unmatched. We’ll be talking to him about what it was like when he first started out, and how the industry has shifted over the years.
Find out more about Steve: https://www.storagepro.com/
Our partners:
Live Oak Bank - liveoakbank.com/incomepodcast
Tenant Inc. - https://www.tenantinc.com/
Janus International - https://www.janusintl.com/
Grab my audiobook Growing Wealth in Self Storage for FREE: https://www.selfstorageincome.com/free-audiobook
Want to invest in storage without dealing with the day-to-day operations and management? Learn more about our syndication company Cedar Creek here: https://www.cedarcreekwealth.com/
Transcript
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| 0:00.0 | If I'm in a city, why do you think that the person that's three mile down the road is suffering |
| 0:04.5 | with low vacancy, not being able to compete? |
| 0:07.7 | How, how, why would I think that I would be able to just be fine? |
| 0:12.0 | Self storage has changed a lot in how we view it in the city and what you're building |
| 0:18.2 | than maybe to how it looked in the 80s or 90s. And how did that |
| 0:23.0 | change? How was that evolved over that period of time? Welcome back, everybody, to the self-storage |
| 0:28.6 | income podcast. We're so excited to dive into today's episode. If you guys are looking to purchase |
| 0:33.9 | your first storage facility, you just might be looking at the SBA loan approach. |
| 0:40.2 | And one of the best and most efficient places to get your SBA from is going to be Live Oak |
| 0:46.6 | Bank. These people know self-storage. They've been in the industry for a very long time. |
| 0:51.8 | They're very knowledgeable. You don't have to educate them on the underwriting, |
| 0:55.7 | on how you're valuing self-storage, any of that. These guys are incredible at valuing self-storage. |
| 1:02.1 | They know how to underwrite it, and they are a phenomenal solution for you and your financing needs. |
| 1:07.8 | In all things, self-storage again live oak bank welcome everybody to self |
| 1:21.0 | storage income and today we have a podcast that has been a long time in the making i'm really excited for this one |
| 1:29.0 | connor because steve maribito who is a friend of mine he sits on the store local board |
| 1:34.6 | with me um and he is one of the people in the industry that i view are you know a juggernaut right |
| 1:43.6 | like he's he's one of the big boys. |
| 1:45.9 | He knows not only what he's doing, but there's a few people in this industry that have |
| 1:53.4 | the experience that he has and knowledge. |
| 1:57.0 | So this is a real, real treat for us. |
| 1:59.5 | So should we bring him in? |
... |
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