219. Buying vs Building Self Storage: Pros & Cons (for Beginners)
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 14 November 2023
⏱️ 55 minutes
🧾️ Download transcript
Summary
If you want to get into the Self Storage investing game, you may be trying to decide if buying a pre-built facility is better than building one on a blank plot of land (or expanding an existing one).
Our guest Matt Wallace has extensive experience with just this. He transitioned from multifamily residential real estate to Self Storage, and had to go through many challenges and hoops to build a facility. Dealing with the city and the falllout of existing management was just the beginning.
Find out more about Matt: https://wealthfit.com/expert/matt-wallace/
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Transcript
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| 0:00.0 | I knew that I would work harder than any call center at filling it up. |
| 0:04.0 | Yeah. |
| 0:05.0 | And so I was the one that had every, all the calls routed to my phone. |
| 0:08.0 | Yep. |
| 0:09.0 | And I did that fill up because I also really wanted to understand it. |
| 0:11.0 | And we were doing everything. |
| 0:14.0 | I mean, Google ads, Facebook ads, Facebook free posts, because we have a big community group. I mean, I even made 5,000 door hangers that had QR codes for apartments and everything. |
| 0:26.8 | But we started filling up crazy fast. I mean we did 285 units in 82 days. We were 100% full. Nothing left. Wow. And so |
| 0:37.2 | the best day I had was 12 rentals 12 closings in a day 12 |
| 0:42.3 | and a day there's a lot of people that wish they could get that in a month right now that's amazing |
| 0:50.2 | welcome everybody to self-storage income and we are here at the |
| 0:56.7 | Coraline Resort for the self-storage income event which so far has been awesome and |
| 1:03.5 | Matt thank you for coming on I I glad we got here and we could do this in person |
| 1:08.1 | this is way better than doing on like a zoom or something |
| 1:11.1 | like that too right and um i'm really excited for you to come on you've been because you've been |
| 1:18.6 | growing fast and yet you're doing it also in a way where you you're finding niche properties |
| 1:25.1 | you're you're you're looking at building, right? |
| 1:28.4 | So you're approaching, I think, self-storage in multiple ways. |
| 1:32.8 | But you're doing it on, not on your own, but right, but it's you. |
| 1:39.2 | Yeah. |
| 1:39.6 | And you're figuring it out. |
| 1:41.0 | You're trying to say, how can we get into this? |
... |
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