223. Buying Storage During Down Markets - Acquisitions w/ Brian Mullally
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 13 December 2023
⏱️ 58 minutes
🧾️ Download transcript
Summary
Real estate took a hit in 2023. Many companies were laying off their deal acquisitions teams. Because it's true - real estate transactions are down massively. But deals still happen. 70% of our deals this year has been off-market deals. This looked very different just a few years ago.
In this episode, we brought on Brian Mullally, our VP of Acquisitions from Cedar Creek Capital.
We talk about key aspects, such as
- Effect of 2023
- Why Buying Criteria is important
- Challenges and notes going forward in 2024
At the end of the day, we are a value add company. That's our strategy. It's what we've used to great long-term wealth and build our ecosystem of products. With this endgame in mind, we diligently pursue deals no matter the market conditions.
And you should too.
Want to take advantage of todays market conditions with us? Invest in our opportunistic Fund 2 Here: https://cedar.cc/invest
Our Sponsor - Tenant Inc. - https://www.tenantinc.com/
Ready to buy storage? Have our team do the leg work for you! Our feasibility studies: https://www.selfstorageincome.com/feasibility
Transcript
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| 0:00.0 | I like to say I don't time markets, but my money does, right? Because what that means is that generally, if it meets our criteria, we're buying more. And if it doesn't, we just happen to be buying less. If I was to recap 2023 in simple terms, it's been that bid ask spread that we hear about in the market. And that comes from sellers' expectations being set at a really high level over the past few |
| 0:23.1 | years and they're looking at their asset and saying I haven't done anything different nothing's changed |
| 0:27.8 | in my day to day I still want that same price that I was getting offered a few years ago how come you |
| 0:32.6 | can't give me that and then we're on the buy side saying well everything's changed like changed. Like as the market shift, there's a lot of fear. |
| 0:39.4 | There's a lot of uncertainty. |
| 0:40.7 | Earlier this year, you'd hear the term, we're pencils down. |
| 0:43.5 | We're laying off the acquisitions team. |
| 0:45.2 | That's one take on it. |
| 0:46.3 | And that's really fear-driven. |
| 0:47.4 | But for me, when I look at navigating a downturn like this, now's the time to double down. |
| 0:52.7 | And like you said, we buy in all, all market cycles. |
| 0:55.6 | And good investors have to figure that out. |
| 1:03.4 | Welcome everybody to self-storage income. And today we have one. It's actually kind of funny |
| 1:10.4 | because today, guys're we're talking about |
| 1:12.4 | acquisitions and it's interesting because we get to see the back end data so we could actually |
| 1:16.6 | see what everybody likes or listens to on the podcast and we find in general the ones that do |
| 1:23.8 | very well are we have like our intro ones, meaning the beginner podcast, right, |
| 1:29.5 | which that makes sense, right? Because that's a huge amount of our listeners. All you guys are |
| 1:33.6 | trying to get into self-storage. You want to start investing. You want to get that self-storage |
| 1:38.0 | income. And so that makes a lot of sense. But one of the highest consistently always is acquisitions. It's getting the |
| 1:46.9 | deals. It's figuring out what's going on to the market because the number one question is, |
| 1:51.8 | is it a good deal? Is it not? Or should I be buying now? So we are doing today, we are doing an end |
... |
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