225. The Business of Storage: Making Good Deal BETTER

Self Storage Income

AJ Osborne

Entrepreneurship, Education, Investing, Business, How To

4.9 • 591 Ratings

🗓️ 26 December 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Missed Part 1? Check it out here: https://youtu.be/0Q_aD48I2qM

The Business of Self Storage includes all the important Core Departments that makes the wheels go round. We're talking about legal, accounting, acquisitions, technology, and more.

We talked about the day to day operations that happens at a facility in our previous episode. But there's two sides to it: the Business of Storage not only allows you be competitive, but it is required for you to acquire and maintain that property.

You don't need to know how to do all of it. But you do need to know what to look for and to hire for.

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

Click on a timestamp to play from that location

0:00.0	And it's about having those individuals connected before you need them.
0:03.5	One of the big pieces is having your CPA, having the legal, having all your ducks in a row, having the lender, all of these pieces. And you need it before you start. Yes. Like a lot of people say, oh, well, I'll get it once I find a deal. You're not going to find a deal if you don't get it. Exactly. like when you're looking for deals a lot of people say oh i just all i need is a good deal and i say
0:24.3	what is that get it. Exactly. Right. When you're looking for deals, a lot of people say, oh, I just, all I need is a good
0:23.1	deal. And I say, what is that? And they may not know. And I'm like, well, have you talked to
0:30.5	property management? Have you talked to investors? Have you talked to banks? What is a good deal?
0:39.3	Are you a new self-storage investor and want to know what that facility is worth, what the risk is, how to underwrite it?
0:46.3	Well, that's exactly what we do in a feasibility study. A feasibility study, we actually look at the market for you.
0:53.3	We look at the finances, the underwriting, we show you where the upside is, the downside,
0:58.3	and all the risk.
0:59.9	That is actually what you can provide to banks to get capital and investors.
1:04.4	It's a big worksheet which most banks actually require.
1:08.0	So if you want to know what a storage facility is worth that you're looking at,
1:13.3	come to us, follow the link of the show notes, and we will tell you. Okay, everybody, we are just
1:19.0	still going. We are doing this two-part series. If you did not listen to the first part,
1:24.2	we went through all the day-to-day operations on the ground of a storage
1:29.1	facility now there's two sides and this is why it's a two part we have the ongoing on the ground
1:35.5	day-to-day operations of a storage facility but then you have the business of storage and that is the
1:40.6	back end these two things are different things even though if you're starting out,
1:45.9	it may be one thing to you, right? You do all of it. And this is how we started out. It was just
1:51.6	operating a storage facility, right? Now, but there's a very clear delineator, and we need to talk about
1:57.7	that, and it needs to be set up that way. So first, we can kind of group together what the business of storage is.
2:04.6	Now, the business of self storage I view as acquisitions.
	...

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