233. Can you Make Money from Cell Towers on your Storage Property? w/ Hugh Odom
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 21 February 2024
⏱️ 44 minutes
🧾️ Download transcript
Summary
Cell towers play an integral role in our modern world - but they also impact the self storage industry directly. We bought a facility years ago that had a cell tower onsite. We put $800K down, but in the first 2-3 years, we received $500K back utilizing the cell tower on our property.
Today, we bring back Hugh Odom, co-founder & president of Vertical Consultants. He works with property owners presented with cell tower leasing opportunities. Understanding the true value of that lease agreement can impact not only where the tower is, but your surrounding property as well. Hugh brings his years of experience as a lawyer from AT&T - he knows the book inside and out.
Cell towers can be a GREAT play - BUT the people in the mobile technology industry know exactly what they're doing - and how they can beat you.
So how does a property owner take on this kind of company? This, and much more in this week's episode of Self Storage Income!
Check out Hugh's business here! https://www.celltowerleaseexperts.com/
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Transcript
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| 0:00.0 | Welcome everybody to self-storage income and we have a guest today that's back by popular demand. |
| 0:13.2 | We've had him on, but it's been a wild. |
| 0:14.9 | I think it's too long. |
| 0:16.1 | Yeah, no, it's been a little over a year for sure. |
| 0:19.0 | Yeah. |
| 0:20.0 | And really excited to have him on again to dive into the subject yet again. Get some updates on the industry, see how things are going. And also just recap some of the fundamentals of this dynamic and how it can affect your storage, your facility or property in general. It's just, we were talking just before the podcast how incredibly integral cell towers, cell phones, |
| 0:40.2 | all of these pieces of equipment and dynamics are to our day-to-day lives, but nobody knows |
| 0:45.6 | anything about it. |
| 0:46.1 | No. |
| 0:47.2 | And especially in our business, which is so funny that this thing, cell towers, is actually a big |
| 0:52.0 | part of storage. |
| 0:53.5 | And, you know, we've often talked about |
| 0:55.6 | the example that we had when we bought our storage facility and how we bought it. It was one of our |
| 1:01.4 | first big ones. And we put $800,000 down on this big storage facility. And within the first, |
| 1:08.6 | I think it was two, three years, we'd received a half a million |
| 1:11.3 | back. And it was because of this play. So in a three year period of time, we'd received a hundred |
| 1:16.4 | percent return. And we didn't refinance seller anything. And it was because we utilized this tool. |
| 1:21.7 | Just totally wild and crazy. And so there's a lot of opportunity in it. With that, we're going to |
| 1:26.9 | bring on Hugh. And we've had |
| 1:28.2 | you on once again, I think actually a couple times because he is just an absolute expert in this. |
| 1:33.8 | We've sent a lot of people his way. He's with vertical consultants. And we're going to have a good |
| 1:39.8 | discussion here on cell towers, the industry, because I think it's probably the one thing that |
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