254. Starting Out with Small Self Storage Facilities (Huge Opportunities Coming!) w/Jeremiah Boucher
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 23 July 2024
⏱️ 62 minutes
🧾️ Download transcript
Summary
The self storage industry is changing. Back during the Great Recession, small self storage investments tanked. Their revenues fell off a cliff, customers consistently went without paying, and there were no buyers or banks to bail out the owners. Since then, self storage investing has changed in a big way. REITs are growing with towering self storage facilities everywhere in big cities, and their next big target? Small self storage investments.
This poses an interesting opportunity for inventors: if you get in early enough, your facility could see a massive increase in value and even interest from a REIT. So, what should you be doing NOW to capitalize on this coming change in the self storage industry?
Small self storage investing expert Jeremiah Boucher, founder of Patriot Holdings, joins AJ and Conner LIVE to go over the opportunities, threats, and “landmines” to watch out for when buying a small self storage facility—which could be your first or next investment! Plus, Jeremiah even shares EXACTLY what you should do TODAY to a small facility to increase its value before the REIT next door comes knocking.
What you’ll learn in today’s show:
- The huge opportunity in small self storage investments that you MUST be on the lookout for
- How the self storage industry has changed and why small markets could house goldmine self storage facilities
- What to do TODAY to increase the value of your next self storage facility
- The “landmines” to watch out for BEFORE you buy a facility (these WILL cost you)
- Biggest threats to self storage investors and how to get around them
- Why REITs are quietly searching for small facilities and markets to invest in
- —
Finding Your Edge: How to Win at the Game of Commercial Real Estate Investing
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Transcript
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| 0:00.0 | Those smaller facilities and those smaller markets, when that capital retreated, got obliterated, but it got obliterated because of the buyer. |
| 0:07.0 | That's changing. And that end part that's changing, that changes everything right at the beginning, and it completely changes the landscape of what people will build, what they'll buy, why they'll buy it, and what they can do with it. |
| 0:20.3 | It's a really big change that I think can't be under- understated for what will happen in the next five years. |
| 0:27.6 | The small facilities, there's a lot of opportunity there, right? |
| 0:30.6 | There's a lot of mom and pops that run them because none of the big guys want to deal with them. |
| 0:34.6 | Not a lot of competition. Recently, there's been a lot of competition. But really, I think that the opportunity lies where you can, even with all the |
| 0:43.1 | competition now, you can go in there and prove these assets. There's still a good margin on them. |
| 0:48.0 | And like AJ's saying, there's actually an exit. So you've got to really wedge your way into |
| 0:53.2 | this asset class now if you're |
| 0:55.6 | going to do it because it's going to get more competitive. |
| 1:02.3 | What's up, everybody? This week, we are listening to one of our top 10 most listened to |
| 1:09.8 | episodes with Jeremiah Boucher. And we talk about the |
| 1:14.5 | difference between small facilities and large facilities. This is one of our most listened to |
| 1:19.8 | podcasts ever. And it's awesome because we hit on a few different things that are really, really |
| 1:24.6 | important. So the difference differences not only between large |
| 1:27.9 | storage facilities and small storage facilities from his experience and all the facilities he's |
| 1:32.9 | bought, but also revenue management, how that works within him, what action the large reits have |
| 1:38.5 | taken in response to evolving market dynamics, how those things affect you. So we're going to learn about what he's done, |
| 1:46.6 | the differences, and dive into these really important topics. Now, this episode was absolutely |
| 1:53.7 | amazing. And it has so many hidden gems in it. That's why we're releasing this one again this |
| 2:00.2 | week, because we think that it is more |
| 2:02.3 | timely than ever. So for all of you that haven't heard it, check it out. And for those of you |
... |
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