545: Self Storage Investing and Avoiding “Monster Houses” w/ Sergio Altomare
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 16 December 2021
⏱️ 79 minutes
🧾️ Download transcript
Summary
Sergio Altomare didn’t start out investing in self storage. He made a massive leap, making lots of mistakes along the way until he found this gold mine of an asset class. For years, Sergio was buying small multifamily properties, one of them being a “monster house” which he later had to sell due to some serious zoning issues. Once he was introduced to syndications, he knew he could take his portfolio higher, without the headaches of large multifamily.
Now, Sergio has twelve self storage facilities, with a combined valuation of close to $40M. He’s been able to increase his equity by many, many millions with simple value-add strategies like increasing rent, paving parking lots, and installing key-accessible gates for his customers. This isn’t the regular value-add you’re used to with granite countertops and freshly tiled showers; self storage value-add can be minimal with massive results.
Sergio also dives into his long-term exit plans—something every investor should be thinking about. Are you planning on selling your properties one by one to the highest bidder, or will you package them up and walk away with a huge payday?
In This Episode We Cover:
What a multifamily “monster house” is and why you should avoid them
Zoning laws and how they can affect your long-term profit
The pros and cons of investing in self storage facilities
What to look for in self storage facilities and other types of commercial real estate
How to raise money for your deals (even if you’re a new investor)
Defining your exit plan so you can walk away rich after building your portfolio
And So Much More!
Links from the Show:
The Real Estate InvestHER Facebook Community
Paul Moore's BiggerPockets Profile
Ashley Wilson's BiggerPockets Profile
Liz Faircloth's BiggerPockets Profile
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Transcript
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| 0:00.0 | Hey, everybody, it is David Green here. |
| 0:02.9 | As you all know, Brandon's stepping away from the show at the end of the month. |
| 0:06.4 | Now, we have some Grecohost lined up in the new year, and we also want to take this chance |
| 0:10.3 | to get to know anyone else out there who's interested in contributing their talent to |
| 0:14.5 | the bigger pockets podcast network. |
| 0:16.7 | If you think that's you, you can make a submission to our system at biggerpockets.com slash talent. |
| 0:22.8 | That's biggerpockets.com slash talent. |
| 0:24.9 | You'll see a few questions and a place to submit a video reel of yourself. |
| 0:28.7 | Again, that's biggerpockets.com slash talent. |
| 0:31.5 | If you'd like to lend your voice to the growing bigger pockets podcast network. |
| 0:36.2 | This is the bigger pockets podcast show 545. |
| 0:38.7 | Where we sit down with our body of Sergio Altamare. |
| 0:43.0 | When I'm looking at the guy that I'm competing with for a property, he might be looking at |
| 0:47.0 | the same property for a different purpose, right? |
| 0:49.1 | So I can maybe even pay a bit more for it because it fits what I'm doing better. |
| 0:54.9 | And that gives you a different advantage to get to the closing pay when we get more deals. |
| 1:05.4 | What's going on everyone? |
| 1:06.4 | It's Brandon Turner, host of the biggerpockets podcast here with my co-host. |
| 1:10.0 | Once again, Mr. David, second to the last time together, Greene. |
| 1:14.6 | What's up, man? |
| 1:15.6 | How you doing? |
| 1:17.6 | That was a sad thing that you just said. |
... |
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