Ep #229: Opportunity in Self-Storage Turnaround - with Bill Barnhill

Real Estate Investing for Cash Flow with Kevin Bupp

Kevin Bupp

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4.9 • 675 Ratings

🗓️ 14 May 2019

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode of the Real Estate Investing for Cashflow podcast, Kevin welcomes real estate investment and self-storage expert, Bill Barnhill. Bill is the president of Omega Properties, Inc; a commercial real estate management and brokerage firm based in Mobile, Alabama. He has over 41 years of experience in the commercial real estate business and has specialized in self-storage for the last 24 years, having brokered over 200 million in self storage transactions.

Bill gives some in depth knowledge as well as some statics about the self storage business. He and Kevin talk about managing self-storage on site and off site and the strategy of buying mismanaged storage facilities. They also discuss consolidations in the market, emerging technology and the future of the business.

QUOTES:

“So storage has a lot of benefits I think, it’s lower maintenance, and one nice thing is you can raise your rent, they put a 30 day notice unlike a lot of other sectors in real estate, it’s a growing industry.”

“Americans have a lot of things and they don’t want to get rid of them, you inherit them, then you store them.”

“You want to study that particular market, and what you’re looking for is a certain population, a lot of houses and an area where it’s growing, might be where there’s new jobs being created.”

“The main mistake I see they [mom-and-pop owners] are making, is they would rather be 95% occupied at a lower rent than be 80% occupied and have a higher rent, they think full is better but what’s better is more income.”

“28% of millennials use storage.”

HIGHLIGHTS

7:21 Bill’s background
12:20 Kevin and Bill talk about fundamentals of the self-storage business
18:17 Opportunities in mismanaged facilities
30:02 Consolidations and the remaining mom-and-pop facilities
34:04 Technology and management
46:15 Storage wars and treasure seekers

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Recommended Resources:

Check out our company and our partnership opportunities by visiting SunriseCapitalInvestors.com
Would you like to partner with us on future MHP deals, call 844-CASH-FLW to learn more or click here to schedule a time on our calendar.
Grab a free copy of our book “The 21 Biggest Mistakes Investors Make When Purchasing their First Mobile Home Park…and how to avoid them click here
Visit Omega Properties' Website

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Transcript

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0:00.0	You've been searching for the best way to generate passive income in your life and heard that real estate is a great way to do it.
0:09.4	But you're tired of all the so-called gurus who are all talk and no substance.
0:15.2	Get ready to celebrate because Kevin Bup has spent 14 years successfully making it happen.
0:21.7	This is the Real Estate Investing for Cash Flow podcast.
0:25.2	Now, here's Kevin Bup.
0:31.7	Hey guys, Kevin Bup here, and I want to welcome me to another episode of the Real
0:35.3	Estate Investing for Cash Flow podcast.
0:37.4	Our mission is to help you build and maintain massive amounts of cash flow through
0:41.2	income producing real estate investments.
0:43.8	Our guests to this week's show is a real estate investment in self-storage expert, Bill Barnhill.
0:48.7	Now, Bill has been involved in the commercial real estate business over 41 years,
0:52.3	having specialized for the last 24 years in self-storage.
0:55.8	He holds a prestigious CCIM designation and has simultaneously served on the board of directors of both
1:00.7	aviation and marine related businesses. He is also a past president of the Alabama
1:05.6	Real Estate Securities and Syndication Institute. He is currently president of Omega Properties, Inc., a commercial
1:11.8	real estate management and brokerage firm located in Mobile, Alabama. He has been actively
1:16.8	engaged with the Alabama Self-Storage Association, having served as an officer. He currently
1:21.7	owns and manages eight self-storage facilities with over 3,900 units and over 550,000 square feet and has brokered over
1:29.8	200 million in self-storage transactions. And so, guys, there's many different topics I like to
1:35.6	cover with Bill in today's show, such as what ultimately led Bill into the self-storage space
1:41.4	to begin with. Details on his very first self-storage investment. The underlying fundamentals that make self-storage space to begin with. Details on his very first self-storage investment.
1:45.6	The underlying fundamentals that make self-storage an attractive investment for Bill.
	...

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