Ep #234: The Who, What, When and Where of Storage Facilities -- with Mitch Stephen
Real Estate Investing for Cash Flow with Kevin Bupp
Kevin Bupp
4.9 • 675 Ratings
🗓️ 18 June 2019
⏱️ 39 minutes
🧾️ Download transcript
Summary
This episode of the Real Estate Investing for Cashflow podcast features real estate investment expert Mitch Stephen. Mitch started out buying manufactured homes in mobile home parks that he did not own and has been buying storage facilities for 28 years and currently owns 14 facilities in Texas.
Mitch talks about his background in mobile home parks and why he moved to self storage real estate. Kevin and Mitch dive into the economics behind storage real estate and Mitch’s unique niche in boat and RV storage facilities located in Canyon Lake, Texas. Mitch also talks about the risks and challenges in the business and how his company was able to survive the recession.
QUOTES:
“I read a book called Nothing Down by Robert Allen and that guy had the audacity to suggest that I didn’t need money to, you know...you could be broke and still be in the real estate game.”
“The entrepreneur rarely ends up with the business that he starts, he’s always morphing to the most money per least resistance.”
“Storages are a perfect way to occupy some very valuable land and get paid while the city is growing to it.”
“One thing you never want to say in the storage business is you’re full. If you’re full then your prices aren’t high enough.”
“The biggest challenge is water and making sure that the water runs off in the worst case scenario where you have 5 or 8 or 15 inches in a day that it’s not gonna override your drainage.”
HIGHLIGHTS
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6:08 Mitch’s background
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11:24 How and why Mitch ended up in storage real estate
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18:04 Mitch talks about economics behind his storage businesses for boats and recreational vehicles
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25:02 Challenges, mistakes and risks in the business
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28:35 How the financial crisis affects the boat and RV storage facilities
Job Opportunities with my Team: Click Here
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
- Nothing Down by Robert Allen (book)
- Forever Cash by Jack Bosch (book)
- My Life & 1,000 Houses by Mitch Stephen (book)
- Visit www.1000houses.com
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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. |
| 0:31.8 | Hey guys, Kevin Bup here, and I want to welcome you to another episode of the Real |
| 0:35.1 | Estate Investing for Cash Flow podcast, where mission is to help you build and maintain massive amounts of cash flow through income-producing real estate investments. |
| 0:43.3 | Now, our guest to this week's show is Real Estate Investment expert, Mitch Steven. |
| 0:47.2 | Mitch has been a self-employed real estate investor for 20 plus years and has owned thousands of properties, |
| 0:52.0 | including residential, mobile homes, and storage facilities. |
| 0:55.5 | His real estate investing career started at the age of 23 when he read Nothing Down by Robert Allen, |
| 1:00.2 | which is one of the classic real estate investing books that was on my bookshelf long, |
| 1:03.7 | long time ago. |
| 1:05.0 | So Mitch actually started out buying manufactured homes in mobile home parks that he did not own. |
| 1:10.0 | So unlike my business where we own the parks, he was buying the actual individual mobile homes and parks that he did not own. So unlike my business, |
| 1:11.3 | where we own the parks, he was buying the actual individual mobile homes of parks that he didn't |
| 1:14.5 | own, otherwise known as a Lonnie dealer. He accumulated a total of 140 manufactured homes and sold |
| 1:20.6 | 50 of those notes to Jim Clayton of Clayton manufactured homes. Additionally, he has been |
| 1:25.3 | buying storage facilities for 28 years and currently owns 14 |
| 1:29.0 | facilities in the Canyon Lake, Texas area. And that's actually what we're going to be spending |
| 1:32.9 | most of our time talking about here today is his storage business and, you know, the what, |
| 1:37.1 | the who, the when, and why, right? We're going to learn everything we can about why he loves that |
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