How to Buy Your First Storage Facility with Dan and Ben Schiermeyer
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 6 July 2021
⏱️ 38 minutes
🧾️ Download transcript
Summary
Welcome back everybody to the Self Storage Income Podcast! I’m your host, AJ Osborne!
For anyone just starting out - those that are looking for that first storage facility to close on… I have two amazing guests lined up for you today - Dan and Ben Schiermeyer. Dan and Ben are self-storage brothers from the same mother… (I know, my jokes are great lol), and they just closed on their first-ever storage facility and they’re here to share the experience with us.
Dan and Ben tested the commercial investing waters by investing in a car wash. They enjoyed that, but when their broker who sold them the car wash brought along a self-storage facility deal… they knew they had to jump at the opportunity.
They share on today’s episode the whole process from start to finish - finding the facility, valuing the facility, the financing, the purchase, the management, and of course... the VALUE ADD.
Like most deals, this wasn’t cut and dry, there were hurdles that they had to overcome, problems that needed to be solved, and like I’m always talking about, they didn’t figure this all out on their own. They used all their resources and made the deal happen, which has turned out to be a huge success for them.
Huge congratulations to these guys and I couldn’t be more excited to share their story with you guys, our listeners.
Thanks everybody,
AJ
The Self Storage Income Exclusive Fall Event in Coeur d’Alene Idaho (GET YOUR SEATS RESERVED ASAP!) - https://selfstorageincome.com/events/
Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step-by-step playbook walks you through from start to finish - how to identify a self-storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.
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Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast
Transcript
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| 0:00.0 | Looking to create wealth and income through high cash flowing real estate, self-storage is the fastest growing and the newest real estate asset that has outperformed all others. |
| 0:10.0 | What's it secret? |
| 0:11.0 | I'm A.J. Osborne and with over a million square feet that we have built, acquired, expanded, and even converted big box stores, |
| 0:19.0 | from small third-tier markets to large hundred plus thousand square foot facilities, we have seen it all. |
| 0:25.7 | This is the podcast that we're going to discuss and bring on the best investors and operators in the nation to show you how to create wealth and income with self storage. |
| 0:36.9 | Welcome to self-storage income. |
| 0:49.9 | What is going on, everybody? Welcome back to the self-storage income podcast. Today, yes, we've got Dan and Ben in the house. These guys are just killing it. They just got their first storage facility literally like a month ago. And we're going to dive in and talk about all that stuff. It's an awesome episode. Love being able to get in at the ground level with these people that are going through. So many of you are looking to get into right now today where you're looking for a storage facility |
| 1:15.1 | you're trying to find one you've got one under contract you know you're trying to purchase one |
| 1:19.3 | you're trying to finance one all of this process what this looks like from finding identifying a |
| 1:24.2 | facility all the way through to purchasing running running, operating, all that stuff. |
| 1:27.9 | We're going to dive into all that today with Dan and Ben and their first storage facility |
| 1:31.4 | that they just closed on, you know, what they did, how they got there, and what they're doing |
| 1:35.3 | now to move forward and looking forward to the future. They got started in the, with just a car wash, |
| 1:42.1 | I guess, which is really, really cool. |
| 1:48.8 | And before we dive into that, before we dive into their story about how they got into storage, |
| 1:49.6 | any of that kind of stuff. |
| 1:53.8 | And the podcast here, I want to give you huge shout out to Live Oak Bank and Janice International. |
| 1:55.8 | It's actually kind of incredible. |
| 2:00.1 | Dan and Ben reached out to Live Oak Bank and got in contact with Terry. And Terry helped him through the |
| 2:03.2 | process of obtaining an SBA loan from what I understand over there with Live Oak Bank. |
| 2:09.2 | And what Terry did is came in and actually even helped in portions of the valuation of the |
| 2:16.7 | facility. Obviously, the value of the |
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