How to DOUBLE the Value of a Storage Facility with Rob LaBonne
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 9 January 2021
⏱️ 54 minutes
🧾️ Download transcript
Summary
Welcome back everybody to the Self Storage Income Podcast! This your host, AJ Osborne.
I’m super excited about today’s episode because we have another incredible guest on the podcast today. That awesome guest is Rob Labonne.
Rob was the perfect guest to have on today because like a lot of us, he’s just getting started on his self storage investment journey. Just 10 months ago, Rob acquired his first storage facility and since then close to DOUBLED the facility’s value.
How? I’m glad you asked because we’re going to dive into all of it!
Rob shares how he found the storage facility, how he financed it, and how he dramatically increased the value of the facility in just a few short months.
As most of you know, we can’t just wait for deals to come our way. We have to put in the work and build the systems necessary to put ourselves in the path of opportunity. This is a long term game that requires long term thinking and solutions. One of the largest aspects to consider is the building of real and authentic relationships with storage owners. And not just any storage owners, but the RIGHT storage owners with just the RIGHT kind of facility that meets your criteria. Yes, we’re going to talk about those key indicators you need to look for to help you identify a great value add storage opportunity.
We’re also going to go over the exact steps that Rob took to increase the value of his facility, exactly how he financed it (and the number one thing you need to look for when financing a storage facility), how to work with the city when planning any expansions, and so much more.
Get the note pads out and get ready to absorb all the value Rob brings to the table in today’s episode.
Thanks for listening everybody!
AJ
Be sure to keep up with Rob on Twitter: https://twitter.com/roblabonne?lang=en
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.
You can also find the Self Storage Income Podcast on:
The Self Storage Income Podcast is Sponsored by:
Janus International - https://www.janusintl.com/
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. |
| 0:48.6 | Okay, everybody, we have to take a break for our sponsor. |
| 0:52.4 | And to start it off, we are so, so excited about the Janus products |
| 0:57.4 | in far as No Key and what is going on in the industry. Everybody knows Janus for the metal |
| 1:02.1 | fabrications. And if you don't, you should. They are the biggest in the industry, but a lot of |
| 1:07.5 | people don't know about the No Keyless, which is the keyless entry system. |
| 1:11.9 | We've talked about it a lot on this podcast. |
| 1:13.7 | You've got to go check it out. |
| 1:15.3 | This is the wave of the future. |
| 1:17.4 | We're building out and we use their product in our facilities across multiple states, |
| 1:22.2 | including our office buildings that we're turning into storage, Kmart's, new builds, |
| 1:28.6 | ground up, because the new product that they've had for expansion allows you to put this product on your doors |
| 1:33.3 | without running power. Obviously a huge one. So when you're talking about refurbishing and |
| 1:39.2 | value add, attaching the no key product onto the doors without running power is a big deal and a battery |
| 1:46.6 | you think oh i don't want to be changing batteries constantly they last like three years and so you |
| 1:51.2 | can put them all on the same schedule every two plus years you just go change them all out it's quick |
| 1:57.3 | easy it's a touchless entry system that can connect with your gates. You can see |
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