Storage Industry Update | How Coronavirus is Affecting the Storage Industry & the Steps We’re Taking
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 26 March 2020
⏱️ 16 minutes
🧾️ Download transcript
Summary
Hey what’s going on everybody!? Thanks a bunch for tuning in to another episode of Self Storage Income. We’ll start off by saying… a lot has happened this past few days across the U.S. as the Coronavirus continues its advance. Currently, state and local governments are deciding which businesses are essential and which are not, essentially picking and choosing which businesses are required to shut down, and which businesses can continue operating. The definitions of essential and non-essential business has differed among the states in which we own and operate facilities. It’s been a very much “fly by the seat of our pants” scenario to say the least. Regardless, we’re full steam ahead. We’ve had numerous employee meetings addressing employee concerns, outlining our plans and current updates to our operating procedures, and so forth. Even though most of our offices at our storage facilities are closed, our employees are going to still be hard at work providing value to our tenants. In this episode today, we outline what steps and actions we’re taking currently to address this incredibly dynamic issue and also what we’re seeing and experiencing through all of this so far. Thanks again for listening. Be sure to keep in touch as we continue to share our insights and experiences with our storage facilities as we continue through this. See you next time everybody, AJ Be sure to go to selfstorageincome.com to get your free 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 contact a current owner, and ultimately how to land a storage facility deal. You can also find the Self Storage Income Podcast on:
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** For updates on the Covid-19 Virus, you can check out the Center for Disease Control (CDC) website to learn how to ptortect yourself and your loved ones and what to do if you get sick.
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 from small third- markets to large 100 plus thousand square foot facilities. |
| 0:24.6 | We have seen it all. |
| 0:26.0 | This is the podcast that we're going to discuss and bring on the best investors and operators in the nation |
| 0:32.3 | to show you how to create wealth and income with self storage. |
| 0:36.9 | Welcome to self Storage Income. |
| 0:45.0 | Welcome to Self Storage Income. What a crazy time. We have lots to talk about on self-storage, how it's being affected, what's going on. Operations, |
| 0:57.3 | changes we're seeing. The last podcast was amazing if you guys didn't listen to it on financing |
| 1:02.1 | with Devin Hubert and what's happening in the market and how those things are changing. |
| 1:08.1 | So dealing with financing and how money is moving through our |
| 1:13.2 | industry, that was a really good one. We want to talk about today as states are closing down, |
| 1:19.5 | people are headed home, what we're seeing across the states we're in, and what we're doing |
| 1:25.2 | with our tenants and what's acceptable and not give you, this is changing |
| 1:29.7 | all the time. |
| 1:30.3 | So, you know, me and Connor here to talk, talk with you guys through what we're seeing and doing, |
| 1:35.0 | but too, do know, this changes. |
| 1:37.9 | We're having meetings biweekly with our managers. |
| 1:41.4 | We have another meeting with them here in 30 minutes. |
| 1:44.1 | And we're presenting to our company, to all our managers. We have another meeting with them here in 30 minutes, and we're presenting to our |
| 1:45.8 | company to all our managers across the states. And it literally is changing. It seems like day to day. |
| 1:52.5 | Oh, every minute, dude. It's crazy. It's like flying by the seat of your pants. There just |
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