Storage Maintenance Expenses - What it Really Looks Like & How You Can Manage Them Better

Self Storage Income

AJ Osborne

Entrepreneurship, Education, Investing, Business, How To

4.9 • 591 Ratings

🗓️ 5 March 2020

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

What’s going on everybody, I hope you’re all doing great and you’re out taking care of business in the self storage world. In today’s podcast, we’re talking storage facility maintenance and operations. One of the biggest misconceptions a lot of people have about owning and operating storage, is that there’s very little maintenance. Which is absolutely NOT the case. I can’t tell you how many times I’ve heard it, “there aren’t any toilets!”, as storage is generally being compared to owning multifamily property. People who say this are correct, that there aren’t as many toilets. However, there’s a plethora of other ongoing and as needed maintenance tasks and obligations that have to be addressed. We cover different ideas and strategies on how to limit maintenance related expenses, how to consolidate vendors and contractors, how to streamline projects, and ultimately the massive effect that all of this can have on your bottom line. I’ll leave it at that so you can get to it! Thanks for listening as always. Keep an eye out for our episode coming out next week as we continue to expand on how you can make the most out of owning, operating, and investing in self storage. See you next time, 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.

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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 tier markets to large hundred plus thousand
0:23.1	square foot facilities, 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
0:31.3	in the nation to show you how to create wealth and income with self storage.
0:36.9	Welcome to self-storage income.
0:51.7	Welcome to self-storage income. Today, we're diving deep into operations. This is a cornerstone
0:58.4	of being successful in the self-storage world. It's a cornerstone of finding value.
1:05.1	And it is, although lots of times we talk about business operations this will lend more towards the real
1:11.8	estate side itself and it is something you deeply need to understand when owning and before you
1:19.3	buy and that is the maintenance the physical look of the asset and how to manage that not let
1:27.0	cap x capital expenditures like redoing things,
1:30.6	run away and eat up all the money in your investment. So it's a huge, huge portion, obviously,
1:39.0	of the business, and it's one of the portions that I think people can either not understand, be overwhelmed, or it can hurt them. So as always, I got Connor here with me today, my trust co-host. How you doing, man? Doing great. This is your jam, man. My jam right here. Exactly. What I live for. Maintenance coordinating with contractors, all that good fun stuff. No, it's awesome, man. I really enjoy it. I mean, we've got a really incredible team of people that you've built here, man. It's great. Love every second of it. But, dude, maintenance is one of those huge things, especially in storage that a lot of people overlook and think that, oh, there's literally, you don't have to do anything.
2:18.3	Yeah, there's no toilets. Yeah, no toilets. Exactly, dude. So I'm glad we're talking about
2:22.6	maintenance. It is a huge deal. You would be amazed how many people run into doors and how many
2:27.9	doors come off of tracks and everything else in, you know, a single week at some of our
2:32.9	facilities and elsewhere. So, I mean, you're talking, you can have anything from tech issues to mechanical issues to,
2:39.7	I mean, with your gates or with your facilities, everything.
2:43.3	So meant.
2:44.2	Yeah.
	...

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