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Self Storage Income

Why People Fail in Self Storage (4 Things You Need to Get Right)

Self Storage Income

AJ Osborne

How To, Entrepreneurship, Business, Education, Investing

4.9591 Ratings

🗓️ 29 January 2021

⏱️ 32 minutes

🧾️ Download transcript

Summary

What’s going on everybody, AJ Osborne here with another episode of the Self Storage Income podcast.

When we set out to accomplish anything, we have to have the right mindset. The right mindset allows us to plan, execute, and survive. This is no different when it comes to self storage. We need to be able to plan, execute, and survive, and we need to be able to do it effectively and efficiently both now and in the future at scale.

No, this isn’t going to be another podcast where we all sing songs and “motivate” each other. Today’s podcast aims to help you see self storage for what it really is and what it can be if you do it right.

Today I’m going to talk about the top 4 things that I see people doing wrong in storage:

 

  1. Not accurately measuring and identifying supply and demand
  2. Not accurately underwriting your storage deal
  3. The lack of a solid team
  4. The lack of a real business plan

These are things that can devastate your storage investment if you get them wrong. But don’t worry, we’re going to dive into each one of these subjects and get you set on the right path. Combining these aspects successfully is the recipe for building a great deal.

Thanks for listening everybody!

AJ

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

Click on a timestamp to play from that location

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.

0:52.4

Welcome, everybody, to self-storage income. Today, we're discussing something that I, you know, it's not that it's not positive,

1:00.0

but it definitely has a negative tone and connotation to it.

1:04.5

Today, we're talking about why people fail.

1:08.7

But the important thing about this is not so much the failing part.

1:12.6

It's just the steps that you need to be aware of and avoid and where we see mistakes being made.

1:19.2

So although we're, you know, I guess we could have spin that a little better, maybe saying things to do to make sure you're successful.

1:27.1

But we're throwing a big fail out there.

1:29.3

Just why people fail and destroy themselves.

1:34.0

So pot holes to avoid here.

1:37.3

You know, this is an interesting subject.

1:39.7

I'm going to break it up into two parts.

1:42.1

I thought the first thing we would talk about today is mentality

1:45.9

that people have about storage. I think the stories that we tell ourselves are very important

1:56.5

because they become the building blocks for reasons and things that we do and outcomes.

2:03.0

So there's three things that I kind of want to talk about that you need to be aware of

2:08.9

and you need to bring into it.

...

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