Why The Richest Person In Kentucky Is A Self-Storage Owner

You may have the seen the articles declaring that the riches person in Kentucky is Tamara Gustavson. Who is she? The daughter of B. Wayne Hughes, the founder of Public Storage, the largest owner of self-storage facilities in the world. Her 11% stake is now worth around $5.7 billion and growing. That also makes here the 144th richest person in the U.S.

How did B. Wayne Hughes do it?

Wayne Hughes grew up in east Los Angeles, where his parents moved after sharecropping in Oklahoma. In 1972, Hughes bought land in San Diego and built a warehouse with 200 self-storage spaces. Over the next three decades, Hughes expanded the company to over 2,000 buildings, making it the largest self-storage owner in the U.S. and a public REIT. Hughes saw the opportunity in storage when others called it a “goofy” investment concept and bet it would never last.

Are you the next B. Wayne Hughes?

Hughes started with nothing and built his empire with smart thinking and hard work. He said of those early years for any storage entrepreneur “If you don't enjoy it, you probably could find a better business. If you enjoy it, then just go slow at the beginning until you know more.” He has also often discussed the fact that his beginnings were much like the depression story “The Grapes of Wrath” and that he made his money, not by being a genius, but by out-working his competitors.

We’d like to help

If you are interested in learning the correct way to identify, evaluate, negotiate, perform due diligence on, re-negotiate, finance and operate self-storage facilities, our Home Study Course is #1 in providing straight truth with no hidden agenda. We write about what we know, and have no interest in trying to sell you into expensive – and never successful – private coaching. Our course is college-style and fact-based.

Frank Rolfe has been an active self-storage investor for around two decades, with self-storage units in many states throughout the U.S. His nuts and bolts knowledge of what makes for a successful self-storage facility has led to a three-decade career without a single failed property.