The Self Storage University Podcast

There are two realities in life: death and taxes. And property tax is a part of every self-storage facility budget. But how do you know how much to estimate? And what do you do when the tax assessor thinks the value is more than you do?

The number one topic in the news is the return of inflation. It’s at the highest pace in nearly two decades, and that’s got serious ramifications in a number of areas. So how will the return of inflation impact self-storage investing? That’s the topic of this Self-Storage University podcast, and we’re going to explore all the pros and cons.

Many investors “partner” to buy properties. But how do you divide up the profits in these cases? In this Self-Storage University podcast we’re going to review the common thoughts on structuring profit splits as well as forging successful, long-term partnership arrangements. As we’ll discuss, there’s much more to partnership considerations than just dividing up the money like a pirate ship. And a strong partnership – one in which all parties feel they are being treated fairly – can be an essential tool to buying storage properties.

One way to borrow money is to simply step into the shoes of the prior owner. In this Self-Storage University podcast we’re going to review the ins and outs of doing debt assumption on a property. In many cases, debt assumption may be your best option, yet many buyers do not even realize that the potential is there.

It’s hard to operate a storage facility without someone being in charge. Sometimes it’s the owner, but more often it’s an employee. And with hiring people comes many important responsibilities. In this Self-Storage University podcast we’re going to review the basics of hiring and firing facility managers.

One of the best sources for finding storage properties to buy are brokers. So how can you work with them to get access to their best listings? In this Self-Storage University podcast we’re going to review the methods utilized to forge successful relationships with industry brokers and to find good deals to make offers on.

Buying a self-storage facility is a very important decision. Due diligence is an essential part of the effort to make sure it’s a success. But some buyers try to delegate this work to others.

Some self-storage deals sell quickly, and others fester for years. What can be done to craft great acquisitions out of these older offerings that have gathered dust? That’s the focus of this Self-Storage University podcast in which we discuss what makes deals sit without movement, and what the potential options are to forge a successful purchase.

Many people see their banker as a roadblock and a pain. But I see bankers as role models for smart storage investing. So why would all smart self-storage investors be better off thinking like a banker?

Being creative sometimes allows you to build successful deals from seemingly hopeless beginnings. In self-storage investing it’s the ability to think outside the box that makes some deals possible. In this episode of the Self Storage University podcast we’re going to review some strategies that allow you to take deals that are never going to work and put them back on a solid footing using just one ingredient: creativity.

One of the unique benefits of self-storage investing is the superior collections method: the ability to auction off the contents of unpaid units. Shows such as Storage Wars are based on this concept, and an entire industry has sprung forth from the auction of unpaid units. However, there are some new options out there to potentially replace old-fashioned on-site auctions, and the #1 variant are on-line auctions

The best way to find a winning self-storage facility to buy is by looking at a large volume of deals. But how do you accomplish that? In this episode of the Self-Storage University podcast we’re going to go through the action steps necessary to build a strong deal funnel. With volume the key to success, this podcast is devoted to helping you build champion-level numbers of potential properties to buy.

Buying a self-storage property can be a stressful undertaking – particularly when it comes to the final moment when you have to pull the trigger and close on it or throw it back. But we have developed a good way to get over this fear using a simple system we call Best/Worst/Real. In this episode we reveal this system and why it is so effective in giving you peace of mind that you’ve made the right decision.

Clint Eastwood’s “Dirty Harry” character once said the classic line “a man has to know his limitations” – and that’s equally true for self-storage facility buyers. There are simply some things you can’t fix regardless of your talent and effort. And it’s very important that you separate these “can’t fix” items from those you “can fix” in order to embrace opportunity and stay clear of certain failure.

There is a force in deal making that is more powerful than money. And that force is “bonding”. In this Self-Storage University podcast we’re going to explore bonding from its origins to how to create it and how to harness it to make amazing self-storage deals possible. If you want to put together storage deals at low prices and with seller financing, then you should be extremely interested in this topic. In fact, bonding with the seller – more than any other activity – has been the catalyst to some of the best storage deals of all time.

The purchase contract is the document that spells out the deal you’ve cut with the storage facility owner. But there’s certain things it should always contain – and others it should never contain. In this Self-Storage University podcast we’re going to review what these items are and what potential benefits – or pitfalls – they bring to the table when trying to properly structure your deal.

I have a collection of books on self-storage from a number of authors – and they’re all worthless. In this episode of the Self-Storage University podcast we’re going to review why most of these written works are not worth the paper they’re printed on and some of the facts that they’re missing. There has to be more than untruthful, content-lacking upsells into coaching for a book to be of value, yet that’s what most storage guides represent and in this podcast we’re going to discuss why.

Many people think that there is only one type of storage vacancy: an empty unit. But why is that unit empty? In this episode of the Self-Storage University podcast, we’re going to analyze the different types of storage vacancy and what they really mean, as well as how to fix them.

We live in an extremely litigious world, and self-storage owners are no different. All it takes today is the slightest mistake and you can immediately receive a lawsuit in the mail or person. So how can you protect yourself and your storage facility from these type of attacks?

Every self-storage facility you put under contract does not end in a successful purchase. Many times the deal will die quickly with cursory inspection, and others make it all the way to the finish line before they get cancelled. In this Self-Storage University podcast we’re going to discuss hidden deal killers, visible deal killers and suspenseful killers that sometimes pop up right at the end. It’s important that you understand these issues and embrace their meaning as opposed to buying a deal that will not work.

There are two types of self-storage investors: 1) those that got into the industry early and rest on those laurels and 2) those that are making it happen in 2020. However, the storage industry loves to only embrace the narratives of the first group, and rarely talks about those entering the industry today and the issues that are important to them. And to succeed today you pretty much have to shun the first group and rely more on those who are real-time buying and operating under the new realities the industry faces. In this episode we’re going to talk about why there are two entirely different views of the industry, why one is more important than the other, and a call to action on the megatrends and issues of those who are trying to make money investing in storage facilities today.

There’s no better form of financing for a self-storage facility than “seller carry” – the concept of the seller creating their own mortgage to finance the purchase. But how do you get it? And what should you watch out for?

We all learn useful lessons in life from a number of teachers. And over the past 40 years – as long as I’ve been in business – I’ve been obtaining real estate loans. While the procedure has remained pretty much the same for all that time, there have been four fundamental concepts that seem to be shared by all bankers – and with good reason. All four of these will have a huge impact on your success in buying self-storage facilities.

Many of today’s self-storage investors think that any product they put out there will be winner. They think that no matter how they treat the customer, they’ll come back or keep paying. But this is bad thinking and is already proven to be wrong in many markets with declining occupancy and rents. So what do customers really want?

Even though we’re in a new age, there are still some basic theories about investing that hold true for self-storage today as well as they did decades ago. But what are these old-fashioned words of wisdom? In this episode of the Self-Storage University podcast we’re going to look at some of the best classic thoughts and sayings and see how they are as relevant today if you want to be a smart storage investor.