*"They optimized **_for less work._** Not really optimizing **_for revenue."_* *THIS is such a critical distinction most wannabe entrepreneurs ignore BEFORE launching a business. (Especially Millennials and Gen-Zers: your "App" is not a proxy for capital improvements; adequate cash flow; being regularly available; and, working. **_Hard.)_*
You can kill as many birds as you want 😂 Another good video man. Keep it up! I appreciate how positive you are. Makes me step back and look at the bigger picture, slow and steady wins the race. Everyday is hard to go to work when you hate it. Hope to make this full time or at least get me enough revenue I can do something else but punch a clock at a spot I hate.
Tenant inc. has a great website builder and software specifically for self storage! It's called Hummingbird. As for call answering, Unfortunately, I do not have a specific choice.
Hey there! This isn't the exact screen but a similar version! Both from DELL www.dell.com/en-us/shop/dell-55-4k-interactive-touch-monitor-p5524qt/apd/210-bjzf/monitors-monitor-accessories
@@SelfStorageIncome Actually we are a self storage vendor - sell paint, door hardware and the like to self-storage and I noticed one of your videos and spend a few minutes looking through it. I personally don't get to see the operations end of things usually- though the owner has been around the service, paint and hardware for many years- so I found it interesting to look at the other side. :)
Hey man! Thanks for all of this info. I'm actually going to your event this Monday (May 6th) in Denver. I can't wait! I've got a quick questions, I don't now much about self storage and I'm just trying to soak it all in like a sponge. What do you personally see about the self storage real estate in Colorado? You are awesome!
Hey @victoriahartcorn2731 - Thanks for your excitement about the event! We own two facilities in Colorado, and I believe the market here offers promising opportunities for investment and growth. Looking forward to discussing more at the event on Monday! 🙌
@@SelfStorageIncome Thanks for your reply. Also, this is Victoria husband (Kyle). I was the one that asked that question. Looking forward to the event, AJ!
That's so exciting! We do consult in some of the building and purchasing process. If you reach out at info@selfstorageincome.com someone from my team can see exactly what you need more help with and if it's something we can assist with!
I have noticed that the storage facility prices to rent rise and fall across all storage facilities at the exact same same time...entirely different companies...how does that happen?
If it's street rates (what you can se online) then they are rising and falling in comparison to each other, kind of like gas prices. If they are in the same area they will price similar to each other and likely have some kind of price alert for their competitors.
Hey do these company need marketing to fill out their occupancy. Once it's filled how long will it take to vacancy. Iam a market research student gathering data from people kindly help me 😅
We do! I have a great team that can help consult on due diligence, feasibility studies and a lot more. You can check it out here www.selfstorageincome.com/services
We do! Renters need to provide proof of insurance or we allow them to easily add insurance through us. It's convenient for them at check out and good for us.
We have absolutely had this issue. We try to just be diligent with security and our daily facility walk throughs but even at our rural facilities it happens. We wish we could help people and never like kicking someone out but that's a major liability issue.
Someone really sold this to you at a 10% cap rate ($250k NOI / $2.5mm PP) WITH lots of potential upside on top of that? Those opportunities don’t exist anywhere in my markets.
We're being genuine here, it happens and we are also in a moderately rural area that is quickly growing. The deals are becoming harder to find but they're out there!
Make up your mind please! at the beginning you said you paid 2.5m cause you felt it was a great deal. 5 minutes later you say you felt 2.5m was too much... which is it?
As I explain around at 5:00 minute mark… It was a great deal because of its potential that it had. There was up side through the operations as well as through add ons. Because we felt that it was a great deal because of the potential we were ok paying a little more then it was worth at the time. Both are true.
I really wish this was about a storage unit complex your average man could purchase. If I had $2 million dollars I would retire not buy a storage unit lol
im in uk fortunately and was/ am looking at self storage although i all ready own the land probably valued at around 100k at first i could not believe the price paid to buy storage business but i just priced an immaculate nearly new second hand unit 120feet x 50ft at 35k plus 8k to deliver it is even insulated add internal partitioning doors and erection 120k and ground works 80k including tar brings my total to around 250k plus land my case 20% of my land initial set up/starting capital allowance including systems teck advertising operating costs 25k so under 300k to provide 40 ground floor units 10 x10 x9 and space for future 20 first floor units 10 x15 x9 add 70k if done at same time so 7000sq ft plus some external storage takes estimated return allowing 85% occupancy 5950 £1pound per foot per month internal income plus 24 caravan type external spaces at £50per month 80%let 1000pm allow 2months rent for maintenance and operating cost leaves 69500 pa making over 20% roi before tax or interest taking at least 5 to 6 years to get the investment back but will have the asset value . borrowing for business start up in uk harder now say 70%ltv on finished build my example would be completed value 750k so could borrow more than costs after completed but still got to lay out the 350k first unless you got this kind of cash better buying low cost lock ups or small industrial retail or residential thats how i started where borrowing is easier usually 70to80% of value at time of purchase but rent usually has to be over 140% of repayment remember all business are a gamble so dont invest your shirt only what you can afford to lose. it can be quite easy to lose ten% of rent due to non payment, damages and disposal of goods left this could half my profit on a bad year
![How Much Money Do You Need to Get Started in Self Storage? [Your First Facility]](http://i.ytimg.com/vi/Ma1zSDJzTYY/mqdefault.jpg)
finally someone that isnt trying to sell a course and actually tells the truth and gives us the run around. Best channel ive seen on this,
Thank you so much! We genuinely try.
The best self-storage channel on RUclips by far. Can't believe you don't have a million+ subscribers. Please keep the content coming!
Hey thank you so much! That means a lot to me and my team!
He doesn’t have a million subscribers because not everyone is into self storage investing. He is pretty amazing though!😀
Great Breakdown 🏆
Look forward to your course
*"They optimized **_for less work._** Not really optimizing **_for revenue."_*
*THIS is such a critical distinction most wannabe entrepreneurs ignore BEFORE launching a business. (Especially Millennials and Gen-Zers: your "App" is not a proxy for capital improvements; adequate cash flow; being regularly available; and, working. **_Hard.)_*
Great information
Glad you liked it!
You can kill as many birds as you want 😂
Another good video man. Keep it up! I appreciate how positive you are. Makes me step back and look at the bigger picture, slow and steady wins the race.
Everyday is hard to go to work when you hate it. Hope to make this full time or at least get me enough revenue I can do something else but punch a clock at a spot I hate.
I like your videos. What company do you used or would you recommend to manage the call answering and unit rental?
Tenant inc. has a great website builder and software specifically for self storage! It's called Hummingbird. As for call answering, Unfortunately, I do not have a specific choice.
What type of screen are you using? Please let me know! Thanks
Hey there! This isn't the exact screen but a similar version! Both from DELL www.dell.com/en-us/shop/dell-55-4k-interactive-touch-monitor-p5524qt/apd/210-bjzf/monitors-monitor-accessories
Great video and discussion. 👍👍
Hey @Allfrom1supply - Glad you found it helpful! What subjects are you interested in for our next video content?
@@SelfStorageIncome Actually we are a self storage vendor - sell paint, door hardware and the like to self-storage and I noticed one of your videos and spend a few minutes looking through it. I personally don't get to see the operations end of things usually- though the owner has been around the service, paint and hardware for many years- so I found it interesting to look at the other side. :)
Great video 👍
Glad you enjoyed it
Hey A.J. what software do you use for your storage facilities to give you data like that?
We use Tenant inc.! They have great software that helps us run all of our facilities.
Hey man! Thanks for all of this info. I'm actually going to your event this Monday (May 6th) in Denver. I can't wait! I've got a quick questions, I don't now much about self storage and I'm just trying to soak it all in like a sponge. What do you personally see about the self storage real estate in Colorado? You are awesome!
Hey @victoriahartcorn2731 - Thanks for your excitement about the event! We own two facilities in Colorado, and I believe the market here offers promising opportunities for investment and growth. Looking forward to discussing more at the event on Monday! 🙌
@@SelfStorageIncome Thanks for your reply. Also, this is Victoria husband (Kyle). I was the one that asked that question. Looking forward to the event, AJ!
@@SelfStorageIncome Also, I'm curious, where in Colorado are you facilities?
Will be building my 1st units soon ! So are you also a consultant that can be hired ?
That's so exciting! We do consult in some of the building and purchasing process. If you reach out at info@selfstorageincome.com someone from my team can see exactly what you need more help with and if it's something we can assist with!
I have noticed that the storage facility prices to rent rise and fall across all storage facilities at the exact same same time...entirely different companies...how does that happen?
If it's street rates (what you can se online) then they are rising and falling in comparison to each other, kind of like gas prices. If they are in the same area they will price similar to each other and likely have some kind of price alert for their competitors.
Hey do these company need marketing to fill out their occupancy. Once it's filled how long will it take to vacancy. Iam a market research student gathering data from people kindly help me 😅
HI there! having good SEO, an easy to use website and good signage is KEY!
Do you help others with pre- buy (due diligence) for the buyer including turn around if acquired
We do! I have a great team that can help consult on due diligence, feasibility studies and a lot more. You can check it out here www.selfstorageincome.com/services
do you go in and see if they have like protection plans or tenant insurance required as part of where you can add to revenue?
We do! Renters need to provide proof of insurance or we allow them to easily add insurance through us. It's convenient for them at check out and good for us.
Have anyone trying to live in your units? That’s been a serious problem at some urban locations.
We have absolutely had this issue. We try to just be diligent with security and our daily facility walk throughs but even at our rural facilities it happens. We wish we could help people and never like kicking someone out but that's a major liability issue.
Someone really sold this to you at a 10% cap rate ($250k NOI / $2.5mm PP) WITH lots of potential upside on top of that? Those opportunities don’t exist anywhere in my markets.
We're being genuine here, it happens and we are also in a moderately rural area that is quickly growing. The deals are becoming harder to find but they're out there!
Make up your mind please! at the beginning you said you paid 2.5m cause you felt it was a great deal. 5 minutes later you say you felt 2.5m was too much... which is it?
As I explain around at 5:00 minute mark…
It was a great deal because of its potential that it had. There was up side through the operations as well as through add ons. Because we felt that it was a great deal because of the potential we were ok paying a little more then it was worth at the time.
Both are true.
Do you know what the market is like in Australia?
I really wish this was about a storage unit complex your average man could purchase. If I had $2 million dollars I would retire not buy a storage unit lol
You don’t need 2 million dollars in cash. If you have a decent down payment and a solid business plan, you’ll likely qualify for a loan.
im in uk fortunately and was/ am looking at self storage although i all ready own the land probably valued at around 100k at first i could not believe the price paid to buy storage business but i just priced an immaculate nearly new second hand unit 120feet x 50ft at 35k plus 8k to deliver it is even insulated add internal partitioning doors and erection 120k and ground works 80k including tar brings my total to around 250k plus land my case 20% of my land initial set up/starting capital allowance including systems teck advertising operating costs 25k so under 300k to provide 40 ground floor units 10 x10 x9 and space for future 20 first floor units 10 x15 x9 add 70k if done at same time so 7000sq ft plus some external storage takes estimated return allowing 85% occupancy 5950 £1pound per foot per month internal income plus 24 caravan type external spaces at £50per month 80%let 1000pm allow 2months rent for maintenance and operating cost leaves 69500 pa making over 20% roi before tax or interest taking at least 5 to 6 years to get the investment back but will have the asset value . borrowing for business start up in uk harder now say 70%ltv on finished build my example would be completed value 750k so could borrow more than costs after completed but still got to lay out the 350k first unless you got this kind of cash better buying low cost lock ups or small industrial retail or residential thats how i started where borrowing is easier usually 70to80% of value at time of purchase but rent usually has to be over 140% of repayment remember all business are a gamble so dont invest your shirt only what you can afford to lose. it can be quite easy to lose ten% of rent due to non payment, damages and disposal of goods left this could half my profit on a bad year
Unless you already have millions you can’t buy this product! Stop slinging your bull
What you don't have an extra 800 thousand laying around for a down payment. Come on