Master the Art of Self-Storage Investing: Lessons from Jon Farling's Journey to 11 Facilities
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- Опубликовано: 18 май 2024
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0:00 - Intro
0:34 - When and why did you enter the storage business?
1:31 - What's the size of your facilities?
2:03 - What makes this facility unique?
2:25 - Is there growing demand for self-storage?
3:00 - Has your business been impacted by the economy?
3:41 - Self-storage Investments: How to find new opportunities?
5:05 - Any improvements to this facility?
5:38 - Is this land currently used for RV parking?
6:57 - What's the typical deferred maintenance when buying an existing facility?
7:42 - Facility Management Software
10:00 - Challenges when switching facility management software?
11:10 - Why switch from ESS to Storage?
12:04 - What research before buying a self-storage facility?
13:11 - Why increase rental rates among your first moves as a new owner?
14:09 - How much can you increase rental rates before people leave?
15:54 - What's your role in the day-to-day operations of this business?
17:53 - Are there ever emergencies in this business?
18:40 - What would you do differently today if starting over?
20:04 - How much capital is needed to start this business?
21:05 - Does borrowing power increase as you buy more facilities?
22:11 - What's the purchase price and cash needed for a facility of this size?
23:35 - Have you ever built a new facility instead of buying one?
23:57 - Boxwell Self-Storage Units- Hidden features and benefits
25:23 - How did you accelerate business growth?
27:00 - How is property value determined?
27:56 - Have any of your facilities performed better or worse than expected?
28:57 - What's your 5-year business plan?
29:24 - What unique challenges have you faced in this business?
31:39 - What are your security cameras most useful for?
32:36 - How do you deal with the anxiety of something bad happening?
34:28 - What's your unfair advantage in this business?
35:44 - What encouragement for those wanting to enter this business?
37:29 - How many hours a week do you work?
Are you tired of working a 9 to 5 job and feeling like you're not making enough money to live the life you want? Are you seeking a way to gain financial freedom and live on your own terms? If so, you're in the right place. In this video, we're talking with Jon Farling about his self-storage business and how he used it to quit his job and live a financially free life.
First, we'll talk to Jon Farling about how he bought 11 storage facilities in just 4 years. He'll tell us how he started the storage business and found facilities to buy. Jon will also share his insights on managing each facility remotely, setting goals, and overcoming limiting beliefs. He'll give us a glimpse of how this business has allowed him to live the life of his dreams.
Jon's story is fascinating, and he has plenty of personal anecdotes to share. We'll hear how he started small, with a single storage unit, and grew his business. He'll also share his failures and the lessons he learned, giving viewers valuable insights into the self-storage business.
But Jon's story is just the beginning. We'll also discuss the benefits of investing in self-storage, including the low overhead costs, passive income potential, and high ROI. We'll cover the basics of self-storage investing, such as how to find and evaluate facilities, how to secure financing, and how to manage and maintain your facilities for optimal success.
Self-storage can be an excellent way to quit your job and live a financially free life. Jon Farling's story is a testament to the potential of this business, and we hope his insights have inspired you to consider this strategy for your own financial future. So, if you're ready to take the next step, we invite you to join us on the REtipster forum and share your experiences with self-storage investing.
#selfstorage #selfstoragefacility #selfstorageinvesting #retipster #realestateinvesting #realestate #realestateinvestor #realestatelife #passiveincome #passiveincomebusiness #passiveincomestrategies #lifestylebusiness
The quality of this interview was incredible. Thank you both for your time.
Thanks for checking it out! Glad you enjoyed it.
This is probably the most informative video on self-storage I've seen on RUclips. Thanks.
Alright! Thanks for the vote of confidence!
Hands down the most informative video I've seen on self storage. Great questions and honest answers.
Glad to hear that, Keith! Thanks for watching!
Seth, you did a great job interviewing Jon. Fantastic questions that were answered by Jon that gave out so much quality information.
Thanks so much, Wayne! I appreciate that! Jon was a great interview.
Yes I was thinking the same thing. Great in depth questions that produced awesome answers.
John is a rock star of self storage!!!
Good stuff! Very encouraging!
Amazing success
This interview was incredible. Your questions were amazing. I found myself having questions come up internally and you would ask it just a few seconds later. You’ve got my sub and I really look forward to your future content!
Amazing! I'm glad I was able to ask the right things for you. :) Thanks for watching!
@@Retipster I’m setting goals to get into owning self-storage myself, and your videos are so incredibly helpful and informative, I really appreciate your work!
A great video, again. 🙂
Thanks for watching, Amar!
Amazing video, thanks for posting. What area is Jon in?
Great video🙌
Thanks, Tim!
You ask good questions 🙏🏾
Thanks for watching, Kim!
What a great video. A good primer on getting started. Thanks a ton!
I’m glad it helped! Thanks so much for watching!
great video and information
Thanks!
I wanted to see what the NOI was with all of his facilities and what his debt was.
20:11 is where my big question finally comes up - how much money do I need to get into this space?! I'm glad you asked it!
Alright! Glad I thought of that one. :)
Man great video! I would even love to watch a part 2
Thanks for watching!
Great questions asked!
Thanks!
Thanks for an interesting video. 👍👍
Thanks for watching!
Interviewer himself has a great knowledge .. great questions
Wow, thanks so much!
Wow, the quality of the interview and the information you were able to help this investor coney was priceless thank you!
Thanks for watching, Dylan! I'm glad you enjoyed it.
I’m curious where Jon got his knowledge on how to get started. Is there a book or program that he used to learn about this industry?
This is what I’m wondering as well!
The responses seem so genuine, non scripted and felt real.
It's easy to sound authentic when you are authentic. :)
As a property manager for a major storage company I can say it is lucrative it’s just the after covid bubble has affected us but it will always be lucrative
Very informative, I’m purchasing a 17 unit garage. I can’t imagine having 2000 but you never know thank you.
Best of luck to you!
Joe mentioned he has a few facilities for sale. How do I find more information?
Is there a way to get in touch with John? I'd absolutely live someone insight from him.
Thanks for doing this video. If I could ask, what type of camera monitoring system are you using? How many cameras do you have and who monitors them? Thanks in advance.
Great question! This whole thing was shot and edited by one person: me. :) I'm using one camera for the interview (Canon R6): amzn.to/3ZQPPQR and the drone footage is from a DJI Mavic Air 2: amzn.to/3mvvimu - I'm also used this two-way shotgun mic, which is PERFECT for this kind of application: amzn.to/41TNlmg
@Retipster I think he was asking what the owner was using for his security/ camera system. 😊
Is there a good video source for how to build DIY? Layout, metal installation, etc. 🤔 I wonder what the demand growth projection is vs the growth of new storage facilities, and when the S-curve will cross over and everyone in the industry sits at mostly less than 90% occupied.
I’m not aware of any videos like that, but I’ll have one out about my new buildings shortly. Probably in the next few weeks.
Even if you build it yourself, you’ll still need some kind of architectural engineer to help you get everything sorted out. Not terribly complicated, but not exactly a one-person show.
You've got to look at supply and demand. The number of facilities in my area have doubled over the past two years. I helped a friend move his stuff out of his two units last fall after his price raised following new ownership. They had to bring in a bigger dumpster from all the people throwing away their junk! Anyways, I strongly encourage doing your homework before trying to throw up units on your own. I've seen kits online for the DIYer, but certainly you could design your own for cheaper.
Hello Jon , just want to say what a great achievement you’ve to date in such a short period of time. This video is one of the best on line that gives people a clear view of the business ay to day and also the long term potential. Keep it going……Cheers
How do they generate leads for these units? All just foottraffic and people randonly find them or do they actively market and if so in what ways?
I think it depends on the facility and the market it's in. Some locations are in more competitive areas and require paid ads, but others can just rely on a combination of foot traffic and whatever organic leads they can get from Google Business listings (most people find their storage unit by Googling "storage units near me").
If you are in expensive are would it be reasonable to build second floor?
Is the cash flow number after all expenses?
Yes, cash flow is what goes into my pocket at the end of the day.
How do you price a storage facility for purchase? Should a new buyer work with someone to make a wise purchase (ex. realtor/broker)?
It's fairly similar to how you would price your offer for a single-family rental; you would multiply the number of units by however many are in the storage facility and account for all the other sources of income and expenses the same way. Have you ever analyzed a rental property before?
I can build storage software any one can use anywhere for multiple facility. Ill post it after i get finished with mine.
I've heard a lot of people say this. It leaves me scratching my head, wondering why one company with mediocre and expensive software still owns 80% of the market share?
Will this industry ever become over saturated or not worth getting into ?
Loved the video big time, but when youtubers add constant editing every few seconds it drives me fukn nuts lol.
Yeah, I'm sorry about that. We had a lot of wind blowing into the mic during this interview, and it took a lot of EQ edits to get rid of the background noise. It kinda drove me nuts too.
Your a good mentor,do you have an e mail so i can ask for mentoship?
You can find Jon here: www.l4investing.com/