Getting started with self storage
I've been listening to a few different FIRE podcasts and a few different Bigger Pockets podcasts and want to get started with storage units. What resources do you suggest I use to get started down this path?
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Connect with land developers and commercial brokers.
Quote from @Joseph S.:
I've been listening to a few different FIRE podcasts and a few different Bigger Pockets podcasts and want to get started with storage units. What resources do you suggest I use to get started down this path?
Read "Storing Up Profits" by Paul Moore in the bookstore. Lots of good information in there. There are a lot of big investors on BP that share a ton of information about that niche.
My recommendation is to figure out what you can afford to buy, then start looking for existing mom-and-pop operations to buy. Many of them are poorly run, renting way below market, with room to improve. It's basically a BRRR for storage. Paul Moore talks about it in his book.
Thanks for the shoutout @Nathan Gesner! I think my book would be helpful and if you order it from BiggerPockets directly, you will get some fun bonus material, including a detailed case study.
My friend AJ Osborne also wrote a great book on self-storage that you can get on Amazon.
If you get serious about self-storage, I highly recommend joining a coaching program. I got my start in a coaching program with Scott Meyers. The website is https://selfstorageinvesting.c.... Good luck and let me know if I can help!
Thanks for the information. Now to find the time to read these books between my W2 job and studying for a certification for that.
Quote from @Joseph S.:
Thanks for the information. Now to find the time to read these books between my W2 job and studying for a certification for that.
The Storage Rebellion offers a free “boot camp” and is a good place to start. AJ Osborne and Scott Meyers are industry leaders with actionable books and podcasts.
If you’re short on time, I'd encourage you to network with other storage operators and consider a partnership on your first deal to learn.
Quote from @Michael Margarella:
Quote from @Joseph S.:
Thanks for the information. Now to find the time to read these books between my W2 job and studying for a certification for that.
The Storage Rebellion offers a free “boot camp” and is a good place to start. AJ Osborne and Scott Meyers are industry leaders with actionable books and podcasts.
If you’re short on time, I'd encourage you to network with other storage operators and consider a partnership on your first deal to learn.
Thank you for additional help!
@Paul Moore Great to have you in the forums answering questions. I just bought a copy of your book, and looking forward to reading it.
SIDEBAR: Does anyone have a pro-forma template for an existing mom-and-pop property? I cannot seem to find one.