Looking to talk about Self-Storage

[Aidan Richard Connly]

Hello! I am a Marine Officer stationed in North Carolina and am interested in connecting with people in self-storage! Please reach out if you are interested in chatting more!

[Mark Munson]

Hi @Aidan Richard Connly

     I have helped finance a number of self-storage deals for a client of mine, I'm happy to connect to see what I can answer or connect you with a few people that are savvy self-storage investors. Feel free to message me. 

[Aidan Richard Connly]

Quote from @Mark Munson:

Hi @Aidan Richard Connly

     I have helped finance a number of self-storage deals for a client of mine, I'm happy to connect to see what I can answer or connect you with a few people that are savvy self-storage investors. Feel free to message me. 

 Hi Mark. Thank you so much! I would love to reach out.

[Jason Bowden]

Hey Aidan - I'd love to see if we can help you out. I'll reach out. 

[Scott Meyers]

Hey Aidan!

I'm always up for talking Self Storage.  Did you want to do so publicly in this forum or privately offline?

Anyhow, Self Storage has been good to me and my family and I'm always encouraging good people to get into the business. 

Please let me know how we can be of any help.  

Scott

[Mark Munson]

Quote from @Scott Meyers:

Hey Aidan!

I'm always up for talking Self Storage.  Did you want to do so publicly in this forum or privately offline?

Anyhow, Self Storage has been good to me and my family and I'm always encouraging good people to get into the business. 

Please let me know how we can be of any help.  

Scott

@Aidan Richard Connly

Do yourself a favor and connect with Scott above, I can vouch for his background and experience. I've seen him speak personally, and my clients are students of his or know him personally.  

[Aidan Richard Connly]

Quote from @Scott Meyers:

Hey Aidan!

I'm always up for talking Self Storage.  Did you want to do so publicly in this forum or privately offline?

Anyhow, Self Storage has been good to me and my family and I'm always encouraging good people to get into the business. 

Please let me know how we can be of any help.  

Scott

 Hi Scott, thanks for reaching out! I would love to chat more. I will shoot you a PM.

[Henry Clark]

Hello Aiden.  Look at your very first post.  Gave you a path to start looking at Self Storage.  Looks like your other posts you started looking at Tiny Houses and other Commercial Avenues.

Although Self Storage is simple, it still takes some education to avoid pitfalls.  Books, podcasts, seminars, posts, etc. Spend an entire weekend and gorge yourself on these.  This will be more beneficial to you and anyone that helps you.  Then look for a Systematized approach.  Otherwise there is just a bunch of info floating around in your head, and you don't know if you missed anything important.

Here is what I recommend.  Decide on the size of deals you can do.  Must also fit your career and timetable in location, unless you have a partner.

1.  How much money do you have?  Or collateral at 65% of value?  Don't answer.  Let's say $50,000.

2.  What type of financing will you use?  SBA 10% downpayment; Conventional 25%; Conventional 40%; etc or variations.  Let's say you use Conventional 25%.

3.  The combination of $50,000 cash and 25% downpayment, means you can do a deal of $200,000.  Really need some extra cash in reserve.

By defining the size of your deal, this will help narrow your focus and make both your and anyone helping you be more efficient in both your search and learning.  I wouldn't do any deals until you have done at least 5 Deal analysis.  You have plenty of examples in your area you can use as guinea pigs.

Then, you have to commit to picking one investment type and learning it.  Will take you about 3 to 5 years to master.  Go back and read my post to you.  If you're interested, then follow along in the Starting out section of General RE.  Posts Deal 1 and Deal 2.  

Not having sat down with you and really got into your life and aspirations.  My recommendation would be to:

A. Use your BAH as an approach to househacking, BRRRR, Trailer hacking, etc. This is surefire 100% risk free investment on your part. What is BAH for your Rank and Location? That is guaranteed money when you sell. Also, it will help with your financing. If you want to keep, give to a local PM and have them manage. You will have the best tenants. Try to just do military. If they screw up, call their CO. They will immediately dress them down and have them pay you or correct the situation.

B.  If you want to do Self Storage, I would pick a good State and location.  Find a partner and start investing.  Use the above BAH approach as your snowball to get started.  Try to find a bank that will travel with you.  See if the Military Credit Union will work with you.  Don't worry about the best interest rate.  You want a bank or lending institution that can handle multiple states and overseas possibly.  One that already knows you and your story/experience.

[Aidan Richard Connly]

Quote from @Henry Clark:

Hello Aiden.  Look at your very first post.  Gave you a path to start looking at Self Storage.  Looks like your other posts you started looking at Tiny Houses and other Commercial Avenues.

Although Self Storage is simple, it still takes some education to avoid pitfalls.  Books, podcasts, seminars, posts, etc. Spend an entire weekend and gorge yourself on these.  This will be more beneficial to you and anyone that helps you.  Then look for a Systematized approach.  Otherwise there is just a bunch of info floating around in your head, and you don't know if you missed anything important.

Here is what I recommend.  Decide on the size of deals you can do.  Must also fit your career and timetable in location, unless you have a partner.

1.  How much money do you have?  Or collateral at 65% of value?  Don't answer.  Let's say $50,000.

2.  What type of financing will you use?  SBA 10% downpayment; Conventional 25%; Conventional 40%; etc or variations.  Let's say you use Conventional 25%.

3.  The combination of $50,000 cash and 25% downpayment, means you can do a deal of $200,000.  Really need some extra cash in reserve.

By defining the size of your deal, this will help narrow your focus and make both your and anyone helping you be more efficient in both your search and learning.  I wouldn't do any deals until you have done at least 5 Deal analysis.  You have plenty of examples in your area you can use as guinea pigs.

Then, you have to commit to picking one investment type and learning it.  Will take you about 3 to 5 years to master.  Go back and read my post to you.  If you're interested, then follow along in the Starting out section of General RE.  Posts Deal 1 and Deal 2.  

Not having sat down with you and really got into your life and aspirations.  My recommendation would be to:

A. Use your BAH as an approach to househacking, BRRRR, Trailer hacking, etc. This is surefire 100% risk free investment on your part. What is BAH for your Rank and Location? That is guaranteed money when you sell. Also, it will help with your financing. If you want to keep, give to a local PM and have them manage. You will have the best tenants. Try to just do military. If they screw up, call their CO. They will immediately dress them down and have them pay you or correct the situation.

B.  If you want to do Self Storage, I would pick a good State and location.  Find a partner and start investing.  Use the above BAH approach as your snowball to get started.  Try to find a bank that will travel with you.  See if the Military Credit Union will work with you.  Don't worry about the best interest rate.  You want a bank or lending institution that can handle multiple states and overseas possibly.  One that already knows you and your story/experience.

 Henry this is more than helpful. Thank you so much for such a thoughtful response.

[Scott Krone]

@Aidan Richard Connly - Thank you for your service in the Marines.  My partner also served at Camp Lejeune with the Corp.   Feel free to reach out with any questions you may have.  Happy to assist you.

[Aidan Richard Connly]

Quote from @Scott Krone:

@Aidan Richard Connly - Thank you for your service in the Marines.  My partner also served at Camp Lejeune with the Corp.   Feel free to reach out with any questions you may have.  Happy to assist you.

 Hi Scott. Thank you! I would love to.

[Ronald Rohde]

When you have legal questions, drop me a line. We close many SS deals for our clients

[Christopher Teal]

Quote from @Scott Meyers:

Hey Aidan!

I'm always up for talking Self Storage.  Did you want to do so publicly in this forum or privately offline?

Anyhow, Self Storage has been good to me and my family and I'm always encouraging good people to get into the business. 

Please let me know how we can be of any help.  

Scott

Scott, 

I just noticed that you were going to be in Dallas soon. I would have loved to been able to plan for this but I am afraid that my regular job would have me tied up. I noticed also that I do not have any of the prerequisites that it recommended. When will you all be back in the Texas area, I would like to attend.