All Forum Posts by: John Brennan

Thank you Scott!  That’s great info. My first entry into storage has been investing in your Brandon Syndication which is going great!

I’ve spoken to Tron who is great and I’ll check out Easy Storage!

@Neil Henderson, this is a side question but in terms of figuring out the square footage of the competition, I see how you find the facilities in the surrounding area but how can you get an idea of their square footage?  Might sound like a rookie question but it’s because I’m a rookie self storage investor. 

Just when I think I know which way to go, someone like yourself Mark shows me there are legit other ways. Thanks for making this even harder!  But seriously, that’s GREAT to know. It’s nice to know there are choices. 

So now that I know I could go small/ medium myself or go bigger with partners and management, I guess the question is which way is the smarter path to the best returns and to get bigger?

Thank you Mark. That’s great info. After posting this and doing a little more research, I think even with all the right pieces in place, there is still the chance that every now and then, I might have to drop everything and go deal with something that comes up. My regular job as a doctor makes that concerning. 

My new plan is to partner up with someone and go big enough where we can get professional management. I do want to be as hands off as possible. 

Thanks Lance. That’s the type of remote management I’m looking for. I have seen a number of references from experienced people that they seem to be able to manage small regular facilities the same way. Not sure how many solely boat and RV sites are out there. 

So I'm interested in getting started in purchasing and running self storage facilities and want to learn more. At the same time, I have decent money in my IRA invested in mutual funds. I'm thinking of converting some of that IRA money into a self directed IRA. And then finding an experienced active investor and putting passive IRA money into a deal with them and learning the ropes along the way.

First of all, does this sound reasonable? And if so, where would anyone recommend that I look to do this?

Thanks

John

I guess the little details like what to cover in an instruction manual is what I’m worrying about. As well as procedures for delinquency etc. It’s all falling under the umbrella of “not knowing what you don’t know”

thanks. 

Now that I’m sold on the idea of acquiring and remotely managing a small to moderate sized self storage facility, I’m going to be posting questions that have been sitting in my sub conscious and preventing me from getting started. The biggest fear is what I don’t know about actually managing. There are great educational resources I’ve found from Michael Wagner and Scott Myers but nothing about the real details of how toremotely manage a property. Any recommendations on where someone can learn about it?

Thanks 

Whoever is best for seeking out self storage deals. 

All great advice. Thanks everyone. I’m going to start looking after I’ve had a chance to go through Michaels educational materiels. Do you all use brokers?  It seems about the only real way to sift through what’s available.