Self Storage Ventures | Kevin
@Storage_Venture
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Bought SFRs and multi-family rentals in ‘09. Traded my way up, now we primarily buy Self Storage facilities across the US. Husband, Dad, California Fireman.
Joined October 2012
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Buddy just paid off his 2.5% interest 30-year mortgage.
He worked 43 overtime shifts last year at the fire station.
Where I work, that’s about 95k in addition to his salary.
He had 150k in savings.
Dropped it all to pay off his mortgage.
Schools should teach life finance.
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Wife found a house she LOVES that is 8 minutes away from us.
We have a 20 yr mortgage at 2.25% on our current house.
Now what…
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@bloss_garrett
Divorce would be much much much more expensive than leaving my 2% mortgage lol
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@RamRishiRam
worked hard - yes
saved aggressively - yes
owns home outright - yes (minus prop tax, maintenance, insurance)
Right move? - up for debate when you can exceed your mortgage interest in a savings account.
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Spoke with a seller this week.
He wants 400k and is stuck on that number.
I'm at 350k cash, but told him I could get to 400k if he would carry a note.
He was understandably hesitant not fully understanding what that would like, so I explained the advantages and…
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@kriskopsaftis
where's the risk in a savings account making 5%? I'd argue there more risk in now having no savings....
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Spoke to a self storage investor today.
Bought 6 facilities between April 2020 and Feb 2022.
Invested all his savings + 3 million of investors $
All on adjustable rate mortgages.
All highly leveraged.
First one adjusts in 2 months.
Insurance up 3.5x on average.
Yikes.
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Dad's help me out here...
"Are you on your own today? Wow you're brave" - 3 separate mom's at the zoo today
I often give my wife (stay-at-home mom) a break and take the kids out.
Without fail, mom's come up to me as I run around with my toddlers with little comments like ..…
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@Emmonspired
do you think people worry about 2.5% interest when they can make 5% in a savings account?
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A decent sized wire just hit my bank account and I had no idea it was coming.
My buddy and I bought a duplex in 2018 we held as equity.
Fixed it up and sold it in 2019 on a 5 year note. We got interest payments each month, and every so often my buddy would ACH me some money.…
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Got this email from my buddy yesterday, a screenshot between him and the facility manager.
He rented a storage unit at ExtraSpace 3 months ago. I told him to get ready for a 50-150% rate increase in 90 days.
Not sure he believed me…
But here we are.
This is the game the…
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Received a call today from a letter I sent to a storage facility in Utah.
Small, 12k sq ft, weird set up, 4 buildings, room to expand.
Look up mom and pop in the dictionary, there is a photo of this facility.
Direct quote from the nice lady:
“I owe 300k and the balloon…
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California kid here… but is remodeling a basement worth it?
Do people really hang out in basements?
What do you use it for?
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Unpriced Listings.
Someone please explain to me why brokers do this?
I immediately skip past anything that says “unpriced”
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Remember that storage investor who bought 6 facilities between April 2020 and Feb 2022…
Invested all his savings + 3 million of investors $
All on adjustable rate mortgages.
All highly leveraged.
Well, he just refinanced the first of 6.
60% LTV instead of 78%
Rate of…
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New metal roof bid came back at 54k.
My hope was 40k.
What’s best tactic to get him down on price?
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Tell me again about your passive income from real estate…
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Are insurance prices killing your deals?!
***Read This***
Here is what I've learned...
First, who's at fault? It's not the insurance companies...
It's the Reinsurance companies.
In the last couple years the Reinsurance companies (insurance for insurance companies who cover…
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I am indifferent to what option he chooses, my intent is to:
1) Ensure he understands each option fully
2) Find a win win solution for he, his family, and myself
3) Build trust by outlining all pros and cons for both of us
4) Be sure he does choose one of the options
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@waytogocubs
@bloss_garrett
Not about money my man. Divorce is expensive even if you’re broke!
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@jaybowman
We bomb proofed our college rentals.
Concrete floors, concrete countertops, home depot cabinets (easy to replace).
Keys for us: a great outdoor space (Arizona) and a big open concept kitchen/great room. Bathroom in every room.
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@snooty69
@hq_storage
5% in a money market takes care of that. Plus he has almost 1000 hours sick time.
But agree there are other factors
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Put in an offer for 3 facilities (all within 1 mile) in May
$1.6m offer
Seller said no, he needed $2.1m
Just came back to me, said he would take $1.8m
I countered at $1.5m
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New Lennar home in South Carolina.
Purchase price: 250k
4 bed 2.5 bath
Rents for $2200-2400 / month
You buying this?
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When you can give a seller 2 or 3 options/structures (that all work for you) and allow them to pick their first choice option, it's very often times a win win.
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@DMurrayInvests
Not always that easy. Deaths in family, baby clothes/toys waiting on next baby, renting while waiting to move, storage for business items/inventories, lots of reasons people stay more than a few months
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@HomesAndHustles
Didn’t think of it like that! Although I think if I said the same to a mom… “hey just you and your kids today.. wow”.. she wouldn’t like it haha
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@girlvstime
Probably more along the lines of:
Investment income from savings is X
Mortgage interest is Y
X minus Y = net positive
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We have one 1-star review.
On all platforms, from the same guy.
Saying something along lines of:
New owners are very greedy, they increased my rate which hasn’t been raised in 7 years. I will be taking my business elsewhere January 1st 2024 and not paying this ridiculous new…
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Convo with off-market seller today:
They want 600k
I offered 500k
They countered at 525k
Under contract at 505k
Property:
New Mexico
Drive up storage facility - 13,500 sq ft
3 bed 2 bath house
Additional 1 acre of unused land
Current gross revenue: 70k
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@ShannonJean
would you maybe feel more gangsta if you hd a 2.5% mortgage but you had multiple rental properties paying you 2x+ your mortgage ?
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@CreatingJas
100%. He could have very easily taken advantage. It's rare to find that level of friendship and trust
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I think there will be more of this coming unfortunately
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Here's my exact offer in an email I wrote to a seller of storage facility today.
And funny enough, he seemed most excited about the MLO option - that's 2 in a week!
[After talking about it with him on the phone, this summarized our conversation]
Hi Jimmy,
Pleasure chatting…
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Just put out a contract for a MLO (master lease option) and the owner of this storage facility loved the idea.
Here’s the general idea:
I will pay $10,000 for the option to buy the facility in 2 years at an agreed 500k price. I can extend the option for one more year for…
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@_ezekiel_btc
I’m a fireman who invests in real estate on the side. She’s happy, I’m happy, and I’m sorry I couldn’t make you happy too! Would have been the trifecta!
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Always always always check your metal roofs during DD. Get up on the roof yourself, don’t just rely on an inspection.
Number one issue on metal roofs - screws and fasteners.
Often times a leaking metal roof does not need to be replaced.
Consider silicone sealing all…
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Never asked one of our neighbors what he does for work. He's probably 50 or so.
Always has new high end cars, remodeling something, always home.
I asked him today finally - he owns a carpet cleaning business.
We got to talking. He does over $5 million/yr. Has multiple…
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*Thanksgiving Dad Hack*
Often times I find the stress and frustrations of life (and toddlers) pulling me away from being present in the little moments.
So I try to do this, and you can too:
Close your eyes and picture your 90 year old self.
You, as a 90 year old, get to…
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So you want to flip a house??
Breakdown of our most recent SFH flip in Kansas City Missouri.
Purchased Dec 2023
Sold May 2024
Purchase Price: 121k
Projected Rehab Budget: 90k
Actual Rehab: 108k
Holding costs: 2k
_________________________
Total all in: $231,000
Sale Price:…
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Rarely do I buy from wholesalers.
But this one was a decent deal, so I did.
Purchase price: 120k
I should make about 40k once rehabbed/sold
We go to sign the closing docs... I see the price the wholesaler is paying:
80k
He'll make as much as me. No risk. No money in.
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@leo_szac
We accept Zelle - simple and easy. Lease states rent must be paid in full each month, if they send only a partial payment it violates lease regardless of payment platform.
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Since taking over in July we have 3x’d revenue on our storage facility.
How?
1) Created a Google My Business page
2) Created a website for customers to rent and pay online
4) Advertised online
5) Made the facility look prettier (new sign, new paint, no roof, cleaned grounds)…
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Closing on this beauty tomorrow.
First thing to do.. get it on the World Wide Web.
A few customers knew the change was coming and paid a full year rent at their current price (50% below market) a few days ago.
Well played.
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@ianncushing
I think it wouldn't matter if none of the 3 felt deceived.
But it's not all about price, and the fact that someone in the triangle feels deceived, it matters.
Especially when that someone spent 30 years of their life building their storage business from the ground up.
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@ten_ton_hammers
@Tmac4real1
Had he invested the $ and kept it liquid , he could have paid off anytime disaster struck - all the while making more $
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No toilets, no tenants, no trash.
These metal boxes make me wonder why I ever bought single family rentals
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We keep it simple for our Boots on the Ground.
He’s got a clipboard, pen, and a bunch of blank site maps.
3-4x a month he walks the facility, conducts a lock audit (writes the lock status of each unit on the paper), snaps a photo of it and texts to us.
We then compare with…
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I gotta think Pest Control companies crush it.
We pay for it at all properties. No idea if it even works. Still pay for it.
All reoccurring revenue
Minimal expenses
A ton of roll up opportunities
Anyone in the business?
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Newest facility in the pipeline
*No sign
*No GMB
*No website
*No phone number
12k sq ft
72 units
Potential room for small expansion
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The current Self Storage game:
You rent at the advertised $50 rate.
3 months in your paying $150.
6 months in your paying $250.
12 months in your at $350.
Yes, those are realistic numbers.
There is no longer a correlation between street rates and revenue in self…
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Self storage deal:
Arkansas (30 min outside of Little Rock)
6,095 sq ft
35 units
In place 9 cap
91% occupancy
Below market rents
Price: 225k
Too small for me, but perfect for someone looking to cash flow and take advantage of depreciation.
DMs open if you want more info!
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Buying this climate controlled facility at a current 𝟮.𝟴 𝗰𝗮𝗽 𝗿𝗮𝘁𝗲 and I’m happy about it!
Cap rate police going to attack me for this.
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A lot of talk on current cap rates here.
Controversial take - cap rates are meaningless when buying a property.
Here's how we view potential acquisitions. Just substitute your asset and your yearly income.
Let's say a storage facility is selling for $1,000,000 and is being…
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@therealGGBMAN
Solid viewpoint. Same schools, still 9/10 and 10/10s.
Tough decision for sure!
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@loganzuber17
Ha! I’m okay leaving 50k on the table for this one … or I come back day 6 with a reason why I’m not ;)
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North Carolina facility:
According to owner, June 2023:
- 65% occupancy
- 5k monthly revenue
Upon Purchase July 2023:
- 61% occupancy
- 4k monthly revenue
- 15 units in collections
We had some work to do:
Started to add simple value immediately:
- Website (pay and rent…
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In order to manage a storage facility remotely you need a good “Boots on the Ground”.
A good one makes ownership easy, a 𝐺𝑟𝑒𝑎𝑡 one makes ownership 𝐹𝑢𝑛 !
Here is what is expected of our Boots on the Ground, pulled straight from their job description:
Our rental process…
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Sometimes you just need a little paint
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Guy just door knocked our house to sell solar and didn’t think to look at our roof covered in solar panels.
Wouldn’t that be the first thing you’d look at it….
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Alot of letters going out next week ..
Let’s see what happens!
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@LacksPoP
Yep. Raise rents 100%, 1/3rd move out, do it again, 1/3rd of the 1/3rd move out.
Not long before everyone is at your price
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@theOriginalFin
Most people just don’t know. And many think they’ll only need it for a few months and then realize it’s a pain to move and keep it longer
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Closed another one this week. Busy, but productive, few days.
Climate control conversion, opened in Dec 2023.
34% occupied.
We’ll be negative cash flow for a few months as we continue lease up.
Hope to hit the ground running as we come up on the peak storage season.
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@robsinbos
Good point… I might just record the negatives on Audio and play it on a loop while she sleeps. Osmosis
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House down the street for sale for 2.2 million
Went through 3 different owners during the construction phase - started in 2021 and just finished.
Has to be one of the ugliest exteriors I’ve seen on a 2 mil+ house.
Stone.. spanish tile roof.. yellow stucco.. wood..…
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Big shout out to
@SultanofStorage
for sharing his underwriting Excel sheet.
It is a super simple and useful tool.
I had fun inputting the numbers for our upcoming acquisition.
I added a couple tabs for different creative financing structures, but other than that I left the…
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Accidentally wholesaled a deal and made 15k
Never wholesaled anything in my life prior to this. Actually hated the concept, still do to an extent.
Here’s how it went down:
Got a small facility under contract at 204k, with the intent to close it.
2 other ones came my way…
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@beer_wineguy
It’s his decision to make. Unfortunately financially he made the wrong one. But that’s just one piece of the puzzle
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I have a VA in the Philippines and I pay her $5.22/hr
She thanks me nearly every week.
I thank her more.
She finds deals, runs analysis, re-organizes spreadsheets, hand addresses thousands of envelopes, all the things that save me time
Lucky to have her!
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Our current holdings by state:
𝐀𝐫𝐢𝐳𝐨𝐧𝐚 - SFRs and Multi Units
𝐌𝐢𝐬𝐬𝐨𝐮𝐫𝐢 - SFRs and Multi Units
𝐓𝐞𝐱𝐚𝐬 - SFRs and Self Storage
𝐌𝐢𝐬𝐬𝐢𝐬𝐬𝐢𝐩𝐩𝐢 - Self Storage
𝐊𝐞𝐧𝐭𝐮𝐜𝐤𝐲 - Self Storage
𝐍𝐨𝐫𝐭𝐡 𝐂𝐚𝐫𝐨𝐥𝐢𝐧𝐚 - Self Storage
𝐒𝐨𝐮𝐭𝐡…
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KCMO flip went live today, and we went pending 3 hours later.
Will do a numbers post shortly.
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Our SELF STORAGE operations + tech stack:
Starts with creating a Google My Business, then:
- Management Software
- Rent and pay online, autopay enabled
- Call center (US based)
- Personal gate codes for each customer
- Automated gates synced to customer’s account…
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You get 19 years with your kids.
18 consecutive and 1 year in total after that.
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Sent letter to Colorado facility owner.
Called me this morning.
Only interested in selling his Montana facility, and hard set at a 6cap based on HIS net income.
My expenses (industry standard) will be about 22% more than his.
That puts a sale at 4.4 cap
Math doesn’t math
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Just went to Disneyland - family of 4
One day only, in between visiting family in the area.
Easily spent $1,500 without travel and lodging
How are people affording this?
You shouldn’t have to make a healthy 6 figure+ income to comfortably take your kids to Disneyland
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Not all rainbows and butterflies out there
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Painters flip flopped unit number placards after painting.
Unit 137 is actually unit 138
Well, Boots on the Ground didn’t notice, cut lock, and started auction.
Luckily, we were able to stop auction and unit 137 (really unit 138) customer is now the proud owner of new disc…
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@_ezekiel_btc
Wasn’t a flex, just sharing a moment of my day that hopefully motivates someone else to be active in pursuing whatever it is they wish to pursue!
I hope you have a better day tomorrow!
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