Self Storage Income

It’s an absolute pleasure to welcome my guest today Drew Dolan, Principal Fund Manager at DXD Capital.

As you all might imagine, we get A TON of questions about how to get started investing in self-storage. We get asked all time - how do I analyze a market for self-storage? How do you add value to a storage facility? How do you fund or finance a storage facility? How do you find good self-storage deals?

Welcome back everybody to the Self Storage Income Podcast! This is your host AJ Osborne!    Today we have an awesome guest on the podcast who is back by popular demand… the one and only Lance Watkins. If you haven’t listened to our first podcast episode with Lance, you might go back and listen to that podcast first to give you a better idea of who Lance is, and all the amazing things he’s doing in the self storage industry. He’s an absolute wealth of knowledge.    If you’ve seen or been around the storage industry for any amount of time, it’s clear that there is a lot of work that needs to be done to bring storage up to date. That said, today we’re going to the tip of the spear. Lance is going to share cutting edge insights into the future of self storage and we can and should expect to see happening in the industry.    Just a couple topics covered today - looking at self storage as an ecommerce experience, the truth about “man-less” or “totally automated” facilities, 1 key factor that no one hardly ever considers, and… Lance’s very 8 keys that you’ll need to have in order to effectively automate your storage facility.    Thanks for listening everybody! AJ   You can get in touch with Lance at: lance@tenantinc.com   The Self Storage Income Exclusive Fall Event in Coeur d’Alene Idaho (GET YOUR SEATS RESERVED ASAP!) - https://selfstorageincome.com/events/   Be sure to go to Selfstorageincome.com to get your  copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.     You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher   The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Today we have an awesome guest on the podcast who is back by popular demand… the one and only Lance Watkins. If you haven’t listened to our first podcast episode with Lance, you might go back and listen to that podcast first to give you a better idea of who Lance is, and all the amazing things he’s doing in the self storage industry. He’s an absolute wealth of knowledge.

As you’re probably aware, there’s A LOT of wacky things going on out there currently with the US Dollar, stimulus packages, and interest rates (and a ton of other crap I’m not even going to get into).

What’s going on everybody!? Welcome back to the Self Storage Income Podcast, I’m your host, AJ Osborne!   I have to say, I get asked a ton of questions about self storage and self storage investing as a whole. But one of the most popular questions I get, especially right now is, “do I buy a storage facility, or do I build a storage facility?”   The answer? YES! If your numbers work for you to just buy an already existing facility, and building doesn’t make sense, then you buy existing. If your numbers work better to build than to acquire an existing storage facility, then build!   I know the answer doesn’t seem this simple, and yes, there are absolutely factors that we look at to gauge whether or not we want to buy or build a storage facility. But what exactly are those factors to look for or look at? Well, I’m going to share those factors with you on today’s podcast.   I’m going to share exactly what we look for, reasons you SHOULDN’T build, key factors that tell me when to buy and when to build, and more. It really comes down to 2 very important keys… that you’ll have to learn about in the podcast today. Thanks for listening everybody, AJ The Self Storage Income Exclusive Fall Event in Coeur d’Alene Idaho (GET YOUR SEATS RESERVED ASAP!) - https://selfstorageincome.com/events/ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the AJ Osborne podcast! I’m your host AJ Osborne.   If you follow me on social media you may have noticed these past couple weeks, I’ve been posting quite a bit on the current economic events happening here in our country. What we’re seeing is honestly unprecedented and in our country’s history we haven’t seen or experienced quite what we are today. That said, I’ve been thinking, and reading about this… A LOT… and I have some things to share that I think can shed some light.   The fact is, we’re seeing massive government intervention. This is diluting the economic fundamentals of this country and the very systems we run on. Don’t get me wrong, there’s a huge importance that needs to be placed on monetary policy and reasonable inflation is actually a good thing (more on this in the podcast). What causes issues is when the very systems we’ve created to help our economy actually end up being used in such a way that actually start to hurt our economy.   I today’s podcast I break everything down. I talk about the good and bad regarding inflation, supply and demand in the market place and its relation to the value of the USD, examples from the past that we can learn from and apply today, the fundamentals of value creation, and the importance of truly understanding value. These are all great topics to discuss, but most importantly, I propose the one question we all need to be asking, when the right time is to buy assets, and how all these subjects are connected and are working together like a large spider web, and also how all of this ties into the very reason that I started my holdings company and structured my investing the way that I have.   I don’t have all the answers and I’m not going to pretend like I do. I do however believe that the more of us that truly understand our economy and the drivers affecting that economy, the better off the world will be. And honestly… I can nerd out on this stuff all day lol.   Thanks for listening everybody and enjoy! AJ     Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher   The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast! This your host AJ Osborne.   There are no two ways about it - industries are changing every single day, and they’re changing rapidly. Self Storage is no exception. Self Storage today is drastically different in a number of ways than it was even 10 years ago. But what have been some of the biggest and most influential changes that have happened, and that we also see coming? And how can we plan today to be a part of and take advantage of those changes? And what is holding the self storage industry back?   These are the questions that my team and I are always asking. This is also why I’ve invested heavily into companies and products over the past decade that are asking these same questions, and providing the self storage industry with solutions for these questions.   We’ve seen what happens when industries or globally recognized brands don’t pay attention to changes in the market. They ultimately fail to meet the needs and expectations of their consumers. They’re “disrupted”, and sometimes for good. The great thing here though is that you can be a part of this change and this future of self storage. You don’t have to own or run a facility that is behind the times failing to adapt.   This is what we’re diving into on today’s podcast. I’m going to share the changes I’ve seen, the changes I expect, and some of the ways me and my investments are taking advantage of these industry changes to put ourselves ahead of the competition.   As always, thanks for listening and for all the incredible support, AJ     The Self Storage Income Exclusive Fall Event in Coeur d’Alene Idaho (GET YOUR SEATS RESERVED ASAP!) - https://selfstorageincome.com/events/   Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher   The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast! This is your host AJ Osborne!   Some of us simply want to buy and run a few self storage facilities that will allow us more freedom over our finances and our lives, and that’s fantastic. Some of us however, want to build empires, and that’s exactly what we’re going to focus on in today’s podcast.   Whether we have a facility under our belts or we’re just starting out, if we want to build self storage empires, we have to think and execute in a totally different way. We need a goal and a master plan to help us achieve it. But where do you start? How do go about planning to build a self storage investment empire? What processes, tools, and infrastructure will you need?   These are all great questions and ones that YOU will have to answer for yourself. Investment goals and expertise is different for everyone. The investment vehicles and paths that investors take is equally different and dynamic. But there are a few fundamental principles that will help you build an incredible self storage portfolio.   I’m going to share with you guys today our 3 Keys to Scaling. That’s right, just 3. Obviously, there is a lot of work to be done when building an investment empire. But building out your goal, having a plan to get there, and then executing on that plan will put you light years ahead of everyone else.   This episode is really exciting to share with you all because over the past year and a half, my company and my team has grown substantially and it’s not slowing down any time soon. We’ve had the growing pains, we’ve experienced (and are still experiencing) our gaps and the holes we need to plug in our systems, and of course, we’re still learning and adapting as we always will. It’s an awesome thing to be able to share with you a ground zero look into the self storage empire me and my team are building and how you too can start building your own self storage empire. Thanks for listening everybody! AJ The Self Storage Income Exclusive Fall Event in Coeur d’Alene Idaho (GET YOUR SEATS RESERVED ASAP!) - https://selfstorageincome.com/events/ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income podcast, this is your host AJ Osborne! First off, I wanted to take a second to give a huge THANK YOU to all our listeners and supporters. You guys are what drives this podcast and everything we’re doing here at Self Storage Income. Today’s topic comes straight from you. We had a listener write in this question on the Self Storage Income website (linked at the end of these show notes). We also get talking points and subjects for the podcast and our YouTube Channel (also linked at the end of these show notes) right from your comments and reviews. That said, keep it up! I love hearing from you all and hearing about all the exciting things you’re doing. So what was this listener question? Well, if the title didn’t already give it away, the question in a nutshell was this: “I really want to invest in self storage, but how do I start investing when I don’t have any money to invest?” This is by far one of the most asked questions in regard to self storage investing, and even real estate investing as a whole. Everyone wants to get in, but so few of us have any money to get started initially. This seems like a huge hurdle right? Funny enough, as you grow, this problem actually never goes away! Ever heard of an investment firm or private equity company doing a “capital raise”? Chances are, you probably have. Because guess what!? We cannot build empires alone. Not only that, in a lot of cases, it doesn’t make investment or business sense to only ever use your own capital. Thing is here, deals will always need money and you have to get it from somewhere. But there’s something really exciting about this fact… there is more money out there than there is great investments. Meaning, investors are always looking for more and better investment opportunities. This is only one side of the equation however. When it comes to starting out, there are a number of ways that you can start investing in self storage when you have little or no money. I’m going to dive into a few of the strategies in today’s today’s episode. I’m going to share some strategies not only on how to invest with no money, but also ways to structure the deal, equity splits, partnerships, and I’m even going to touch a little on contracts and exit strategies. All said and done, if you’re wanting to get starting investing in self storage but you have little or no money, this is the episode you don’t want to miss. As always, get those notebooks out and get ready for some value bombs! Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility. You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by: Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast! This is NOT your host AJ Osborne! This is Conner and Caley doing a Self Storage Income takeover!   AJ just so happens to be in Florida at the moment enjoying some well deserved family time. That said, we have full reign over the podcast today and are going to dive into one of the most popular subjects of discussion regarding self storage investing, and that subject is how to analyze a market for self storage.   Despite what you might have heard about self storage, you cannot simply have the “build it and they will come” mentality. It could spell disaster for us if we fail to recognize this. Not only could it spell disaster for us and our investment in that market, it could also destroy that market for everyone for decades to come. It’s extremely important that we can correctly and thoroughly analyze a market for self storage. We have to be able to tell if the market is good or bad, if building would be better than acquiring, if we should keep the market on our list or totally forget about it, etc.   There is a lot that we have to take into account when we look at any self storage deal, but today, we’re going to focus on the three keys that you need to be looking at to gauge and analyze a market.   Missing the mark and either buying or building a storage facility in a bad market is a recipe for failure. The fact is, it doesn’t matter how great you are, it doesn’t matter how great your storage facility is, the market will make or break you. The market is the ultimate decision maker and we have to be able to provide what the market wants and needs.   Get ready, take notes, and let’s rock and roll! Thanks everybody! Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage income podcast! I’m your host AJ Osborne!   Why are you interested in self storage? What does success look like to you when you envision your future in self storage? How do you define success in self storage and how will you achieve that? Are your self storage investing goals truly defined?   These are all questions that you should have an answer to. After all, these questions are your road map. We have to know where we’re going and how we’re going to get there. Without knowing and understanding these fundamentals, we can’t plan or execute on our goals at all.   That’s why today, I wanted to jump into defining what real freedom through self storage really is, ways you can get there, and what you need to be thinking about today to get started off right.   We hear a lot about how people want to be “financially free” and this very well may be you and why you’re looking at self storage investing. But what is “financially free” exactly?   Is it covering the cost of living? Allowing you to do anything you want at any point in time? Massive generational wealth? Have you even stopped to analyze what financial freedom is or would mean to you and how much income you would need to achieve that goal?   And then the big question - will what you’re doing, or what you have planned actually get you to where you want to be?   I have seen and talked to a TON of people who have not clearly defined all of these questions. It’s amazing to see people’s wheels start to turn once they actually start diving into the granular details of these vague and limited goals they’ve felt like they’ve had to set for themselves. It's interesting to see that we all so often make goals for ourselves that we don’t even really understand.   We’re going to dive into these questions today and we’re going to talk about freedom through self storage and what that means. Now let’s get some answers to these massive questions!   What does freedom mean to you? Be sure to write me and let me know! Thanks for listening everybody, AJ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast! This is your host AJ Osborne. That’s right, you read the title of this episode correctly. That “Risks to Self Storage” may have caught you off guard. If you’ve spent any time in the storage world or even looked at purchasing a facility, chances are, you’ve heard all the hype: “Self storage is recession proof.” “Self storage is a cash cow!” “Build it and they will come.” You probably haven’t heard much about the risk and trust me, there are very real risks in self storage investing. Let’s get some facts straight right out of the gate - you cannot eliminate all risk. You can only plan for risk and do what you can with what you can actually control. That’s right, nothing is ‘risk proof’ and honestly, thinking something IS risk proof is insanely risky. So what exactly are the biggest risks to self storage? I’m glad you’re asking this question and even more glad you’re seeking an answer. We should never get carried away by all the hype and should be extra cautious whenever there’s hype surrounding anything. I’m going to share with you guys the biggest risks to self storage as an asset and I’m also going to share some risks regarding the self storage industry as a whole. No this isn’t an all doom and gloom, this is taking a look at real risks and preparing you to face them head on. Thanks for tuning in everybody, AJ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility. You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by: Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income podcast!   Today we have an awesome episode lined up for you. We’re going to be talking about self storage conversions. We have an insane conversion project going on currently and we wanted to share some key insights into what you need to be looking for when you’re analyzing a potential self storage conversion project.   Whether it’s an old big box store or an industrial space that you’re looking at repurposing into self storage, there are a few key things that you absolutely need to be looking for through your due diligence. These keys could be the deciding factor to your deal either being a home run, or being a colossal failure.   The four keys we’re diving into today are concrete flooring, gas piping, HVAC’s, and roofing.   We share what exactly you need to be looking for and what exactly you need to do to help ensure you cover as many bases as possible in regard to each of these critical items.   Get the note books out, take notes, and be sure to address these four keys on the next potential self storage conversion project you’re considering. There’s much more going on and much more to consider than you’d expect. Be prepared and don’t be caught off guard.   Thanks for listening everybody! We’ll see you next time. Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast

Welcome back everybody to the Self Storage Income Podcast!   I’m extra excited to get this episode out to you guys because in today’s episode, we’re doing something we’ve never done before.   As you probably know, we get a ton of awesome questions from you guys every day. We use a ton of the questions that you ask to create more videos, podcasts, social media posts, and content in general. This is awesome because we get to create content around the specific questions you guys are asking.   Today, we’re doing something a bit different - we’re taking your questions right from YouTube, social media, emails, and reading them and answering them off the cuff.   We had a blast doing this! It was great to take some of the best and most common questions about self storage and get them answered for you. If you enjoy this as much as we do, be sure to get active with us on the Self Storage Income social media, YouTube, and of course the Self Storage Income website.   I won’t waste any more of your time, jump into this episode and hear what people have been asking (or you just might hear your name and one of the questions you’ve asked us). Thanks everybody, AJ Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.   You can also find the Self Storage Income Podcast on: iTunes Spotify Stitcher The Self Storage Income Podcast is Sponsored by:   Janus International - https://www.janusintl.com/ Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page Live Oak Bank - liveoakbank.com/incomepodcast