Scott meyers self storage investing

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All in all, there were some insights that are truly exclusive to these videos, so I highly recommend this section. Now, let's go over each video lesson in detail. Lesson 1: Reasons to Invest in Self Storage This lesson was very similar to the introduction of the written manual as well as Chapter 2. Lesson 2: Buying vs Building In this lesson, Scott covers the four major ways to get into the self-storage business, as well as the pros and cons of each strategy.

The four major ways to get into this business are: 1 Buying an Existing Facility This is where you find an underperforming facility and increase its value by increasing its income. The major benefits of this strategy are that it's fairly simple and straight forward. You have an existing facility, with documented, proven transactions and cash flow, verifying that it's a successful business. Because it's an established business, lending is easier to obtain and your plans to increase profits can be somewhat streamlined and predictable.

Photo by Scott Meyers The major drawback is that you may face growth limitations depending on the size of the lot for example, if they've already developed the building on the property to the highest and best use and the customs of the market. The major benefits boil down to control and the potential for a much higher return.

If you build a facility from scratch, you'll have the benefit of riding the wave from investing in a facility at construction cost, all the way to selling it when it's a fully operating, proven facility. You also have direct control over how the building is designed, so you can ensure everything is optimized for the property's highest and best use.

When you build, you're positioned for an incredibly lucrative return assuming the project goes according to plan. The downside, however, is that with high potential also comes high risk. You'll be starting with no existing structure, business or track record to prove that you'll be able to successfully execute your business plan. This makes financing much harder and the potential to make a mistake or lose money a lot higher as well. This is basically a hybrid approach between the first two methods listed above.

As you can see, it can be a lot cheaper this way, and a lot of the appropriate zoning for a self-storage unit may already be in place, saving you a lot of time and hassle in getting started. He covers the concept of buying or leasing a vacant parcel of land and then placing converted shipping containers like this , this , or this as storage units. Scott also gives an example of a Uhaul facility that simply removed the enclosed beds of their moving trucks, lined them up side-by-side and used them as storage units and honestly, it's hard to tell!

The power of a creative, portable unit strategy is that it has far fewer costs for development and maintenance. Not to mention, if your storage units are truly portable, your property tax bill will be MUCH lower, because it's essentially like parking several trailers on an unimproved vacant lot the storage units are effectively equipment, not improvements to the land itself. This allows you to simply pay the property taxes on the land itself, saving you from having to pay taxes on a much more expensive piece of commercial real estate.

It's also worth mentioning that equipment can be depreciated much faster than improved commercial real estate, so if you're looking for larger, faster tax write-offs, that's another huge perk of this strategy. Now, one of the major questions I have is how it affects the resale value of the facility in the future. Does the fact that these portable units aren't attached to the ground negatively impact the overall value of the property if you were to ever resale or is the value of the facility truly solely-based on the income it produces so it doesn't matter?

This is one of the questions I'll be asking at the live event. Lesson 3: Where to Find Deals In this lesson, Scott goes into detail on how to find motivated sellers and great self-storage deals. One of the most notable things he covers in this section is what to say to commercial real estate brokers to get on their radar and to have them start sending you deals.

He covers a number of ways to get leads, including what criteria to look at on the MLS , how to structure your direct mail as well as a suggestion to explore business brokers and small business broker websites. Exploring business brokers and their respective websites can be a great way to find deals because business brokers evaluate these facilities based on what's common in their industry, and this is very different than the way real estate evaluations are done.

Typically, business-based evaluations come out much cheaper than the evaluations used in real estate investing, so, naturally, if you're looking at these as investments, this can be a very cool source of inventory! Also note — in the Forms and Documents section, Scott provides a list of 63 different business broker websites for you to explore. He gives you tips on how to navigate the conversation with the seller, how to pre-frame them for seller financing, as well as how to do initial market value.

This section is essentially the entire Valuator section expounded on. When you have some money to invest, it can be challenging to choose between your options. What Active vs Passive Investing June 2, No Comments Investing used to bring up scary thoughts of stock markets crashing and con merchants.

The question nowadays is, do you want to hold onto something long-term and let it bring in What are the Most Durable Wealth-building Strategies? More often than not, a high income or large inheritance only leads to short-term pleasures or luxuries. Wealth, on the other hand, is often the result of strategic investments and methodical planning. While there are several paths to success in the real estate market, it can be difficult for newcomers to sort the chaff from the grain given the excess of information out there.

Needless to Durable Real Estate Investments May 23, No Comments During the years and , we experienced global ups and downs like never before. The stock markets took a dive and many businesses are still recovering from unexpected losses and closures.

In these uncertain times, every investor needs a solution to maintain their portfolio. Real estate investments are still one of the most profitable Tips on How to Generate Passive Income May 12, No Comments As our world is changing at a whirlwind speed, the way we make an income has also become drastically different. There are plenty of things that you can invest in to start a second cash flow, but some of them require a lot of work and upkeep.

Skip bothering your friends with network marketing and trying to flip houses; invest in the self-storage industry Are Storage Units Profitable? Public Storage recently bought out ezStorage for a total of 1. Investors are taking advantage of the rise in storage unit profitability. This guide will give you all the answers to the question: are storage units profitable?

Storage units can be used for so many different items. They are a versatile and useful tool for businesses and families alike.

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Now, let's go over each video lesson in detail. Lesson 1: Reasons to Invest in Self Storage This lesson was very similar to the introduction of the written manual as well as Chapter 2. Lesson 2: Buying vs Building In this lesson, Scott covers the four major ways to get into the self-storage business, as well as the pros and cons of each strategy.

The four major ways to get into this business are: 1 Buying an Existing Facility This is where you find an underperforming facility and increase its value by increasing its income. The major benefits of this strategy are that it's fairly simple and straight forward. You have an existing facility, with documented, proven transactions and cash flow, verifying that it's a successful business. Because it's an established business, lending is easier to obtain and your plans to increase profits can be somewhat streamlined and predictable.

Photo by Scott Meyers The major drawback is that you may face growth limitations depending on the size of the lot for example, if they've already developed the building on the property to the highest and best use and the customs of the market. The major benefits boil down to control and the potential for a much higher return. If you build a facility from scratch, you'll have the benefit of riding the wave from investing in a facility at construction cost, all the way to selling it when it's a fully operating, proven facility.

You also have direct control over how the building is designed, so you can ensure everything is optimized for the property's highest and best use. When you build, you're positioned for an incredibly lucrative return assuming the project goes according to plan. The downside, however, is that with high potential also comes high risk. You'll be starting with no existing structure, business or track record to prove that you'll be able to successfully execute your business plan. This makes financing much harder and the potential to make a mistake or lose money a lot higher as well.

This is basically a hybrid approach between the first two methods listed above. As you can see, it can be a lot cheaper this way, and a lot of the appropriate zoning for a self-storage unit may already be in place, saving you a lot of time and hassle in getting started.

He covers the concept of buying or leasing a vacant parcel of land and then placing converted shipping containers like this , this , or this as storage units. Scott also gives an example of a Uhaul facility that simply removed the enclosed beds of their moving trucks, lined them up side-by-side and used them as storage units and honestly, it's hard to tell! The power of a creative, portable unit strategy is that it has far fewer costs for development and maintenance.

Not to mention, if your storage units are truly portable, your property tax bill will be MUCH lower, because it's essentially like parking several trailers on an unimproved vacant lot the storage units are effectively equipment, not improvements to the land itself. This allows you to simply pay the property taxes on the land itself, saving you from having to pay taxes on a much more expensive piece of commercial real estate.

It's also worth mentioning that equipment can be depreciated much faster than improved commercial real estate, so if you're looking for larger, faster tax write-offs, that's another huge perk of this strategy. Now, one of the major questions I have is how it affects the resale value of the facility in the future. Does the fact that these portable units aren't attached to the ground negatively impact the overall value of the property if you were to ever resale or is the value of the facility truly solely-based on the income it produces so it doesn't matter?

This is one of the questions I'll be asking at the live event. Lesson 3: Where to Find Deals In this lesson, Scott goes into detail on how to find motivated sellers and great self-storage deals. One of the most notable things he covers in this section is what to say to commercial real estate brokers to get on their radar and to have them start sending you deals.

He covers a number of ways to get leads, including what criteria to look at on the MLS , how to structure your direct mail as well as a suggestion to explore business brokers and small business broker websites. Exploring business brokers and their respective websites can be a great way to find deals because business brokers evaluate these facilities based on what's common in their industry, and this is very different than the way real estate evaluations are done.

Typically, business-based evaluations come out much cheaper than the evaluations used in real estate investing, so, naturally, if you're looking at these as investments, this can be a very cool source of inventory! Also note — in the Forms and Documents section, Scott provides a list of 63 different business broker websites for you to explore. He gives you tips on how to navigate the conversation with the seller, how to pre-frame them for seller financing, as well as how to do initial market value.

This section is essentially the entire Valuator section expounded on. Keep in mind, that this is the phase when you're simply seeing if a property has any potential as an investment. When you have some money to invest, it can be challenging to choose between your options. What Active vs Passive Investing June 2, No Comments Investing used to bring up scary thoughts of stock markets crashing and con merchants. The question nowadays is, do you want to hold onto something long-term and let it bring in What are the Most Durable Wealth-building Strategies?

More often than not, a high income or large inheritance only leads to short-term pleasures or luxuries. Wealth, on the other hand, is often the result of strategic investments and methodical planning. While there are several paths to success in the real estate market, it can be difficult for newcomers to sort the chaff from the grain given the excess of information out there.

Needless to Durable Real Estate Investments May 23, No Comments During the years and , we experienced global ups and downs like never before. The stock markets took a dive and many businesses are still recovering from unexpected losses and closures.

In these uncertain times, every investor needs a solution to maintain their portfolio. Real estate investments are still one of the most profitable Tips on How to Generate Passive Income May 12, No Comments As our world is changing at a whirlwind speed, the way we make an income has also become drastically different. There are plenty of things that you can invest in to start a second cash flow, but some of them require a lot of work and upkeep.

Skip bothering your friends with network marketing and trying to flip houses; invest in the self-storage industry Are Storage Units Profitable? Public Storage recently bought out ezStorage for a total of 1. Investors are taking advantage of the rise in storage unit profitability. This guide will give you all the answers to the question: are storage units profitable? Storage units can be used for so many different items. They are a versatile and useful tool for businesses and families alike.