370. I Used to Buy Rental Properties: Now I’m Scaling (Faster) with Self Storage
Many people dream of investing in self storage but never pull the trigger for a variety of reasons. Some don’t feel they have the expertise needed to manage the asset. Others assume self storage facilities fall outside their price range. Neither assumption usually holds up.
Kirk had been buying rental properties for 15 years but hadn’t worked up the courage to buy a facility for all the same reasons. That changed when his broker brought him a self storage deal he couldn’t turn down—a discounted facility with massive value-add potential, located just 40 minutes from home.
After buying that first facility and stabilizing it, Kirk realized just how scalable self storage is compared to other asset classes. Despite starting only two years ago, Kirk has already bought three facilities and wants to own $50 million in self storage in just a few years from now.
Today, Kirk is breaking down how he found, negotiated, and funded each of his three deals, as well as the exact strategies he uses to run his self storage business, improve operations, and grow his bottom line.
What you’ll learn in today’s show:
- How Kirk bought his first three self storage facilities in under two years
- What to know before pivoting from residential to commercial real estate
- Simple operational improvements that increase your self storage revenue
- How to bring less money to the closing table by negotiating seller financing
- Systems and processes for scaling your self storage portfolio (quickly)
—
Work with someone experienced in self storage loans at Live Oak Bank! https://www.liveoakbank.com/business-loans/self-storage/
Join the Self Storage Income Community to learn how to buy, build, and scale your self storage portfolio: https://www.selfstorageincome.com/learn-yt?el=pc-episode-370
