Self Storage Income

Buying a self storage facility is a major milestone, but closing the deal is only the beginning. The real work starts when you take over self storage operations. When closing day finally arrives and you get the keys, it’s easy to feel overwhelmed by everything that suddenly lands on your plate. But in those first few weeks, one overlooked detail or mistake could set your self storage business back thousands of dollars. We want to help you avoid exactly that. Today, we’re giving you the ultimate checklist—a full laundry list of things to do before and immediately after you close. Follow these steps to fully stabilize your self storage facility and have it running smoothly in roughly two to four weeks. We’re covering all of your first steps—everything from setting up your property management software and transferring crucial tenant information to putting utilities in your name and much more. These details are easy to overlook if you’re not careful, and the consequences can be severe. Consider this your cheat sheet for taking the reins and getting your facility firing on all cylinders!   What you’ll learn in today’s show:   Our complete checklist for setting up your self storage facility (in 30 days) The most crucial steps for mastering self storage operations The biggest mistakes new self storage investors make when buying a facility What should happen on day one after taking over a self storage facility How to get your next facility running smoothly within two to four weeks — Grab AJ’s Book, Growing Wealth in Self-Storage 2.0 https://www.amazon.com/Growing-Wealth-Self-Storage-2-0-Post-Pandemic/dp/1735258865  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-364  Learn more about Hummingbird - https://www.tenantinc.com/products/hummingbird 

By the end of this episode, you’ll have everything you need to buy storage facilities—not just any facility, but the facility that is best for you.   This is the exact pre-acquisition checklist Conner uses to get prepped to buy self storage investments. Not only can it help speed up your timeline to your first storage facility exponentially, but it will also make buying every facility after that even easier. If you wonder how Conner and AJ invest at scale and can move on deals so quickly, this is how it’s done.   We’ll walk you through everything you need, from finding lenders and insurance to getting your buy box set up and connecting to brokers who will send you deals, and finally making offers on facilities that fit your exact criteria. This is everything you need to go from zero self storage investments to your first one under contract, and by next week, you could have deals filling up your inbox if you follow Conner’s checklist.   What you’ll learn in today’s show: The three things you need to find, offer on, and buy your first self storage investment It is not too early to talk to a lender and why you should be calling them before the deal hits your inbox The exact buy box you can send to brokers that will get them to send the right deals to you Submitting LOIs (letters of intent) and PSAs (purchase and sale agreements) before closing How to get on mom-and-pop owners’ good side so they offer you the chance to buy first —   Grab AJ’s Book, Growing Wealth in Self-Storage 2.0 : https://www.amazon.com/Growing-Wealth-Self-Storage-2-0-Post-Pandemic/dp/1735258865  Work with someone experienced in self storage loans at Live Oak Bank! https://www.liveoakbank.com/business-loans/self-storage/  Check out this episode next: The Last Time Self Storage Did This, We Made Millions (You Have 2 Years) - https://www.selfstorageincome.com/podcasts/self-storage-income-2/episodes/2149240630  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=yt-episode-362 

Self storage just entered a new era. The industry isn’t shifting. The shift has already happened. Within eight days, we saw multiple instances of operator and data infrastructure consolidation. On the surface, these might look like normal acquisitions, but they signal seismic changes within the self storage industry that small operators can’t afford to ignore. The top 100 operators already control over half of the nation’s rentable storage space, and the top five alone control a whopping 35%. That number is growing. This is eerily similar to what we saw when online marketing came on the scene. The REITs and big players adopted search engine optimization (SEO) and pay-per-click (PPC) advertising long before anyone else. Now, they’re on the move again. In self storage investing, data is king. Thankfully, access has been brought down to the level of mom-and-pop operators in recent years. But those who overlook what’s going on are at risk of losing their competitive advantage in the marketplace. I’m breaking down exactly what small self storage investors need to do to adapt and why the entire industry is in dire straits if they don’t. What you’ll learn in today’s show:   Two crucial areas where the self storage industry has consolidated What self storage investors need to know amid a major industry shift Major transactions from the last few weeks and their impact on small operators The parallels between self storage data and online marketing How mom-and-pop operators can harness AI within their self storage business __________ Grab AJ’s Book, _Growing Wealth in Self-Storage 2.0_ : https://www.amazon.com/Growing-Wealth-Self-Storage-2-0-Post-Pandemic/dp/1735258865 NowMetrics: https://nowmetrics.co/  Storelocal: https://www.storelocal.com/ TractIQ: https://tractiq.com/