All Forum Posts by: Scott Meyers

Hey Roger!  It's been about a month since you first asked.  What did you come up with?    Is it smooth sailing?  Or did you get stuck?

You have to learn it first, and then most importantly do it.  If me or my Team can be of any help - please let me know.  (@Paul Moore thanks for the shoutout!)

Take care, 

Scott

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Hey Renny!  

Yes, I will be attending next week and have a Wednesday Presentation in one of the Breakout Rooms, as well as a booth on the Expo Floor both days.  I look forward to meeting up with you.

Scott  

Hey Lionel!  I second those on here recommending Self Storage.  I am a big fan of Self Storage as it's been good to me and my family over the past 15+ years.

Sure, there's pros and cons to each.  The biggest PRO is that there's no toilet, tenants, or trash.  And one of the downsides is that Self Storage has gotten quite popular over the last few years and went on an even major tear within the past 12 months.  Yes, there are still deals to be made out there, but the low hanging fruit is gone and you'll have to get off the beaten path and turn over a lot of rocks.

Good luck with whichever one you choose.  And if it's Self Storage, please reach out if me or my Team can be of any help.

Scott

Hey D'Ann!

Welcome to the wonderful world of Self Storage.  There's a few ways to fill your funnel, but can basically be boiled down to On-Market (anything that's listed and being actively promoted and marketed) or Off-Market (typically with Self Storage Owners who have not listed their Facilities yet).

There are Pros and Cons to each approach.

Regardless, please note that this is a "People Business" so it is all about relationships.  if you contact someone (Owner, Broker, Wholesaler) once - it's transactional.  If you do so again and again (over time, mind you) you'll have built and nurtured a relationship and folks will start to come to you first, much like @Scott Krone describes above.

And yes, you do want to belong to a Network or Community of sorts, again like Scott Krone describes above, as well as what @Paul Moore (Thanks Paul!) wrote.  This could be official and structured like a Self Storage Mastermind of sorts, or loosely assembled, like this here BiggerPockets Forum, or a la carte, like attended the ISS Expo, or Self Storage Association conventions, and so forth.

Good luck and please let me know if I can be of any help.

Scott

Hey Lloyd!

Much appreciated.  I look forward to it, and will see you soon.

Scott

Hey Chris!

Good job on finding a Mom & Pop Value-added Facility.  Now you need to get it across the finish line.

As others have mentioned, if you cannot come up with the additional monies needed for a down payment then you ought to lean on friends and family.  Find out if they want to be the bank or an equity partner (or both).

You really should be open to stacking capital IF the deal warrants it.  When you purchase your next Facility and then the next one and so forth, you're most likely going to need to bring in partners, so check it out now and structure it where it makes the most sense for all of you (think win/win).

Please let me know if me and my Team can be of any help.

@Paul Moore thank you for the shout out. 

Scott

Hey Nathan!

Congratulations and well done.

I wish you the best of luck.

Scott

Hey Spencer!

Yes, Self Storage certainly has the potential to be profitable, fulfilling, and enjoyable.  And you're going to want the latter two in addition to being just profitable.

Please note that Self Storage is a great business in which to build generational wealth.  The low-hanging fruit is gone, but if you're willing to work hard by getting off the beaten path and overturning a lot of rocks, you can be quite successful.

My recommended two books: The Go-Giver book by Bob Burg and The Magic of Thinking Big by David Schwartz.

Both of these books have to do with HEART and MIND first and foremost, and not knowledge or application.  You can build your entrepreneurial empire with the latter, only when you've got a good foundation laid with the former.

Good luck and please let me know if I can be of any help.

Scott 

Hey Jeremiah!

The full LIVE Event schedule for this year is still being planned out.  All things being equal, we'd certainly be in Indianapolis as what we teach about Self Storage doesn't need to be site-specific.  And I live just outside Indianapolis which means I can commute both ways and go home every night and there's an easily accessible airport for any who'd need to travel.

However, some states are still operating under Covid Restrictions and it takes the "fun" out of what it is that we're trying to do.  My home state being one. Which is why we've been in Florida in February 2021 and will be again in May 2021, and most likely Texas for the next go-around come Summer/Fall.

We'll have to see if Indiana comes around and when it's no longer "Live Event Prohibitive" to host guests so that it's enjoyable & hospitable for our attendees to be there.

I will request my Team to call you later today.

Take Care.

Scott