How to Grow $200K to $4 Million In Self Storage
What’s going on everybody, we’re back with another episode here. We hope you’ve all had a great New Year’s and you’re ready to knock things out of the park this coming year.
We’ve been getting a lot of interest from you guys on topics that have to do with just starting out in self storage investing. So, that’s exactly what we’re going to talk about in this episode.
We go over the very first storage deal that I did in Bonners Ferry Idaho. As you’ll hear on the podcast, this facility was not the best. It was off of, and away from main roads, it was a small facility, and we hadn’t quite figured storage out yet obviously. That said though, it always cash flowed.
After learning some storage lessons, we actually ended up selling that facility. No, not for tens of thousands or hundreds of thousands more than what we bought it for… we actually sold it for less than what we had purchased it for. I explain in the podcast why this made sense for us at the time.
We took our lessons learned and the cash we did make and purchased another facility. After a while we then 1031 exchanged that facility, and this time, we walked away with $1million to take on to our next storage deal which we bought for $4million.
We still own that facility that we purchased for $4million, however, today it’s worth over $8million.
The lessons here are many – this is a marathon, a process, and it takes a lot of learning and growing. But what I really want you to take away from this is that there is very real possibility out there to grow your wealth through self storage, and like me, you can take a couple or a few hundred thousand dollars, invest it, and grow it into millions and beyond.
Thanks a ton for listening guys and don’t forget – In April 2020 I’ll be at ISS. It’d be great to connect with some of you there.
AJ
Be sure to go to Selfstorageincome.com to get your free 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 contact a current owner, and ultimately how to land a storage facility deal.
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