193. Remote-controlled Facilities, Spiraling Debt, & "Now is the Time to Develop" - w/ Mike Burnam
Welcome back everybody to Self Storage Income! Today we have an exciting guest, Mike Burnam, on to talk about the current state of self storage markets - particularly smaller, tertiary, and subprime markets - as the bubble created by the pandemic is starting to pop.
Mike is the CEO of StorageMart and has been in the industry for over 42 years, with over $4 billion worth of self storage. He has experience with being publicly traded then went private, and has operated in the US, Canada, and the UK.
So what's going on with storage? Debt is harsh, ChatGPT is disrupting Google's dominance, and large competitors, like Public Storage, is experimenting with more and more remote & digital solutions in their properties. ExtraSpaceStorage, just bought over $500 million to buy a portfolio of over 100 properties. These changes will determine the future of storage, especially impacting smaller markets in rural areas while high population areas approach these changes head-on. Find out more in this episode!
You can reach out to Mike directly via his email:
Find out more about StorageMart:
Need help funding a deal? We can help you figure out what type of loan or financing structure you need, and where you can get them. Just send us a message here:
https://www.cedarcreekwealth.com/debt
Our partners:
Live Oak Bank - liveoakbank.com/incomepodcast
Tenant Inc. - https://www.tenantinc.com/
Janus International - https://www.janusintl.com/
Grab my audiobook Growing Wealth in Self Storage for FREE: https://www.selfstorageincome.com/free-audiobook
