256. How We Turned $4.5M into $30M with This ONE Self Storage Conversion
This might be the biggest, best self storage conversion we’ve ever done. We turned a $4.5 million bankrupt building into a $30 million self storage facility. And here’s the thing: we could have NEVER done this if we were building from scratch. This was a needle in a haystack, and today, we’re sharing how we found it, why other investors overlooked it, and the problems, profits, and lessons from it.
Not only was this building massive, but it’s also now one of the most tech-first self storage facilities we’ve ever owned. We had to be really patient with this one. It took FOUR YEARS to get this facility open, and now, we can finally discuss the final numbers and details with you. If you want to make HUGE wealth-building leaps, then stick around because we’re talking all things self-storage conversion and the traps to avoid on your next deal.
We’ll explain how we picked up this deal for far less than it should have cost, why we went a million dollars over budget, why we changed our layout and made more money because of it, and how we did it all while storage rates were falling, interest rates were rising, and investors were running away from big deals in fear.
What you’ll learn in today’s show:
- How we turned a bankrupt building into a self storage facility worth tens of millions
- Why you MUST buy when the rest of the industry is sitting on the sidelines
- How to avoid the development “traps” that’ll lose you money in self storage
- The importance of checking zoning BEFORE you buy and why it’s crucial to get this right
- Why we went a million dollars over budget during this ONE project
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