Ep #114: Turning Huge Profits from Self-Storage Properties and How To Get Started in This Lucrative Niche – with Michael Rogers
May 31, 2016
Our guest for this week’s show is Self Storage expert, Michael Rogers.
My call with Michael was a real treat as he’s just an everyday normal guy with whom I’m can really relate to and I’m sure you’ll feel the same way. He started out like most of us do by making a few small investments in single family and small multifamily properties before stumbling on to what has now become his bread and butter profit center, and that is self-storage facilities.
Michael specializes in acquiring smaller mom and pop run self-storage facilities that are mismanaged and/or distressed and turns them into lucrative cash cows that feed his bank account each and every month. He runs all of his storage facilities from one central office and speaks in detail to how he runs his well-oiled machine.
Even if self-storage isn’t your thing, I think you’ll find HUGE amounts of value in our time together with Michael.
Here’s What You’ll Learn
- How Michael got his start in the corporate world working as a CPA and investing in real estate in his spare time, and how this evolved over time to where his rental income has become substantial enough to allow him to go part-time in his corporate gig.
- Why it’s much quicker and much less brain damage to evict a tenant from a self-storage unit than on a residential dwelling.
- How he’s able to manage all 3 of his self-storage facilities from one centralized office with just one manager.
- The specific SEO and web marketing strategies he uses to maintain a steady flow of prospects and compete head-to-head with some of the larger self storage-players in his marketplace.
- The opportunity he feels exists within the self-storage industry due to the large number of mom and pop owned facilities that exist throughout the country.
- How he recruited a bird-dog to help him solicit mom and pop owners by means of cold calls and local visits which has added multiple deals to his pipeline.
- The importance of building rapport with property owners and why this is so vitally important when dealing with mom and pop owners.
- The rule of thumb to use when figuring the cost to expand an existing self-storage facility.
- How he’s utilized direct mail to acquire his latest self-storage facility and a recent office building and why he feels this is the best method to uncover off-market deals
- How technology is allowing self-storage operators to fully automate their operations, which means these properties can run with no on-site personnel.
- Why he doesn’t have an interest in creating relationships with companies with U-Haul, which provide ancillary income streams for self-storage properties.
- The importance of building your reputation and making your “word” the most valuable asset in your arsenal.
- And much more
- Michel Rodgers – Company Website
- Download my free success guide, “7 habits of highly successful multi-family investors” by going to KevinBupp.com/guide
- Schedule your free 30 minute “no obligation” call directly with Kevin by clicking this link https://www.timetrade.com/book/KV2D2
- Looking to invest in Mobile Home Parks? Want to JV with me on deals? If so, schedule a call with me and let’s talk. Click here https://www.timetrade.com/book/KT36S