Ep #229: Opportunity in Self-Storage Turnaround – with Bill Barnhill
May 14, 2019
In this episode of the Real Estate Investing for Cashflow podcast, Kevin welcomes real estate investment and self-storage expert, Bill Barnhill. Bill is the president of Omega Properties, Inc; a commercial real estate management and brokerage firm based in Mobile, Alabama. He has over 41 years of experience in the commercial real estate business and has specialized in self-storage for the last 24 years, having brokered over 200 million in self storage transactions.
Bill gives some in depth knowledge as well as some statics about the self storage business. He and Kevin talk about managing self-storage on site and off site and the strategy of buying mismanaged storage facilities. They also discuss consolidations in the market, emerging technology and the future of the business.
“So storage has a lot of benefits I think, it’s lower maintenance, and one nice thing is you can raise your rent, they put a 30 day notice unlike a lot of other sectors in real estate, it’s a growing industry.”
“Americans have a lot of things and they don’t want to get rid of them, you inherit them, then you store them.”
“You want to study that particular market, and what you’re looking for is a certain population, a lot of houses and an area where it’s growing, might be where there’s new jobs being created.”
“The main mistake I see they [mom-and-pop owners] are making, is they would rather be 95% occupied at a lower rent than be 80% occupied and have a higher rent, they think full is better but what’s better is more income.”
“28% of millennials use storage.”
- 7:21 Bill’s background
- 12:20 Kevin and Bill talk about fundamentals of the self-storage business
- 18:17 Opportunities in mismanaged facilities
- 30:02 Consolidations and the remaining mom-and-pop facilities
- 34:04 Technology and management
- 46:15 Storage wars and treasure seekers
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