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Ep #234: The Who, What, When and Where of Storage Facilities — with Mitch Stephen

June 18, 2019


-GQhrOTAThis episode of the Real Estate Investing for Cashflow podcast features real estate investment expert Mitch Stephen. Mitch started out buying manufactured homes in mobile home parks that he did not own and has been buying storage facilities for 28 years and currently owns 14 facilities in Texas.

Mitch talks about his background in mobile home parks and why he moved to self storage real estate. Kevin and Mitch dive into the economics behind storage real estate and Mitch’s unique niche in boat and RV storage facilities located in Canyon Lake, Texas. Mitch also talks about the risks and challenges in the business and how his company was able to survive the recession.
QUOTES:

“I read a book called Nothing Down by Robert Allen and that guy had the audacity to suggest that I didn’t need money to, you know…you could be broke and still be in the real estate game.”

“The entrepreneur rarely ends up with the business that he starts, he’s always morphing to the most money per least resistance.”

“Storages are a perfect way to occupy some very valuable land and get paid while the city is growing to it.”

“One thing you never want to say in the storage business is you’re full. If you’re full then your prices aren’t high enough.”

“The biggest challenge is water and making sure that the water runs off in the worst case scenario where you have 5 or 8 or 15 inches in a day that it’s not gonna override your drainage.”


HIGHLIGHTS

  • 6:08 Mitch’s background
  • 11:24 How and why Mitch ended up in storage real estate
  • 18:04 Mitch talks about economics behind his storage businesses for boats and recreational vehicles
  • 25:02 Challenges, mistakes and risks in the business
  • 28:35 How the financial crisis affects the boat and RV storage facilities

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