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Ep #246: Building Massive Wealth Through “Value-Add” Self Storage Investments — with Kris Benson

September 10, 2019


In this episode of the Real Estate Investing for Cash Flow podcast, Kevin talks to real estate and self-storage expert, Kris Benson. Kris is a managing principle at Reliant Investments, a subsidiary of Reliant Real Estate Management, a top 30 operator in the self-storage space. Kris oversees investor relations and equity contributions for Reliant’s portfolio expansions.

In this podcast, Kris shares his inspiring decision to leave his job and pursue business in real estate. He explains how and he got into self-storage real estate and talks about advantages of getting into this asset class. Kris also talks about his involvement with Reliant real estate management and explains how and why he stays with the company.

Kevin and Kris dive further into self storage real estate and discuss the current market in comparison to other asset classes. Kris shares some perspective on the business and talks about value-adds, supply and demand, the risks, opportunities and other things to be considered when acquiring space for development. Kris also tackles marketability and pricing in this highly competitive and dynamic market.

QUOTES:

“I’m a big believer that everything in the market that’s going to happen has happened in the past and so for us, it was a function looking at what happened in the last recession and understanding how the asset class was affected.”

“My role is managing and kind of institutionalizing he equity arm of our business so that as we’re growing our portfolio, we have access to equity along the way.”

“At some point, you have to jump in, even if you’re uncomfortable, that’s where you’re going to do the most learning.”

“Our sweet spot really is not too similar than multifamily where you’re trying to find kind of that C property in a B+ or A area.”

“Our pricing definitely changes depending on what we’re seeing because when a facility opens up, most of the time they’re going to drop the rates to get you in the door, and then slowly burn off those discounts and concessions as they go.”

HIGHLIGHTS:

6:07 Kris shares his background and perspective on deals

9:58 How Kris got into the self storage asset class

15:26 Kris’s involvement with Reliant Investing

21:56 Kevin and Kris talk about self-storage space

34:18 Retrofit projects

39:40 Self-storage pricing

43:57 Buying opportunities

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