Self Storage Investing

Success is not a secret—it's a mindset. In this episode, Scott unpacks the critical mindset shifts and practical strategies that have propelled his self-storage business forward.

By emphasizing the importance of hard work over talent, the power of goal setting, and the necessity of surrounding oneself with smart, driven individuals, Scott provides a roadmap for growth.

Scott dives into the habits that can transform both personal effectiveness and business operations, ultimately guiding listeners toward achieving their big, hairy, audacious goals (BHAG) and finding fulfillment in their professional endeavors.

WHAT TO LISTEN FOR
1:49 Hard Work vs. Talent: The Hustle Mindset
3:11 Mental Attitude
6:31 Fear of Success: Overcoming Subconscious Barriers
9:34 Finding Your Productive Peak

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In this episode Scott discusses the current opportunities in the self-storage market.

It’s important to act now rather than sitting on the sidelines, as the market is transitioning and offering many opportunities for buying, selling, and developing.

Scott also highlights the importance of mastering underwriting and market analysis skills, building a team, executing swiftly, getting educated and finding a mentor, and giving back.

Pay attention to macroeconomics, choose a focus and follow it until success, and consider partnering or investing.

WHAT TO LISTEN FOR
1:09 The Resilience and Growth Potential of Self-Storage
3:30 Ownership Landscape and Opportunities for Individual Investors
17:40 The Importance of Underwriting and Market Analysis
26:58 Strategies for Growth and Scaling

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These are changes that could impact cashflow.

The revisions to the SBA rules make it easier for borrowers to meet the 10% equity requirement for loans, allowing seller debt to count towards the full 10% equity injection.

Other changes include the acceptance of Home Equity Line of Credit (HELOC) or cash-out refinance of real property as equity, and the simplification of debt refinance.

And a newly implemented rule limits loan terms for partner buyouts to 10 years.

WHAT TO LISTEN FOR
5:18 Use of HELOC and Cash-out Refinance for Equity
6:30 Clarification of SBA 7(a) vs. 504 Loans
17:40 SBA’s New 10-year Loan Term Limit
26:21 REITs Management Approval

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CONNECT WITH GUEST ANNE MINO
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For the first time, we're opening the doors to our exclusive mastermind events, allowing you to listen in and gain invaluable insights at no cost.

Part II was recorded last Fall on another cool morning in Colorado the day after a wicked thunderstorm the night before.

This episode features a round table discussion of various topics including the importance of reviewing loan documents, the cognitive clause in loan agreements, and the launch of the new South Storage Mastermind portal. The portal provides access to a member directory, event details, webinar recordings, and other resources.

WHAT TO LISTEN FOR
6:12 Customer Retention Strategies
8:33 Underwriting and Risk Assessment
11:12 Innovative Financing and Interest Rates
14:08 Legal Vigilance and Loan Documents

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For the first time, we're opening the doors to our exclusive mastermind events, allowing you to listen in and gain invaluable insights at no cost.

This episode was recorded last Fall on a crisp morning in Colorado. Scott sets the stage for the day which will include the principles of Napoleon Hill's Mastermind converge, offering a unique blend of professional wisdom and personal journeys. Scott shares his journey from AT&T Lucent Technologies to becoming a self-storage mogul, emphasizing the event's focus on community, capital, and deal flow.

With a focus on growth, scaling, and a community of rock stars, listeners will get an insider's look at how elite groups within the industry collaborate to achieve greatness. From discussions on the state of the market to personal anecdotes of transformation and success, this episode offers a rare glimpse into the power of collective intelligence and the spirit of competitive giving.

WHAT TO LISTEN FOR
2:26 Napoleon Hill’s Mastermind Principles
10:25 Personal and Professional Growth Opportunities
13:07 Community Impact and Social Responsibility
14:08 Networking and Collaborative Ventures

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The next three episodes are going to be a unique experience. For the first time, we're opening the doors to our exclusive mastermind events, allowing you to listen in and gain invaluable insights at no cost.

Part I is a special episode featuring industry titan Rick Gibson, who shares his vast experience in self-storage, including his journey through investing and the impactful lessons he's learned along the way.

Nothing beats being at our mastermind events where you can network and ask your questions… but in this episode you'll get an inside look at the discussions that shape success in this industry, from investment strategies to life-changing decisions.

WHAT TO LISTEN FOR
2:22 Rick Gibson’s Diverse Portfolio
5:02 The Significance of Relationships in Mastermind Events
14:02 The Concept of “Die with Zero”
27:45 Insights on Self-Storage Unit Mixes and Market Needs

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In this episode, Scott is joined by Frank Hanna, a real estate investor and financial advisor, who delves into the intricacies of Delaware Statutory Trusts and their tax advantages.

With a background in the restaurant and hospitality industry, Frank transitioned into real estate, amassing a diverse portfolio. Today, he focuses on the specific benefits of Delaware Statutory Trusts, explaining how they serve as a strategic tool for real estate investors. Frank discusses the importance of understanding these trusts, their role in tax efficiency, and how they can enhance an investor's portfolio.

He emphasizes the need for thorough research and working with experienced professionals to leverage these trusts effectively.

LISTEN FOR
4:05 The Benefits of Delaware Statutory Trusts (DST) in Real Estate Investing
6:35 1031 Exchange Process with DSTs
10:19 Tax Benefits and Investment Options
18:57 The Resilience and Attractiveness of Self-Storage Investments

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GUEST: FRANK HANNA
Frank B. Hanna Jr, is a leading specialist in estate planning, business succession planning, and wealth management for a select group of individuals, executives, and privately held business owners.

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Carol Mixon is a veteran in the self-storage industry. In this episode she discusses the importance of maintaining a strong sales technique and understanding the market when investing in self-storage. She also emphasizes the importance of having a good manager for a storage facility.

Mixon believes that the self-storage industry is still a profitable venture, especially in smaller towns where development is ongoing. However, she advises caution and thorough research before investing.

WHAT TO LISTEN FOR
2:54 The Rapid Growth and Female Leadership in the 80’s
4:02 Adaptability and Learning on the Job
6:23 The Importance of Persistence and Customer Relationships
8:41 The Changing Perception of Women in Self-Storage 

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This episode was first published in November 2021.

We have been made to believe that if we want to earn more money, we need to be ready to invest more time into the work. According to Russ Morgan and Joey Mure, that shouldn’t be the case. You can achieve financial freedom ad time freedom at the same time.

Joey and Russ are the founders of Wealth Without Wall Street. They will be sharing some nuggets of wisdom around attaining financial freedom and time freedom. Grab your notebook and pen because you need to take notes.

WHAT TO LISTEN FOR
13:25 The genesis of Wealth without Wall Street
18:46 How Russ and Joey’s short-term rentals are growing
28:02 Culture index in hiring
39:43 Outstanding stories of people who have managed to achieve financial freedom

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CONNECT WITH RUSS AND JOEY
Connect with Russ Morgan and Joey Mure:
Course:WealthWithoutWallStreet.com/Hustle
Podcast: Wealth Without Wall Street podcast

Resources Mentioned:
Becoming Your Own Banker by R. Nelson N

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In this episode, Scott conveys a personal perspective, intertwining his individual and professional aspirations for the year ahead and placing a strong emphasis on the value of relationships and deliberate actions.

A significant point of in this episode is the prospective influence of Artificial Intelligence in the self-storage sector. Scott sets an ambitious objective of substituting 15-20% of costs with AI technologies. Amidst economic unpredictability, he maintains a confident outlook on the market, intending to intensify investments in various facilities and ventures.

WHAT TO LISTEN FOR
2:19 Adapting to Changes in the Market
5:05 A Strong Investor Pool and Fund Structure
13:10 Embracing Technology and AI in Business
16:18 Optimism for 2024

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In this episode, we look back at some of our most popular episode from 2023 and their pinnacle moments. These include discussions on the economic cycle, interest rates, and the importance of understanding the real estate microeconomics.

Some of our guests share their experiences transitioning from other careers into self-storage investing, emphasizing the importance of due diligence, trusting one's gut, and the potential opportunities in the industry.

The episode also covers the importance of having a clear purpose and mission, implementing effective systems and processes, and measuring progress.

WHAT TO LISTEN FOR
2:27 Understanding the Real Estate Cycle
4:47 Identifying Signs of a Recession and Opportunities
10:37 Leveraging Opportunities in Different Phases
32:00 Adapting Investment Strategies to Current Market Conditions

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With 2024 just around the corner Scott takes the time in this episode to answer some of the most frequent questions he gets. Questions include success stories, how to analyze market trends (and what Scott sees happening in 2024), tax benefits, getting a real understanding of what creative financing really means, and how technology is changing operations.

WHAT TO LISTEN FOR
4:09 Success Stories in Tough Markets
11:28 Understanding Value-Add Components in Self-Storage Facilities
13:59 Creative Financing Strategies
22:42 Leveraging Technology to Enhance Operations

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Shannon Robnett is a real estate investor with a focus on multifamily and industrial properties. In this episode he shares his journey into real estate, starting from a family background in the industry to his current success in syndicating capital. He discusses the importance of understanding market cycles and the fundamentals of real estate investing.

Robnett also highlights the potential of industrial real estate, particularly in the context of reshoring and the need for flexible industrial spaces. He emphasizes the importance of prudence and ensuring that a property can stand on its own, rather than relying on future projections.

WHAT TO LISTEN FOR
2:09 Why Growing Up in a Real Estate Family Was Important for Shannon
3:17 Shannon’s transformation from Residential to Commercial
4:07 The Evolution of Investment Strategies and Capital Raising
23:26 Market Analysis and Asset Class Evaluation

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ABOUT SHANNON ROBNETT
With 27 years experience, Shannon is a prominent real estate developer and syndicator in Boise, Idaho. The family legacy runs deeper – spanning five generations of real estate professionals to provide an expertise ingrained in the family’s heritage. The specialization revolves around procuring developmental land and navigating its entitlement. Once the stage is set for construction, the involvement of syndication partners comes into play. 

CONNECT WITH SHANNON
https://shannonrobnett.com/contact-us/ 

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You might call Mark Hutchinson an active passive investor. He takes pride in using the Infinite Banking Concept (IBC) to build capital.

IBC involves using specially constructed dividend-paying whole life insurance as a means of building capital and then borrowing whenever interest would be paid to others.

Mark explains the concept is a flexible and self-governed system that allows for investments in a variety of asset classes without restrictions. However, it requires discipline and time to build capital.

WHAT TO LISTEN FOR
5:30 The Infinite Banking Concept
11:56 Flexibility and Control in Financial Management
20:24 Strategic Use of Policy Loans for Investments
29:51 Building Liquidity and Tax Advantages

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ABOUT MARK HUTCHINSON
Mark is a seasoned investor over the last four decades.
But the global economic crisis 2008 was the last straw for Mark. Like others, he suffered significant losses an realized the importance of finding strategies that could mitigate or remove market risk. That’s when he connected with the Infinite Banking concept.

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Rick Gibson made his living successfully as a lawyer for nearly four decades. But it was a noteworthy book that made the case for him to think about investing. 

Rich Dad, Poor Dad.

That book inspired Rick to leave corporate America and form an investing team with his sons in real estate. 

Today Gibson's portfolio includes mobile home parks and storage facilities, which he was able to grow and sell to a real estate investment trust. 

And along the way Rick has come to see the importance of community in the self-storage industry, highlighting the value of Scott’s mastermind group in providing resources and support. 

WHAT TO LISTEN FOR
4:16 The Role of Family and Legacy in Business
10:30 The Importance of Community and Networking
18:16 Adapting and Thriving Through Economic Cycles
21:16 Leveraging Experience and Collaboration for Success

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 ABOUT RICK GIBSON
Rick was a lawyer by trade in the St Louis area for 37 years. As an investor, his family business owns 80 single family rentals, six mobile home parks and nine storage facilities. He’s also involved in passive investing with another half dozen storage facilities and three different storage funds.

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Ben Kall, a former college football player and coach turned real estate agent and investor shares his journey from coaching to real estate, explaining how he started a property management company and brokerage business before moving into self-storage investment. 

He discusses the importance of diversifying in multiple asset classes and the challenges of managing other people's money. 

Kall also talks about the importance of systems and processes in managing a growing portfolio and recommends the book "Who Not How" for those looking to improve their operations. 

WHAT TO LISTEN FOR
1:35 Calling an Audible. Ben’s From Football to Real Estate Investing
3:29 Ben’s First Foray into Self-Storage Investing Without Prior Experience
9:17 Ben’s Involvement in Different Asset Types
21:03 Adapting to Current Market Conditions

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ABOUT BEN KALL
Ben is the managing member and co-founder of Legacy Investment Group. Legacy is a real estate investment firm focusing on the acquisition, improvement, and best-in-class management of select self-storage, multifamily, and triple net properties throughout the US Midwest. 

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Ginny Sutton is the executive director for the Texas Self-Storage Association. In this episode she discusses the evolution of the self-storage industry, highlighting the shift from a less professional approach to a more sophisticated business model. 

Sutton emphasizes the importance of joining industry associations for networking, education, and advocacy purposes. She also shares advice on the importance of insurance, property taxes, and seeking advice from experienced industry professionals. 

And the future? Sutton says further consolidation in the industry and the increased use of technology, including artificial intelligence is going to shake things up.

WHAT TO LISTEN FOR
1:21 Growth and the Evolution of the Self-Storage Industry in Texas
6:45 The Role of Lobbying and Advocacy on the Business Environment
27:02 The Impacts of Technology Advancements on Self-Storage
31:48 Trends and Future Predictions in Self-Storage

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ABOUT GINNY SUTTON
Ginny Sutton has been the executive director for the Texas Self Storage Association, the largest state self-storage association in the country, since 1997. Her career in association management spans 30 years, with previous work as the director of education for the Austin Apartment Association. During her tenure at TSSA, the membership has expanded from approximately 800 to 3,000 members who own more than 5,000 facilities in Texas and a few surrounding states. For the past 26 years, Ginny has supported and advised self-storage owners, managers, and developers, as well as the vendors who serve the self-storage industry. Ginny has a bachelor’s degree from the University of Texas with a teaching certification in English and Journalism. She and her husband live in Central Texas and have two grown sons.

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For Jonah Hall, the journey into the self-storage industry began in 2017 when he worked for a family office in the oil and gas sector. His initial project involved converting a building into a storage facility, which marked his entry into the industry. 

Hall emphasizes the importance of remote management and self-service features in the self-storage business, as these allow customers to access the facilities with ease. He also sees significant potential in conversions and acquisitions in the current market, especially in medium-sized markets. 

Hall is optimistic about the increasing role of automation and technology in the industry and believes that they will be crucial for the future of self-storage. 

WHAT TO LISTEN FOR
4:57 Technology and unstaffed facilities
12:23 How to adapt to rising construction costs
15:19 Why consistent market outreach is so important
21:06 Technology and process optimization

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ABOUT JONAH HALL

Jonah is the co-founder of Smartlock Self Storage®. In Garland, Texas, Jonah repurposed a vacant property early in his career. He used a former Dollar General building to test various industry innovations. In October 2020, he co-founded Smartlock Self Storage® with David Hoover. They quickly grew the company. By Summer 2023, they opened sixteen locations with six more underway. 

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Cori Garrod is an expert in contact centers. In this episode she discusses the importance of having a good call center for a self-storage business. She emphasizes the need for compassionate and knowledgeable staff who can provide excellent customer service. 

Garrod also highlights the importance of being ready to close a sale at every customer interaction, whether it's through a website, phone call, or in-person visit. And she shares the pros and cons of having an in-house call center versus outsourcing to a third party. 

WHAT TO LISTEN FOR
2:17 Digital transition and online rentals
5:01 The importance of customer service in contact centers
6:38 In-house vs third party contact centers
26:11 Being ready to close sales

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ABOUT CORI GARROD
Cori has over two decades of expertise in the self-storage industry. With a strong focus on local SEO, digital marketing, customer experience, online reputation management, and contact center operations and technologies. 

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Register for our January, 2024 Academy in Mesa, AZ. Use the code SSAP to save $500.

Joel Friedland is an industrial real estate veteran with over 40 years of experience. In this episode Joel shares his insights on the industrial real estate market, explaining how he focuses on B and C industrial buildings, which are older and have lower ceilings than modern warehouses. He discusses the high demand for these types of buildings, particularly from manufacturers, and how he often sells them to users at a premium. Joel also shares his strategy of doing all-cash deals with no mortgages to mitigate risk.  

WHAT TO LISTEN FOR
2:33 Why the workforce is so important in the industrial business
5:02 The value of B and C industrial buildings
10:22 The impact of the internet on industrial real estate
35:06 Joel and Scott share their experiences with development and redevelopment

ABOUT JOEL FRIEDLAND
Joel's entrepreneurial journey began at 14 when he ran a landscaping business, managing the yards of 70 families and employing 40 students. He later founded a brokerage firm overseeing 20 brokers. 

Over four decades, Joel has participated in nearly 100 acquisitions, amassing about 3 million square feet and raising over $250 million in private capital. Currently, he manages an 18-building industrial portfolio, emphasizing low-risk, cash-flow-centric investments. 

CONNECT WITH JOEL
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