My guest today is Scott Meyers, the expert behind Self-Storage Academy and Self-Storage Investing. These two businesses are the crux of Scott’s efforts to teach people how to make money in the self-storage industry. We discuss the types of self-storage facilities and how an owner can find the best fit for them.
Self-storage is a ripe industry for investment opportunities. It is the best of both worlds, real estate, and retail. Scott expands on the idea that self-storage facilities are often treated as businesses to increase their value. He describes his process to create a storage facility and offers his opinion on current market trends.
00:00 — Introduction to the Big Mike Fund Podcast.
00:22 — Welcome Scott Meyers to the podcast.
01:30 — Scott’s work with Ywam Homes of Hope.
04:22 — The value of self-storage real estate.
05:00 — Why Scott pivoted away from single-family rental real estate.
08:10 — Mike’s observations of Scott’s storage units and his educational tools.
09:19 — How you can invest in a self-storage facility as a business.
09:50 — The 3 types of self-storage projects.
11:28 — Type 1: Rehabbing existing self-storage units to increase value.
12:29 — Type 2: Converting an old industrial building to storage units.
13:15 — The benefits of converting a former business.
13:40 — Type 3: Building from the ground-up.
14:34 — Why Scott enjoys conversions and rehabs.
15:28 — Why Scott likes to find bigger projects.
16:50 — Why old shopping malls make ideal locations for self-storage businesses.
18:25 — Mike’s interest in self-storage and the projects he has going right now.
18:39 — The predictability of the self-storage business model.
20:25 — How to increase ROI (return on investment) on a self-storage unit and still keep tenants.
22:00 — The storage condo trend and what Scott thinks of it.
24:47 — What Scott takes into consideration when creating a self-storage facility.
28:30 — Scott’s contact information.
29:33 — Scott’s advice to new business owners.
31:36 — Thanks to Scott Meyers for joining us today.
31:47 — Outro to the Big Mike Fund Podcast.
Traction: Get a Grip on Your Business by Gino Wickman