EP077: What is Self-Storage Investing? - Interview with Scott Meyers

This episode is brought to you by Hello Fresh. Visit HelloFresh.com and enter coupon code IIRE for $35 off your first week of convenient, easy, and fresh meal kits delivered straight to your door. 

Here on the podcast, we’ve discussed multiple facets of real estate investing. Each week, I discuss my experience with single-family buy and hold real estate properties, and our guests have been knowledgable in categories such as commercial, mobile home parks, multi-family properties, and more. However, there is one topic that has always fascinated me, and that’s self-storage real estate.

On this episode of Investing in Real Estate, I’m speaking with self-storage expert, Scott Meyers! Scott is known as a self-storage expert, and today he’s sharing his entrance to the industry, what it takes to succeed, and all of the nuances of self-storage real estate! We’ll talk about finding a sound investment, leveraging your business, and so much more!

More About This Show
Scott Meyers’ entry into the world of real estate investing is parallel to many guests we’ve had here on Investing in Real Estate. Back in 1993, he followed a home study course taught by an industry guru. Scott bought his first single-family home, rehabbed and refinanced it, and bought two more properties.

Before he knew it, Scott owned a huge portfolio of residential real estate, including homes and apartments. This was before the financial crisis, when the quality of renters was much lower. Scott found that his tenants were not paying rent, and they were destroying his properties. Along with the fact that Scott had always been interested in commercial real estate, he decided to pivot.

His wife suggested he look into self-storage, so he traveled from Indianapolis to Chicago to attend a self-storage meeting. He immersed himself in the information, and found that in terms of returns and time spent, the numbers on self-storage investing made sense to him.

He began searching for properties in the same manner he had with his residential investing business—he sent out direct mail. Scott compiled a list of self-storage units and asked them to call if they were interested in selling their units. The calls started coming in, and although he was new to self-storage investing, Scott made to inform himself as much as possible.

He qualified his leads by engaging only with motivated sellers. He compiled a list of questions to ask the seller, in order to show that he was informed. Scott posits self-storage real estate is very similar to other forms of real estate, but it also has its own distinctions.

Today, Scott is regarded as the nation’s leading expert in self-storage. He’s made it his personal mission to help real estate investors profit from self-storage real estate investing. His website is chock-full of free resources such as an eBook, video training and case studies. Get access to this invaluable information at selfstorageinvesting.com.

 On today’s show, Scott is detailing what he’s learned in the self-storage industry. We’ll talk about the best markets for self-storage, whether you should find a property or capital first, and more about getting involved with self-storage real estate. Scott has a wealth of wisdom on this topic. If you’ve ever been intrigued by self-storage real estate, don’t miss this episode of Investing in Real Estate!

Are you ready to begin building a passive income through rental real estate? If so, book a FREE call with my team today. We want to talk about your goals and help you learn more about the power of earning legacy wealth.  

On this episode you’ll learn:

  • How do you determine the cap rate for commercial investing?
  • What questions should you ask about potential self-storage real estate investments?
  • How can you convince a seller to offer financing?
  • Where are the best markets for growth in the self-storage industry?
  • At what occupancy rate is a storage facility considered stabilized?
  • And much more about real estate investing! 

Episode Resources
Hello Fresh
Sign up for Scott’s free video training and free eBook
The Self-Storage Developer’s Academy
EP042: The Best Way to Buy Rental Properties with No Money
Find Your Financial Freedom Number
Like Morris Invest on Facebook

 Contact Scott Meyers