As kids we look forward to getting our allowance so we can go play video games or buy a toy or some candy. It’s all about living in the moment. As adults our needs are different. Yes, we still want those immediate needs and desires met, but we have to look to the big picture as well (bills, financial security, etc.).
When we see a self storage facility being sold for a couple million dollars it’s hard not to think it could be me. The market seems to be an active enough one that the right deal in the right spot could turn in to a significant financial windfall at a later date.
The question of course is how to get there. If it was easy everyone would do it, but everyone does not. So how can we become someone that does?
You go to school.
A businessman in Indiana by the name of Scott Meyers likes to hold a few weekend sessions that he refers to as the Self Storage Academy; a three-day course that gives people the tools that they need to recognize what a good deal is, find it, and then complete the purchase.
“Our Spring event is going to be huge as the heightened interest in Self Storage investing is growing due to the incredible opportunities that this economy has produced for commercial real estate investors,” says Meyers. “We have many exciting speakers and topics with a focus on today’s strategies for acquiring and financing existing facilities complete with a luxury bus tour and wine tasting at one of our premier facilities.”
If you watch enough television it is not hard to become skeptical of things like this. Is it legitimate or is it another infomercial type thing? Is it just like the ‘free’ vacation you get for listening to a time share pitch?
Does it work?
The proof is in the pudding. Meyers does not just teach people how to break in to the industry. He is an active investor as well. Meyers recently closed on a facility in New Jersey—American Self Storage—a 39,385 square foot facility that was only half occupied at the time of purchase.
“We are genuinely excited about the opportunity to add this property to our expanding national portfolio,” said Meyers. “We look forward to rebranding and re-introducing this business back to the local market as demand for Storage space has grown significantly in this community over the past several years.”
“American Self Storage of Clermont, New Jersey Sold to National Syndicate.” PR.com; 11 February 2014.
“The Self Storage Academy Announces Its Spring Dates of March 6-8 in Indianapolis.” PR.com; 10 February 2014