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[Music] i'm gonna share my screen let me know if you guys can see my screen this is the first slide it says super simple six step system to storage on it okay all right awesome all right so thank you guys for joining i appreciate it um uh we have been actually uh the last my husband pete he's the one that manages all the facilities he has been in new york for the past like maybe six weeks to six seven eight weeks i'm not sure a while uh hanging out with the family right isn't that awesome that you can be in new york uh for um six weeks and have all your storage facilities down down in georgia and you're still managing all your storage facilities and they're still making money isn't that awesome yeah so he when when the coven when like all the cobot stuff started he um he just went to new york to be with the family which is funny because everybody says don't go to new york but he went to long island and just you know took care he's been taking care of his parents and just making sure they're okay and fixing houses and all of his family lives within like a one mile radius you can literally walk to everybody's house and um so he just came up and he took the rv he took lily and all the dogs and like spent the last six weeks in new york i came up about two weeks ago and uh i've been spending a couple of weeks i did i took a couple of weeks i really got a couple of projects done that i had done but isn't that awesome that we can literally be and that's the whole point of self storage you could be anywhere in the world and manage your storage facilities that's exactly what we do so if anybody knows us they know you know that we travel probably a couple of weeks out of the month every single month and uh what we wanted to do what my husband and i wanted to do was um he we wanted to be we wanted to be as virtual as we possibly can so that we can travel as much as we can um and kind of just show lily and our daughter our daughter's four years old i'll just show her the world um you know just kind of you know teach her through what we call world schooling right so homeschooling and world schooling and um and storage facilities has afforded us to be able to do that now not everybody wants to do that you know i totally get that nobody you know not a lot of people want to do that but we want to be able to be anywhere in the world and still make money that's our goal that's me and pete's goal so we're always thinking about ways that we can do that i'm telling you i discovered storage investing um in 2017 when i bought my first facility and our very first facility we literally had no idea what we were doing and it took a good year for us to figure out how to automate and systematize it so that we didn't have to be there that facility that that we have right now i think we've been to that facility maybe once in the last couple of months but once every maybe five to six months we go to that facility um just because it's automated and running on its own i mean there's really no reason to go you know to go there and in fact we haven't really met any of our tenants in the past in the past three or four years i mean since it took us a good year that very first building you know everybody kind of knew us because we were trying to figure it all out but then after that we automated and systematized everything and uh now we haven't met tenants of years i mean literally our tenants have no idea who they are are because our office manager is the one that just handles everything right so um that's kind of how we set our business up and that's we're gonna talk about this week is is and you know everybody wants to get in the storage facility you know storage investing um i know people want you know to make passive income and to build passive wealth but essentially every single one of the storage facilities that i ever buy i know that's the idea of what they want the owners want to have passive inc income they want to have passive wealth but the truth is is that they're really not managing their businesses this is going to give you an overview of of how i kind of teach all my students i've been teaching real estate investing for about seven or eight years now and i always use my six step system um to teach and so we're gonna go through that today and just kind of focus on how we can use the six step system for storage investing and during while we go through that it's going to give you like an overview of like the storage investing world and what's going on right so we're meeting from 1 30 to 2 30 every single day and monday through friday this week right here in this facebook group exactly like this okay oh i saw the screen you froze up i'm live so let's see can you refresh your screen refresh my screen let me know if you guys can still hear me hey i'm still live here so make sure uh i can put it yeah i can put up the zoom i can put the link in for zoom as well too just in case let me see let me see if i can figure this out hang on let me stop this okay yeah all right so pete's telling me that i guess facebook is lagging a little bit so let me get the uh the zoom uh link to just in case i'm not sure why it's not working but just in case let me get it guys hang on and then you can watch it either on facebook and it's also report supported all right so just in case it is reported you can watch it again it's going to be i'm going to put it into the facebook facebook um group as a uh as a unit as well too okay so hang on let me just get this link here copy the invitation okay just in case this is let me just make sure i'm in the five-day challenge yeah okay good try that okay try the zoom link as well too okay just in case all right okay i'm going to share my screen and we're going to get started so hang on just one sec how do i do that zoom okay share screen super six step system okay all right so let's get started okay so um let's go on to the next slide here okay okay so today what we're going to talk about is um the six step system within your six step system this is what is what it encompasses okay it encompasses like how do you find motivated sellers how do you uh close your bill right how do you make offers and how do you do this all um from home right so this is everything that we're going to talk about throughout the day okay and so what we're going to so so assist uh so basically when i talk to people about talk about learning how to invest in storage facilities they bring up the same questions over and over and over again okay what happens is people are always worried about three things how do you find them how do you fund them right and then how you run them now a lot of people when they think about storage investing they do not think think about this third one as much as they think about the first two the truth of the matter is is that when you buy storage when you buy storage facilities you actually are buying a retail business okay the retail business uh you know you have to you have to when you buy the facility you have to run the facility right and nobody really thinks about that and actually the truth of the matter is is the hardest part the hardest part about buying a storage facility is actually running it so that you make a profit because the truth of the matter is is that most people do not know how to run run businesses and make profits right so everybody's always worried about finding them and finding them but you really got to focus on is those two steps plus to run them right how to how do you manage your properties so that you can uh you can actually make money from them that's the key because the properties that i buy are the ones that the owners have no idea how to run them they're not making enough money and they don't realize how much money it costs to actually run these things all right so we're going to talk about all those things over the course of this next week all right okay so so why storage invest all right so we're going to talk about this for just a second the truth of the matter is is in what i love about storage investing is that on an upturn right store storage investing is great right and then on a downturn storage investing is great so essentially like in any market that you're in any cycle that you're in the real estate investing market um you always you can always make money with self storage investing and that's what i love about them as well too is their kind of recession proof right so right now over the past couple of months there there have been a lot of storage uh storage facilities that have really struggled and the reason why they struggle with is because you know because of what's happening with covid like nobody actually wanted to come into their building right nobody wanted to come and sign the contract that's why i said like when you run your facilities you want to make sure that you're running those facilities so that you're completely hands off you're completely passive and everything that you do is electronic and on online right this is exactly what i teach my students so and the reason why we actually did very well in the last couple of months is because as soon as covet started what we did as we started marketing out that we were completely hands off essentially for us you can go to our website you can reserve the space you can sign the contract and within minutes you can be able to move into your your unit right and a lot of storage investors number one they don't even answer the phones which is very frustrating to me a storage but when i call a storage facility they don't answer the phone very very frustrating but number two um they don't um like what they don't do is like they like you can't just go online a lot of them don't even have websites a lot of them you can't even find online and the truth of the matter is is that 85 of all storage facility owners are mom and pop shops right and 15 are like you know the big box like you know public storage and u-haul and all this kind of stuff there's uh there's about 15 of those you know we're going to focus on you know the 85 percent and trying to get a hold of these people right because most of these people i'm telling you they don't know how to run their facilities correctly and so then they end up wanting to sell them right but the truth of the matter is like in any cycle the best thing is that storage investing you can still make money right you can still make that passive income and build that wealth right uh you know maybe in a down cycle you might want to hold on a little bit longer to the storage investing and the storage facilities but actually the truth is right now like we're about to go into the down cycle and i'm telling you more than ever more than ever like more than in the last couple years right since i've been into the investing world there are so many people that want to buy storage facilities right now and i totally get it because they're hoping that they can get a price cut because we're going into the downturn right but um a lot of a lot of people are selling and i've noticed a lot of storage facilities coming on the market um when you go online to look for storage facilities now we are not going to go online and look for storage facilities why do we not go online to look for storage facilities because they are way way way overpriced and most of the facilities that go online they are um they're like big ones they're like super big only like two three four five six seven eight nine ten million dollars right so who wants to buy a facility like that and that's just too much work that's too much stress i don't want to have like it's 10 million dollar loan on my shoulders so we'll let the big box companies and the bigger companies go out and buy those and we'll focus on what we'll focus on what you're going to learn over this next week is it's like a million dollar or less and it really kind of depends on where you're located within the country how much money everything is going to cost but once you start getting over a million dollars i mean it's just becomes like this big huge business you know and you can't you know it's like it's hard to it's hard to manage those you know when you have like you don't want to buy a business you want to buy an investment you know what i'm saying anyway so we'll get into that um and oh yeah so i wanted to just show show you guys this us this um uh this chart right that came out like right after covet started and this came off of i think either um i can't remember what side it came off i think this self storage.com or something like this but it was one of those uh those websites out there that it's like you know they give you information about storage investing and there's a lot of there's a lot of websites like that but essentially as you can see at the very bottom the third row sell store storage you know this is all like you know this is basically showing you like which segments in the real estate investing world which segments and all of these niches are really going to be hit hard and are hit hard over the course of like the last couple of months and you can as you can see like senior housing and nursing and lodging and gaming and student housings they're really really going to have those malls like nobody wants to buy them all right now right yeah so but self storage and cell towers [Music] those are like you know those are going to be fine those are going to be fine in fact i've even seen storage facilities uh that have sell cell towers on their prop property like i've seen storage facilities that have like signs and cell towers because the stores facility owners they're actually pretty smart you know they're like how can i utilize my land to make the most amount of money right so those are those are some good ones to look out for but anyway so i think personally and i agree with this chart is that you know basically saying it's it's recession proof like we're going to be going down like yeah the market's going down but guess what storage facility may dip a little bit but it's not going to dip as as much as as most commercial areas are going to be just dipping and so okay so basically like what so i keep saying to everybody all the time what's gonna happen what's going on in the market right is it gonna be a v shape is it gonna be a u shape so v shapes are usually like when you drop you drop six months and then you come up six months or maybe drop you drop a little bit more than six months and then you start going back up a lot of people are saying it's going to be like a v-shape and we're going to just drop you know the market's going to drop for six months or so and then in six months it's going to go back up and hopefully be you know back to normal but then some people say it's like a u-shape right so it's going down and then i use shape is usually 12 months down and then 12 months up it's a little bit more of a u right and at the bottom it kind of like you know it stabilizes and it goes back up and so you know so if you're talking if you're looking at goldman sachs or whichever ones that you're looking at middle chapter and mil and uh milkshake and whatever it's called milligan or whatever though they're all like predicting all this different stuff but the truth of the matter is we have no idea we literally have no idea everybody's just predicting putting out their theories and stuff what i do is i know that i'm going to still always be looking for properties i'm still contacting us storage facility owners i'm still um i'm i'm not gonna give up i know that passive wealth is the way to build longer-term return wealth and i know that we're gonna get through this right so for me personally whether or not it's an up turn or a downturn nothing changes in the storage world right in the storage if you're going to be doing houses or whatever else you're doing you would be changing stuff but right now in the storage world i'm doing exactly what i'll be what i've been doing for the last couple of years and through the next years which is still looking for properties to buy okay now um and so and then this is i'll move this up a little bit uh this is this came from yeah marcus and milchamp that's what's going on marcus signal chap said with interest rates at an all-time low real estate investors have a significant acquisiti n and refinance opportunity real estate is a long-term investment that is part particularly well positioned to withstand financial market turbulence right this is right for marcus militant you can go right to their website and they have like kind of a report section and you can look up all the storage facilities stuff that they post out right because they just do like you know they do like commercial reports it's a commercial real estate uh data kind of company and they do also real estate uh real estate management and sales and things like this but they're basically saying that storage facilities they're gonna be going strong right and um and i agree with them on that while marcus signal chat forecasts commercial real estate to remain stable barring a major economic disruption its outlook for self storage is particularly positive space demand for self storage units will experience little any impact from the corona virus the national average vacancy rate closed at 9.9 percent and is expected to drift up to ten percent in 24 money right so they're basically saying that coronavirus is really not going to affect that much of the storage investing world what i have seen from um what i have seen from like the coronavirus and everything that's happened over the past couple of months is exactly what i said all these these huge companies like u-haul and public public storage and extra storage and all of these reits they're either reits and big box companies is what they are they really struggle because essentially those types of facilities you have to go in right you have to sign the contract right and there and pick your unit right then and they're in pay and everything right so they they didn't have any like you couldn't reserve online and so they really had to collect they had to really you know pivot and revamp and try to figure out how they can do a lot of stuff just hands off what we did as soon as coronavirus started and my husband pete manages all of our storage facilities and so what i do is i buy all the storage facilities i spend the money and then my husband changes it afterwards most of the time and um and so like what we did it was very smart about this as soon as like corona bar started we started doing uh like email blasts and um facebook posts and like facebook ads and things like this and it was like we're completely hands off right you need a storage need a storage facility right now and don't want to come into the into the place just cut just call us up and you can just get it online and then immediately you'll be able to move in and we started marketing that out we got so much business because of that right another thing that we did see too was that a lot of these people that um that pay pay like you know 200 150 200 250 300 a month for their storage facilities because they have like climate-controlled you know facility crack climate-controlled utilities what happened is that they just couldn't afford that anymore they just couldn't afford it like if you get laid off you can't afford 200 a month for your storage space right so like they down size and they went to like non-climate controlled you know fifty dollars a month or hundred dollars a month we cater to those types of people and this is not this is just because we do it there's nothing wrong or you know right or wrong about climate controlled or not but we just cater to non-climate controlled 50 to 125 a month facility units right so we saw like an upswing in people moving an upswing and people downsizing their facility but their units because they just couldn't afford it every single month if that makes sense okay and so this website too you can take a screenshot of it if you need it or you can write it down but it's in and that's that was the website that i was telling you about inside storage selfstorage.com com and then there's like a little corona virus section right there and you can um just go there and it gives you like every day it puts out some blog posts on like all the storage investing world and like what's happening and stuff this is a really good and they also have like a conference every single year or two you can check i don't know if they're doing it this year or not you know because of what's happened but they do have like a conference um okay and then okay so how to how do investors weather the storm this is exactly what they do this is what i have been doing is uh and if anybody if you guys know me not you know that i'm kind of one of these people that like i'm more of like a trailblazer i'm like one of the first people to do stuff um you know and the reason why honestly is because i just watched the market that's really why people are always like how do you know which areas to go in it's like well i look at market data but like this is exactly what you've got to do is you gotta act early right so i've been investing in storage facilities for you know four years now um and um we've been completely hands off and passive for about three years now and so uh like over the course of the last year and a half or so we've made it so that we could just be anywhere in the world and have our storage facilities still manage themselves right we set that up so we purposely do that right so we act early we look at the long-term perspective right so as soon as like um you know as soon as we could we start thinking about passive income and investing in passive income building passive wealth and we focus on growth right not just cost cost cutting and a lot of storage facilities and a lot of businesses as a matter of fact i mean as soon as covet started they were like okay cut marketing cut employees fire everybody right we on the other hand we were i mean i mean i don't i don't know how much stuff i've done in the last three months we just went full power and just pushed everything trying to get as much stuff as we can down um okay and then what should you be focusing on right now all right and still focusing right now is you need to have money right because you have to have money in order to buy storage facilities okay you have to have money and it's not like you may not you may not need any money to buy right i'm 100 privately funded i use private uh lenders to buy my facilities i haven't really i own you know i own a couple of million dollars worth of storage facilities um and i have only put 25 000 of my own money into um for that right only now i use my own money to manage the facilities right but i use other people's money to buy them but you will have you will need money so you need to make sure that you can get credit okay um so you need to get your credit in order if you don't have money already this is not like wholesaling or rehabbing or anything like you can't just go out and it's not just ten dollars down or anything this is the commercial real estate industry in the commercial industry you have to have money to be a player that's just how it is right um cash is key don't stop looking for properties to buy get involved in in a community in arena if any if you guys don't know what riaz are i own the south lanaria um aria is a real estate investors association and at least you'll be surrounded by other people that are interested in investing in interest in not only storage facilities but all different kinds of real estate um niches out there i'm a huge proponent of surrounding yourself with other people just like you to keep you motivated and to educate yourself all right and especially learn how to invest in store you know and educating yourself on this is what you should be doing right now okay and let's see okay so how do we find we're going to talk today about how we find the right mark how do we pick the right market find properties wholesale storage facility this is what we're talking over the course of the week i'm going to talk about wholesale storage facilities to you guys i have a student that just wholesale the storage facility a couple of weeks ago made a hundred thousand dollars on it i wholesaled a storage facility also like maybe a couple months ago two thousand dollars on it right so i will teach you how to do that as well too this week so you gotta come every single day right how to get a hold of your owners right all the this kind of stuff so we got some good stuff coming all right so let's have some fun all right let's do a quiz all right how many storage space facilities do you think there are in the united states in the chat if you guys are still around if you're listening to me how many storage facilities do you think there are in the united states put your number of what you think it is into the chat all right is it one thousand or ten thousand or a hundred thousand or five hundred hundred thousand or whatever number that you think it is how many storage facilities do you think are out there so marsha says fifty thousand what else who else is out there listening and put a guest in okay uh who else and you can put your chat if you want to do chat put it into the facebook group please because i can't pay attention to the zoom chat and the facebook chat and q a and all this so if you happen to get on zoom just please use the facebook chat to chat with me okay all right who else has a guess for how many storage facilities uh are in the united states any other people out there guessing anybody out there no guesses at all nothing a whole lot of nothing i guess maybe because there's like probably a lag there's probably a lot of people guessing but something so i'll just go ahead and answer so we can move along but there are 50 000 storage facilities there are more than 50 000 storage facilities right that's five times the number of starbucks all right out there 1 million daniel says 1 million that's a lot of storage facilities yeah that's really that would be a lot of storage facilities and then let's see uh bridgette says 120 000. oh that's good that was a good guess it's a little high we have 50 000 storage facilities so basically what does that come to about a thousand estates a thousand is staying probably the bigger ones have a little bit more the smaller ones have less but on average a thousand estate okay what's the average number of items that are in an american home what's the average number of items do you think we have right so everyone this is the thing with storage sell storage investing right is that the reason why sell storage is doing so well is because people just they just have so much crap right i mean we have so much crap my husband and i over the past year and a half we actually we actually sold everything that we have pretty much everything that we have and moved to a tiny house and the reason why is because i just kept seeing all these people putting all this stuff into these storage facilities and um you know it's just kind of like uh you know what you know you know you know why do people have so much stuff i love people that have stuff don't get me wrong but we have a lot of stuff we have a lot of stuff so what do you think what do you think uh the number of items is if you went through you counted every single item in your house how many items do you think it is we're staying with like my husband's a family right now and i think like just the older generation they just cannot get rid of anything i mean they have they have so much stuff you know love them to death but they have a lot of stuff so um we love people that have a lot of stuff but at the same time and uh like my husband and i we just don't want to have a lot of stuff we sold everything moved out and uh i moved out of our house moved into a little tiny house right so bridges says 350 items and we have a 500 item yeah so if you went around into your house bridget and counted 350 i'm guessing you probably could have counted that like just in your bathroom all right so the total amount total average amount of things that people have in their house is around three hundred thousand three hundred thousand can you imagine uh if you went through and counted all of the stuff that you have in your house it would take days and days and days and in fact we had like we had we got rid of every pretty much everything that we owned we got rid of it from and it took me from about march to june and i had garage sales almost every single day i just had all my stuff out and i was trying to sell sounds out and slowly it just got a little little and then anything i think i was just like i'm so tired of it i just like gave it all you know give it all away and stuff but yeah 300 000 items crazy huh yeah yes so the self storage sector so this is just a little snapshot all right of where um what we have right so the at the annual industry revenue is 39 billion dollars the number of storage facilities is uh 45 000 to 60 000 right range total runnable self storage space now in the self storage world we don't talk about doors like uh multi-family like i'll say like yeah we have like 75 doors or whatever but we talk about self storage space so if somebody asks you like oh how you know how many facilities do you have and then say how many doors and they obviously have no idea what the self storage world is about because we talk about square footage is what we talk about right we don't talk about um we don't talk about doors that's a multi-family thing um now when i'm teaching storage facilities to multi-family i talk about boards so they can kind of correlate but most of the time we talk about square footage right and so we have about 5.4 a square feet for every uh person and self storage space right an average monthly cost for the self storage is about 87 a month right so it's not too bad right so you can always just you know use that number or as an average and this is our tiny house i told you we moved into a little tiny house we live in the north georgia mountain because we moved there about august of last year it took us from march to about june or july to sell everything that we have and then we just downsized and we decided with lillian that we want to just do things not um i'm sorry experience is not things right experience is not things these i did rehab a lot a lot of homes so i've not only have not only done self storage investing i've done a lot of rehabs already taken you know i know i never do like big perhaps i just wasn't a big rehab person i'm a small rehab person right so i take like a house like this transform it i did lots and lots and lots of these as well too okay and so now i do this this is this is it this is my passion this and teaching are my passion right now so um we're trying to buy as many storage specific facilities as we can and yes we got three storage facilities under contracts this week actually this weekend this past weekend so three more right so we have six six right now we have three more under contract so hopefully we can get through the next couple of months and we can close on three more i'm super excited and they're about an hour away from us um we're looking forward to that as well but yes storage facilities are right are what we do right so again i want to say thank you so much for coming and being with me this week i'm gonna try to share as much as i possibly can for you guys to get started in the storage world understand all the different concepts every things going on so if you want to learn about storage investing um then you're in the right place because i'm here to help you i have been teaching people how to invest in real estate for many many years and i love it and it's one of my passions as well too so i'm here to help you okay and why trust me you trust me because um i've been working in the real estate and i've been working in the real estate market now for about 10 years i've done over a 500 rehabs in five years i'm actually going one rehab right now um and um so if i can find a really good deal i'll do a i'll do a rehab um but um but i'm gonna really focus on uh storage investing that's kind of my thing right now um completed hundreds of transactions in the last year uh all different things from uh wholesaling rehabbing commercial building storage facilities all creative deal structure stuff rental properties i've done like again i have a lot of different types of transactions uh hundreds of students like you over the last five years and i ow six storage facilities and now i have three more under contracts i'm looking forward to that as well and there i am and this is actually an abandoned storage facility so we'll talk about how we can find those as well this is an abandoned one that nobody wanted the owners just gave up on and said i don't want this anymore and it's all overgrown and he just like let it go right so they're out there there's no abandoned sports facilities and i've found many many many abandoned storage facilities i was actually taking a group of my students out and we were doing like an infield training day and uh we happened to come acro across the storage facility that was completely abandoned and they were all just like shocked like oh my god stacy it's true and i was like i told you guys nobody people use me they're out there okay also i want to make sure that you guys get the my six step system so make sure that you text so text the word rhea reia to 81881a and as soon as you do that you're going to be put into a funnel and that funnel is going to be your six step system right my your my six step system to storage which is a downloadable uh a downloadable a template that you can hand that you can have that takes you step by step by step so please make sure that you text that as well too so that you can get that okay and that's that's that okay hey uh and then yeah so and then now the departments okay i want to just go over the department state today so you have an idea of what's to come over the next couple of months and what i'm going to be focusing what next couple of days i'm going to be focusing on all right so here are your six departments okay here are the six departments within your um with any real estate investing business you only i mean personally this is how i teach so and we're gonna go through so first is your office admin right we'll go into depth in that just a second marketing finance acquisitions management and then you don't see it but there's liquidations liquidations is the last one okay and we'll get into that in just a little bit at the very end but these are the these these ones right here what these are the main there's a lot of people you know we're looking for buying holes right like we don't want to liquidate but you know if you want a wholesale you want to liquidate okay but then you can write those down office admin marketing finance acquisitions and and and uh management and liquidations okay so in your office man your office admin department these are kind of the things that you need to be focusing on right now okay you need to be setting up your phones right because you need to be able to be making calls on a business phone line you don't want to use your personal line with your business line so make sure you set up two different lines a business and a personal okay um and in the business if you do but if you do find a storage facility then um that would be your business line as well too you could use it because you could use that one or you could have a separate number it doesn't really matter kind of how you set it up i use my i have a per personal line and a business line and then we have like our storage facility line right because our office admin she kind of answers all the phones for that and then i'm the one that's like you know calling and talking to people and stuff about about selling you want to make sure that you go electronic all right so this means that you're like and i teach this to all my my students everything is going to go right on me too everything is going to go right onto um right into google drive or into the cloud right because you want to make sure that you can like for my phone where if i'm out looking for storage facilities i can pull up my like my you know my information on anything that i have right there on my google drive right so if i need to look up anything like that i just have it right on my phone so you want to be electronic and i'm telling you this is a habit to get into every single one of the storage facilities that i have every single one that i've ever found there's a folder in the drive for right right you know if i want to talk to any one of these any one of these owners there's a folder there and it says one two three you know it's just like whatever it says like ace storage facility right and it has the address and within there we'll have like pictures of the facility and all the information about that facility right so that's all like in the drive folder so you want to you want to have everything set up um online so if you're out on the field you can pull it up right on the google drive app so does anybody here use google drive i'm not sure if you use google drive then you kind of understand what i'm saying or use the cloud you know use a onedrive or dropbox or whatever it is that you use but it says essentially so what happens is like for instance just a couple of weeks ago my laptop just died like i came to work and friends started and it just wouldn't start right well well thank god you know i back i have everything up on google drive right so my whole folders everything is on there so i didn't lose anything at all so i was like yeah whatever i just went out and bought a new computer and like set it up and then signed into google drive and then my computer was all set up again like did not lose anything at all right so um that's how you want to be that's really how you want to be right just in case all right so that's what i mean by electronic and then and that's what i mean about while the google drive is that you just want to have a folder like we have you know we have miss lillian self storage and then underneath miss lilly and self storage we have all the different locations of all of our different facilities and then within that facility you can open that folder up and then all the different things that we need for that facility are right in there so like our corporate documents or like anything for auctions or whatever we do it's all within those folders it's very easy to find that and google drive syncs right on your phone so you can just pull that up right on your phone if i ever need anything it's just right there that's what i'm talking about okay okay so and then you want to set up your ello you want to set up your llc um you know uh uh you know i've paid hundreds of thousands of hundreds of thousands of dollars to get llc set up but you want to have essentially an a buy and hold llc right um to buy all your stuff in and um and then you want to have like if you're going to wholesale you would have like a whole diff company for that so you don't want to do both of those transactions in one business right so you want to have an llc you do not want to be buying and i'm telling you i see storage and actually the guy that i'm going to be buying the three storage facilities from guess what's in his name just in his name i'm like come on so you want you do not i want to be buying your businesses in your name you need to have llc and actually we haven't we have um we have uh we have uh companies set up for every single one of our companies we don't even put any of our companies in the same one we just separate all of them out just to be safe right you just never know what's going to happen and then you want to start building building your team that's what you got to focus on as well too like you'll need like you're going to need like a realtor to help you look for houses sorry look for properties you're going to need um you know you're going to need to start working on building that team up and we're going to get more into that over the course of the week as well too okay that's your office admin marketing all right so now we got to figure out how to find these things and your homework for tonight is going to be to practice now we're going to get more into this tomorrow okay so because you know it's even like a whole hour to do marketing but um essentially what you're gonna do is you're gonna first figure out your market that you're gonna be in right so if you are in a major metropolitan city if you're in like orlando or denver or whatever like most of the time it's gonna be like super hard to find anything and that's it like in atlanta you can't find any storage facilities all the big box companies came in and just bought everything up and there's no use to look inside the city city now along outside the metro atlanta area you know as you get further and further out then you can find more and more properties and the cheaper that they get right so depending on how much money you have right depending on how much money you have the further away from the city that you want to be and us personally we don't have um we have like we have some like kind of and uh and we have some like kind of on the outskirts of like the major metropolitan area and we have also something like way out right because we have certain budgets we spend anywhere from let's say 250 to 600 000 on our storage okay so now what you have to do is you have to figure out like where are the where are the 250 000 or the 650 000 whichever ones you think you can afford right right and um and and where should i be within that area and if you can only afford a 250 000 storage facility you've got to be out further from these metro atlanta areas now if you live in like a tiny town you know or something like this then most likely you're going to have something in your price range right but for now you just need to figure out what area it is so tell me in the chat what areas do you think that you're in and are there any like suburbs or anywhere around your areas that you think you can focus on okay um and uh and so and then you can then you can you can figure out which market that you want to be in all right so we're gonna and we'll talk more and more about that tomorrow but tonight your homework is gonna be trying to figure out which markets that you can be in right and the way that you can do this the way that you can do this is you can just go right online and go right to google drive i'm sorry not google drive google maps go right to google maps and then wherever you're at like don't go inside of the city right of the big metropolitan areas but in the outside areas search for storage facility just and you can you can type um storage facility self storage um just storage uh mini warehouse warehouse kind of just search online on google maps and um and then you can you can try to get an idea of like which storage facilities are where now of the 80 of all the storage facilities in the world i'm going to tell you that probably 50 of all storage facilities are on google maps right the ones that we're going to be looking for are not going to be on google maps right so the ones that i'm buying right now the ones that i'm buying the three that i'm buying no no i don't do the maps because the guy he doesn't know how to get him on that actually he don't even care right so but it gives you an idea of just the market so it's market research it's market research is what it is so your first job is to just is to figure out which markets you're going to be in by going online and start searching around to see which storage facilities are where and then what you want to do is you want to take off the big box ones you want to take off the big ones take off u-haul take off you know oh public storage and all these different things if you see those and then you want to focus on the one disease and the two like maybe somebody that has one or two right if you see like a couple i guess there'll be some people will have like one or two you know two of them or something but and look around for most of them that are like the ones right whether or not they're big or small it doesn't look doesn't matter it's just that they're not big box right and kind of get an idea and familiarize yourself through google maps where what your market looks like for storage investment right and i'm telling this is the best way to one of the best ways to look for storage facilities is to just look online and look on google maps and really kind of familiarize yourself i mean i know within my area in the north georgia mountains i have been to every storage facility i have driven by every single storage facility and just checked them all out just to see what was in the area what the market is i mean in my area where i live in the northwestern mountains there's like just a jazz for a long time jasper georgia there's like 20 storage facilities on each story i'm like why and the town is like only 10 000 people like why is there so many storage facilities but we're kind of at the base of the mountains right so people like because we live on the top of a very high mountain so you can't you can't take your rv there you can't take anything up into these mountains right so they have all these storage facilities and already parking and boat parking kind of in this area because everybody's just driving up into the mountains they can't park other stuff there now would i go and buy buy a storage facility in that area no because there's like 20 storage performance i mean there's like way too much competition we're not going to go out and find storage facilities where there's like 20 and a ten you know in a five mile radius but um that's why you need to look that's what i'm saying that's why you look to see how many storage facilities are actually in your area right and your homework throughout the week is like to go and drive by and just you know check them out you know in your area just drive by and see kind of what's out there you know what i'm saying no you are not looking for storage facilities that are currently for sale you are just looking for storage i have never ever forever bought a storage facility that is currently for sale the owners that we're going to talk to and the people that we're going to talk to they don't know they want to sell in fact one that i'm talking to now is like i never even thought about selling until you called right so that is how you look for a storage facility and i'm gonna tell you three reason why you do that is because if you go online to look for a storage facility you will not be able to get the cap rate that you need your cap rate will be way too small way too small and we'll get into cap rate and all that later as well too but you you want to you want to buy in double digit cap rates and sell as low as you possibly can of course people are selling them from five to seven percent cap rates right but we don't do that because we know if we go directly to the seller and talk to the seller that we will get a higher cap rate and we go to the sellers that have not even don't even think about selling right they don't they don't even have selling in their mind right um so that's what we're going to focus on that's how you find storage facilities for storage facilities that you can actually make money on right um so that's kind of what you focused on for that and that is we're going to go more into that tomorrow but your homework for tonight is to look at your market in your area online on google maps just searching on google maps for all the storage facilities in your area to get an idea of what is out there that you be that you might be interested in okay and then come back back and post it into the private facebook group so hey like i searched out and i found like three storage facilities that looked rather big and then i found like two more that are kind of smaller or you know um you know you know kind of like you know give us an idea of what you've found in your homework and come and post it in the facebook group okay acquisitions and we're going to spend a lot of time on this as well too over the next week we'll spend another day on this okay but you have to figure that's why i said got to figure out your cap rate and we will i will show you how to do that this week you've got to run comps and learn how to run comps and understand your competition right as well too so [Music] you can't really get a comp on storage facilities because when you run the numbers it just doesn't work out that way but you have to understand your competition in order to understand and what the value of your property is okay and then del analysis right we'll focus on that and hen all the documents you need in order for you to make an offer [Music] or if you want to make an offer on the property so that's what those are like the steps within the acquisitions department and i'm not going to spend too much time on that because we will get into that this week and then for financing just like i said um you know i'm 100 privately find it funded i just borrow other people's money to um buy storage facilities okay so that's what i do all right and then also what i do is create a deal structure and you're gonna learn a little bit about that this week as well too um so for instance the ones with the three that i'm buying now um the owner he wanted a certain price and i told him i'm not going to give him that price until he unless the owner finances it to me so guess what he agreed to own finance right because he wanted that price so we're going to talk a little bit about that as well too okay so great of creative deal structuring when i talk about structuring that means uh that means convince seeing the owner to be the bank number one or getting a partner to come in and give you the money right and partnering with somebody right and it's like coming up with creative ways to purchase the property right that's that's that's what creative destruction is and i will go into that over the course of the week as well too private money lending pml is private money lending and then there's hard money lending private lending is when i go to like you know my friends or families or neighbors and say hey you have like a couple hundred thousand dollars i can borrow you know then they go what they say okay i'm gonna buy a storage facility and they say oh okay so you can make a lot of money if you lend it to me all right so that is creative that is the private money lender hard money lenders out there um you know it's a higher interest rate and a shorter amount of time but that's usually asset based right so if it's the property is making money then they'll lend you money right so we'll talk about that over the course of the week as well to commerce and the thing is there's so much money out there i'm telling you there is so much money out there all right so if uh if you guys and everybody always worries about the money i totally get that you know but um i don't have any issues uh there's no issues i'm telling telling you except for or you just have to understand how to be creative and you have to understand all of the um the financing you know the financing terms you've got to be able to talk to your lenders and show them show them figures right so creative deal analysis i'm sorry i'm not creating commercial deal analysis what i'm talking about right so you've got to understand cap rate yield roi cash on cash return you've got to be able to just trust these with your lender all right um they're going to be asking this not a private lender but like your hard money lenders and your commercial lenders are going to be doing this when i say commercial lenders i talk about like sba i talk about going to a local bank and borrowing money i talk about commercial like out there there's like commercial lenders that just lend on conversion deals right so that's what i'm talking about is understanding create a commercial analysis so that when you talk to them that you can actually answer the questions and show them what they want okay so there's creative deal structuring private money lenders hard money lenders commercial lenders transactional funding if you're in a wholesale then you need create transactional funding because basically what happens when you wholesale a storage facility is you have to close on it and then after you close on it then you um then you sell it again because you don't want the the buyer to know or the seller to know how much money you're making right so i don't want anybody to make 50 grand on this transaction okay so what i do is i i borrow the money to close and then i resell every game that's called transactional funding okay and then bookkeeping also falls into this as well so i think bookkeeping is actually for it for sourcing it's not really that difficult thank god there are liabilities and there's loans and stuff assets at home but it's not very difficult which is good okay and then management right so you want to be able you you have to be able to train your tenants right so this is when you buy the facility now what this is the answer train your tenants all right so you don't want to become one of you don't want to become the type of facility that i would buy right and that type of facility is an owner that doesn't know how to manage their facility properly when i say that i mean trade in your tenants right we have certain days on the first of the month rent is due this month rent is late we're gonna overlock your facility on this day we're gonna start the auction process on this day right so you don't want to be the tenant that's like a couple months later six months later a year later and they're still not paying and you haven't done anything about it okay so that is what i'm talking about training your tenants and um and i'm very very big on to this we are not now over the past couple months with the covenant stuff we did do like some forbearance things to kind of help some people out but honestly the matter is there really wasn't a lot of a lot of people that asked for that which was awesome uh but you know we worked with them and then after you know a couple of months of not paying we're like okay dude like now is the time like you have to pay or you have to get out and of course like everybody starts to pay like that's why i said like when you train your tenants and you put your foot down people are going to pay but if you don't then they're going to just take advantage of them they are they're going to take advantage of them all right you have to go all electronic like i said right so you're the type of company where like you don't even have to meet your tenants right you don't have to be anywhere in the world and you can still fill those units up right and the only way to do that is if you automate and systematize um you know you bought you you automate systematized internally so that you can manage that um you need to understand the auction process in your law every interstate every state is completely different right so um i can tell you what the georgia one is because that's where i'm at but you have to truly understand your auction process and how that works now they're all kind of the same but they're all kind of different right and you have to understand tenant law in your state right so are the tenants that you like rent houses is it the same kind of law that runs your units now or is it completely different georgia there's two there's like a storage facility senate law and there's like a rental house 10 outlet there's two different types some states it's the same thing so you really have to understand the tenant law and the auction laws in your process in your inner state so that you can and then once you automate and systematize right you get to scale up and you can go and buy another one so i said like after we got the first one down and tried to figure it out i was like all right ready to buy another one now because this one doesn't take any time for us no and that's it i did it i talked about those now we'll get into the liquidations department over the course of because we may do wholesaling we're into a lot of liquidations as well too but that that is kind of it for the first day um and so and i also put my youtube uh channel on there as well so if you're interested you can always watch the webinars there if you're uh if you want to go out and do that as well too and this webinar will be saved and it will be put into the facebook group as a unit so you can come back later you can watch it i won't keep it open forever but i will keep it open for a little while okay okay good any questions anything else just like this okay so um garrett says does your private money match local financing rates no no no no private money is like double you can go out well i mean as of right now for commercial lenders maybe like six percent five to six percent interest is what you can get now it is getting there are asking for down payment you have to do a down payment of like 20 to 30 percent for commercial language right you need to have at least 20 to 30 down because they have all these fees and then they have your down payment and it's just like you need a lot of money all right you need money so depending on how much money that you have i have you kind of reverse engineer you say okay i have like x amount of money so that means i can only afford this much money to borrow you know so because it's basically the 80 20 rule right so 20 percent down and then you can borrow 80 now when you go to a private lender it's like double the rates all right it's like that we're gonna be [Music] paying like quite a bit of money per month but that's because uh you know it's easy money like you just go and ask for money and they say yes and then they just loan you the money they do a wire and that's it right right as banks it's like it just puts you through so much crap right so that is why the financing is not the same private money lenders and hard and hard hard money lenders will always be more expensive okay okay good any other final questions for today uh on storage investing great virtual event as always jc thank you for the next four days awesome cool monster thank you very much for hanging out with me and um i will be here uh i will be here again tomorrow 1 30 and hopefully i'll do and i'll post out in the facebook group the zoom link or you can do facebook live and do it exactly like this because i'm not sure you know how the bag is and everything with facebook but all of the posting everything will go right into the group so remember your homework is to look up storage facilities in your area yeah and let me know what you found and if you have any questions say hey i found this one is it good you know or like you know what does your market look like are are there any storage facilities in your area if you live in a rural area we actually have storage facilities that are kind of like kind of semi-rural as well too and there's nothing wrong with those as well so okay all right i'm here for you guys and i will see you tomorrow 1 30 p.m [Music] eastern you