Self-Storage Investing with a Higher Purpose with Scott Meyers
Scott Meyers – founder of SelfStorageInvesting.com and Kingdom Storage focuses on syndicating self-storage deals and helping others launch their own self-storage business to enjoy a lifestyle as his saying goes, “ free from tenants, toilets, and trash!”
Scott Meyers is the principal in 16 facilities totaling over 7,500 units and over 2 million square feet of storage and has converted over 30 facilities totaling over 12,000 units and over 2 million square feet of Storage. He is also the Founder and President of SelfStorageInvesting.com (Self-Storage Profits, Inc.), a leading self-storage education company that offers courses, live events, and mentoring/coaching. His company was started back in 2006 for the purpose of acquiring, developing, and operating self-storage facilities. And has raised over $20 million in syndicates and private equity partnerships that continue to fuel their growth.
Post-Interview Analysis
- Key Lessons Learned: It’s good to have goals, but don’t let the overwhelming desire to achieve a goal pressure yourself into making a deal work because you feel like you have to when you might be better off walking away from a bad deal. Make the goal, but focus on the daily discipline of actions that will get you to the goal. Also, pay attention to what the property taxes are going to do AFTER you purchase a piece of real estate.
- How did they acquire their knowledge or what knowledge did they need to acquire? He took courses on self-storage and hired a consultant to help him.
- How much money did it take to get started? He put $50,000 along with his partner, $100,000 total, and used a seller carryback to acquire their first facility.
- How much time does it take now? This is a full-time job for Scott. He has multiple facilities, an education company, and he’s raising capital for deals.
- Could they do this strategy from anywhere in the world? Yes, pretty much from anywhere in the country.
Episode Highlights:
- Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/selfstoragecall
- How he built a portfolio of residential real estate properties before switching to self-storage when he discovered how much work owning that many residential units were.
- The details of his first self-storage facility purchase
- Some bad recommendations he hears from others in the self-storage industry
- What he sees for the self-storage industry over the next 12-18 months
- And much more…
Books and Resources Mentioned
- The Road to Family Freedom: roadtofamilyfreedom.com
- Twitter: @SelfStorageGuy
- Instagram: @self_storage_investing
- Website: Passive Storage Investing
- Facebook: Self Storage Investing
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About the author, Neil
Neil Henderson is the co-host of The Road to Family Freedom, a self-storage investor, and avowed proponent of short-term rental house hacking. He founded The Road to Family Freedom to guide busy parents to financial freedom through passive real estate investing.