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June 17, 2020

Strategies for Investing in Self Storage, with Paul Moore

Episode 175:

After graduating with an engineering degree and then an MBA from Ohio State, Paul entered the management development track at Ford Motor Company in Detroit. After five years, he departed to start a staffing company with a partner. They sold it to a publicly traded firm five years later for $2.9 million. Along the way, Paul was Finalist for Ernst & Young’s Michigan Entrepreneur of the Year two years straight (1996 & 1997). Paul later entered the real estate sector, where he flipped over 50 homes and 25 high-end waterfront lots, appeared on HGTV’s House Hunters, rehabbed and managed rental properties, built a number of new homes, developed a subdivision, and started two successful online real estate marketing firms.

Three successful developments, including assisting with the development of a Hyatt hotel and a very successful multifamily project, led him into the commercial multifamily arena. Paul is the author of The Perfect Investment – Create Enduring Wealth from the Historic Shift to Multifamily Housing (2016).

What you’ll learn about in this episode:

  • How Paul initially got involved in self-storage investing and recognized the need for a book to help other investors get started
  • Why self-storage is a great, recession-resistant niche, and why it has been a booming market for a long time
  • Why self-storage tenants are usually much more “sticky” and less likely to move than residential tenants
  • How there are as many self-storage facilities in the United States as there are Subway, Starbucks and McDonalds locations combined
  • What advice Paul has for investors looking to break into the self-storage niche, with multiple different paths of entry
  • What particular strategies Paul suggests within the niche, and what criteria make an existing self-storage facility attractive as an investment opportunity
  • How to begin investing passively within the niche, and what criteria established operators will look for you to meet
  • Why potential market oversupply and new competitors popping up is the biggest risk in the self-storage space
  • How to learn more about Paul’s upcoming book on self-storage, and what exciting plans Wellings Capital has for the future

Resources:

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