Building a Profitable Self-Storage Business with Jay Bowman
Episode description
Listen in as we talk about building a profitable self-storage business on today’s show. This is just one more way to add passive income to your business. It’s also a great way to get a significant back-end payday.
My guest today is my friend, Jay Bowman. Jay is the co-founder of Beyond Storage where he leads the finance, acquisition, and marketing departments in his business. jay has been an active real estate investor since 2001, he is a real estate broker in multiple states, and he has extensive knowledge in the evaluation and purchase of real estate investments.
Jay is also a husband and a dad, and he also personally holds a large portfolio of residential and commercial assets.
Quote:
“I don't think anybody who does, single-family doubts the fact that it can be a grind. The construction aspect of it, whether you're just putting paint up, you're dealing with contractors, you're dealing with inconsistencies, you're dealing with properties here and then over here, and the, and the problems are constantly changing when you have single-family rentals”. -Jay Bowman
Show Notes – Building a Profitable Self-storage Business
This show will give you a great overview of the self-storage business. Here is just come of what we cover in this podcast:
- Getting started as a real estate agent
- His primary REI strategies before pivoting into self-storage
- Leveling up: Deciding to play a bigger game and invest in self-storage
- The cost to start a self-storage business.
- Should you buy an existing self-storage facility or build one from the ground up? The pros and cons
- Where you can find these types of properties listed
- The typical lease-up period of a new build self-storage facility
- It’s all about the numbers
- Financing: Where do you find the money?
- What a typical deal looks like in terms of money down, and loan amount?
- The types of research and planning do you need to do before starting a self-storage business
- Profit margins of a self-storage business in the U.S. What can you expect?
- Managing your self-storage business remotely
- Marketing your self-storage facility
- Final advice for investors that might want to either start with self-storage facilities or move from their current investing strategy
Want to reach out to Jay?
You can contact Jay one of these ways:
- Jay’s email: Jay@gobeyondstorage.com
- Beyond Storage
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