The 7 Common Pitfalls on Self-storage Investing - Kathryn East
07/26/22 • 39 min
Today, our guest Kathryn East is back on the show to share common pitfalls new and existing owners make in their self-storage business. Get to learn the disadvantages of some storage facilities and how to resolve them. Listen in and acquire valuable tips from one of the experts!
WHAT TO LISTEN FOR
The common self-storage gate issues to avoid
Better ways to effectively communicate with your managers
Advice on handling self-storage customer delinquencies
A strategy for raising your storage facility’s rates and rents
Why it’s important to have good communication and proper meeting schedules
RESOURCE/LINK MENTIONED
If you want to join gatherings of elite self-storage investors, visit thestoragemastermind.com to apply for the mastermind.
ABOUT KATHRYN EAST
Kathryn East is a wonderful Mentor/Coach with the Self Storage Investing Team and owner of Sopapta, LLC, who helps new storage owners valuate and define facilities to fit their goals. Kathryn is also an Operations Specialist specific to self-storage with 13 years of experience in the industry from ground level to ownership. She is an experienced Executive Director with a demonstrated history of working in the executive office industry. She is skilled in Negotiation, Business Planning, Operations Management, Microsoft Word, and Coaching. Strong business development professional with a vast knowledge of the Storage Industry.
CONNECT WITH KATHRYN
LinkedIn: https://www.linkedin.com/in/kathryn-east-22859564/
CONNECT WITH US
Website: https://www.selfstorageinvesting.com/
Facebook: https://www.facebook.com/selfstorageinvesting
Twitter: https://twitter.com/SelfStorageGuy
LinkedIn: https://www.linkedin.com/in/scottameyers/
Youtube: https://www.youtube.com/user/SelfStorageInvesting
Instagram: https://www.instagram.com/self_storage_investing/
Subscribe so you never miss a NEW episode! Leave us an honest rating and review on Apple Podcast.
Today, our guest Kathryn East is back on the show to share common pitfalls new and existing owners make in their self-storage business. Get to learn the disadvantages of some storage facilities and how to resolve them. Listen in and acquire valuable tips from one of the experts!
WHAT TO LISTEN FOR
The common self-storage gate issues to avoid
Better ways to effectively communicate with your managers
Advice on handling self-storage customer delinquencies
A strategy for raising your storage facility’s rates and rents
Why it’s important to have good communication and proper meeting schedules
RESOURCE/LINK MENTIONED
If you want to join gatherings of elite self-storage investors, visit thestoragemastermind.com to apply for the mastermind.
ABOUT KATHRYN EAST
Kathryn East is a wonderful Mentor/Coach with the Self Storage Investing Team and owner of Sopapta, LLC, who helps new storage owners valuate and define facilities to fit their goals. Kathryn is also an Operations Specialist specific to self-storage with 13 years of experience in the industry from ground level to ownership. She is an experienced Executive Director with a demonstrated history of working in the executive office industry. She is skilled in Negotiation, Business Planning, Operations Management, Microsoft Word, and Coaching. Strong business development professional with a vast knowledge of the Storage Industry.
CONNECT WITH KATHRYN
LinkedIn: https://www.linkedin.com/in/kathryn-east-22859564/
CONNECT WITH US
Website: https://www.selfstorageinvesting.com/
Facebook: https://www.facebook.com/selfstorageinvesting
Twitter: https://twitter.com/SelfStorageGuy
LinkedIn: https://www.linkedin.com/in/scottameyers/
Youtube: https://www.youtube.com/user/SelfStorageInvesting
Instagram: https://www.instagram.com/self_storage_investing/
Subscribe so you never miss a NEW episode! Leave us an honest rating and review on Apple Podcast.
Previous Episode
Investor Capital Raising and Security Laws - Gene Trowbridge
We’ll dive deep into the syndication as we discuss raising investor capital in this conversation with Gene Trowbridge. Get insights on security laws and syndication issues to consider and learn how to prepare yourself as an investor for an anticipated recession. Be more knowledgeable by joining us in this episode!
WHAT TO LISTEN FOR
What to do if not all investors in syndication want to sell?
Why ‘Tenancy in Common (TIC)’ is not ideal for a syndication
How to deal with business continuity issues
Recent trends in capital raising using 506(b) and 506(c)
The importance of building strong relationships with good lenders
RESOURCE/LINK MENTIONED
It’s A Whole New Business! by Gene Trowbridge by Gene Trowbridge https://amzn.to/3PLOTIy
ABOUT GENE TROWBRIDGE
Gene Trowbridge has been in the commercial and investment real estate business continuously since 1972 and in the legal profession since 1996. He is a founding partner of Trowbridge Law Group LLP, and his law practice concentrates on the syndication of commercial and investment real estate, through both debt and equity. Gene was a former syndicator who raised investor capital for ten years. He was responsible for the organization of those investment groups; the acquisition, management, and disposition of the real estate; and communications with the investors. Because of Gene’s hands-on syndication experience, he is able to communicate with his clients, on both the technical and practical aspects of state and federal securities laws. Between Gene’s individual syndication background and the firm’s legal practice, the partners in the firm have written offerings of more than $5 Billion in monies raised. The median offering size is $2.5 million. His practice writes offerings under Rule 506(b) and 506(c) of Regulation D; Regulation CF and Regulation A+. Gene authored his first book It’s A Whole New Business in 2005. The third edition was released in 2015.
CONNECT WITH GENE
Website: Trowbridge Law Group
YouTube: Trowbridge Law
Phone: 949 570 1507
CONNECT WITH US
Website: https://www.selfstorageinvesting.com/
Facebook: https://www.facebook.com/selfstorageinvesting
Twitter: https://twitter.com/SelfStorageGuy
LinkedIn: https://www.linkedin.com/in/scottameyers/
Youtube: https://www.youtube.com/user/SelfStorageInvesting
Instagram: https://www.instagram.com/self_storage_investing/
Subscribe so you never miss a NEW episode! Leave us an honest rating and review on Apple Podcast.
Next Episode
Raising Private Money and the Face of Real Estate in a Volatile Market - Jay Conner
Join us as we invite Jay Conner back for another conversation full of sense. His second guesting covers the trends in the housing market, his deep understanding of what a recession is, and most importantly, the effectiveness of raising private capital in any asset class. If you want to partner with an expert in the self-storage space, listen until the end of this episode!
WHAT TO LISTEN FOR
The rising foreclosures in the current real estate market and the economy’s situation
What causes real estate increasing value and prices
Why it’s important to have an effective exit strategy and evaluate your business performance in a volatile market
Current trends in the self-storage and industrial real estate
The significance of knowing how to raise capital to do real estate easier
RESOURCES/LINKS MENTIONED
Ep 56: How & Why You Should Keep a Private Money Investor Happy https://podcasts.apple.com/us/podcast/ep-56-how-why-you-should-keep-a-private-money-investor-happy/id1507427005?i=1000537978853
Download Jay’s FREE Money Guide through this link: http://www.jayconner.com/moneyguide
ABOUT JAY CONNER
Jay Conner is the President of the Private Money Authority. He’s been in the real estate industry since 2003 and is a proven real estate investment leader and an author of the book Where to Get the Money Now. He can relate to all the frustrations of losing a deal because you had no capital. After a few years of struggling for ways to raise money, he has finally figured out how to raise private capital, and he now teaches others how to do it too!
CONNECT WITH JAY
Website: Jay Conner https://www.jayconner.com/
CONNECT WITH US
Website: https://www.selfstorageinvesting.com/
Facebook: https://www.facebook.com/selfstorageinvesting
Twitter: https://twitter.com/SelfStorageGuy
LinkedIn: https://www.linkedin.com/in/scottameyers/
Youtube: https://www.youtube.com/user/SelfStorageInvesting
Instagram: https://www.instagram.com/self_storage_investing/
Subscribe so you never miss a NEW episode! Leave us an honest rating and review on Apple Podcast.
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