Scott Meyers is a real estate investor based in Indianapolis. It all began in 2005 and since then he has grown in the self-storage industry as a developer, owner, syndicator, and operator. He has several multi-million dollar businesses under his belt but his favorite is self-storage and today he is in control of over 7,500 units. Scott started ‘The Self-Storage Mastermind’ to teach others about the self-storage business.
In today’s episode, he discusses how he entered the real estate industry, why he’s chosen to grow with self-storage, and what one should keep in mind before investing in a facility. He gives us insight on one of his memorable deals over the years- what happened, what he learned and what’s going on with it today.
Some Of The Episode Highlights:
His Self-Storage Business
His ‘Why’ in Self-Storage
The ‘Boomerang Property’
Special Gift for Our Listeners
Connect with Scott:
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Intro: Hey guys, this is Don, your host. In today's episode, I will interview Scott Myers. Scott is an amazing investor and he specializes in one of the most interesting asset classes, self-storage facilities. Today, me and Scott will discuss the nature of this market. Also, as previously mentioned, I want to remind you that you have an opportunity to get a free 30-minute phone call with me and Eden if you review our podcast on iTunes. Simply rate the podcast and write a review of how you feel about the content and the show. To redeem, email us the content of the review to Hello@donandeden.com. You will then be contacted and scheduled for a 30-minute phone call with me and Eden, where you could ask questions or network about any subject or project that you would like. So, let's get started and I hope you guys will enjoy the interview.
Lady: Welcome to the commercial real estate investing podcast with Don and Eden where we cover all aspects of real estate investing with special attention to off-market strategies.
Don: Scott, welcome to the show. How are you doing today?
Scott: Hey, Don, I am fantastic. How about yourself?
Don: I'm great. How's the weather up in Indiana?
Scott: Well, that depends. We had our first snowfall of the year last night. It had about three inches, which is a little bit more than we normally get this time of year. So, I think I'd rather be down next to you conducting this interview right now.
Don: Yeah, I mean, we just got the best weather right now in Florida. It's been very muggy for November, 75 degrees all throughout. I used to live in the Midwest, and I know it kind of gets cold in that period of time of the year, right?
Scott: Sure can. Yep.
Don: Yes. You've been living in Indiana, all of your life, born and raised?
Scott: Born and raised in Michigan. I went to the University of Michigan and after I graduated, I moved down to Indianapolis where I took a job. I was working in the telecommunications industry before I got involved in real estate.
Don: Wow. Okay, so that's a pretty sharp transition. What made you move into real estate?
Scott: When I began looking in investment books on ways to I guess diversify my retirement rather than relying on our 401k stocks and bonds and mutual funds ran across several books, one of which was Robert Kiyosaki's book terms in real estate and the more I looked at more I realized that I didn't want to put my money into the stock market as the poor dad did in Robert Kiyosaki's book 'Rich Dad, Poor Dad.' And so, I began investing in single-family homes and then it took off after that.
Don: Yeah, let's talk about your initial investments in the single-family space. What did you do, fix and flip?
Scott: Began to buy single-family homes, and then fix them up, refinance them and rent them out. And I did that for a number of years unt