51 min
Bouncing Back Strong from 2008 with Self-Storage with Allen Faires Road to Family Freedom
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- Investing
Allen Faires – President of Premier Storage Partners, talks to Neil Henderson, the host of The Road to Family Freedom podcast. Allen has devoted over a decade to the real estate industry. He owns 92,000 square feet of office and over 1,100 self-storage units throughout Ohio. He’s been extensively involved in real estate transactions representing a wide range of product types such as single-family, multifamily, industrial, retail shopping centers, land, and self-storage. From real estate brokerage to real estate ownership, his extensive knowledge of real estate is the product of such a wide variety of real estate experiences.
Post-Interview Analysis
Key Lessons Learned: Get out in front of problems before they become catastrophic. Talk to your lenders, your partners, your tenants, see what kinds of solutions might be available early in a crisis.How did they acquire their knowledge or what knowledge did they need to acquire? He had to learn the operations side of the self-storage business and especially how to do it as an unmanned facility. How much money did it take to get started? He bought a $915,000 self-storage facility using $250,000 in equity he raised from investors.How much time does it take now? Right now it’s a full-time job because he's in acquisition mode. Once he’s out of acquisition mode it will be very hands-off.Could they do this strategy from anywhere in the world? Yes, once he is out of acquisition mode he will be able to operate these self-storage facilities remotely.
Episode Highlights:
Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/selfstoragecallAllen’s real estate journey and how the 2008 financial crisis impacted him and his business. Are there any parallels between the 2008 crisis and the COVID-19 crisis as far as real estate investing.The details of the first self-storage facility he purchased.How he structures his self-storage deals with investors.And much more…
Books and Resources Mentioned
The Road to Family Freedom: roadtofamilyfreedom.comFacebook: Allen FairesPremier Storage Partners
Follow Us:
facebook.com/roadtofamilyfreedom/a...
Allen Faires – President of Premier Storage Partners, talks to Neil Henderson, the host of The Road to Family Freedom podcast. Allen has devoted over a decade to the real estate industry. He owns 92,000 square feet of office and over 1,100 self-storage units throughout Ohio. He’s been extensively involved in real estate transactions representing a wide range of product types such as single-family, multifamily, industrial, retail shopping centers, land, and self-storage. From real estate brokerage to real estate ownership, his extensive knowledge of real estate is the product of such a wide variety of real estate experiences.
Post-Interview Analysis
Key Lessons Learned: Get out in front of problems before they become catastrophic. Talk to your lenders, your partners, your tenants, see what kinds of solutions might be available early in a crisis.How did they acquire their knowledge or what knowledge did they need to acquire? He had to learn the operations side of the self-storage business and especially how to do it as an unmanned facility. How much money did it take to get started? He bought a $915,000 self-storage facility using $250,000 in equity he raised from investors.How much time does it take now? Right now it’s a full-time job because he's in acquisition mode. Once he’s out of acquisition mode it will be very hands-off.Could they do this strategy from anywhere in the world? Yes, once he is out of acquisition mode he will be able to operate these self-storage facilities remotely.
Episode Highlights:
Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/selfstoragecallAllen’s real estate journey and how the 2008 financial crisis impacted him and his business. Are there any parallels between the 2008 crisis and the COVID-19 crisis as far as real estate investing.The details of the first self-storage facility he purchased.How he structures his self-storage deals with investors.And much more…
Books and Resources Mentioned
The Road to Family Freedom: roadtofamilyfreedom.comFacebook: Allen FairesPremier Storage Partners
Follow Us:
facebook.com/roadtofamilyfreedom/a...
51 min