My guest today is not your traditional fix and flip guy. He’s not even a wholesaler. Scott Meyers applied his winning real estate investment strategy to self-storage! Which is amazing to think about because many of us have probably never even considered self-storage as an option. But for investing, self-storage is extremely lucrative. And in today’s episode Scott Meyers shares his strategies and how self-storage investment is practically recession proof.
Scott did get his start with wholesales, short sales, and rentals, but with the dot-com crash in the late 90s and the housing crashing in the mid-2000s, Scott wanted to try something different. He was sick of taking the risks on the banks and the tenants and knew there had to be a safe way to do what he loved in real estate while minimizing the risk to his investments. He listened to his wife and decided to invest in storage units. He’s developed and purchased over 5000 units, out in the middle of nowhere, all across the country, and now he’s looking to develop and convert existing facilities that are in the need of modernization. There are so many different options for real estate investment that you really can’t go wrong, especially when you put your mind and your heart into something that’s so important to you and your family.
MINUTE MARKERS
5:16 - How did Scott get involved in real estate and, really, self-storage investment?
7:45 - Who was one of Scott’s biggest influences in investment?
9:45 - Scott lost his 401K and that was his breaking point
10:40 - Scott proudly quit his part-time job
11:00 - But how did his wife take it?
12:46 - What moved Scott from real estate investing in homes into self-storage?
16:46 - Why does Scott love real estate investing?
18:00 - How is self-storage almost recession proof?
20:18 - Scott’s big profit master investing strategies for self-storage
22:05 - How much interest is on the land compared to the development of self-storage units?
25:00 - Does a mailer list of self-storage units exist out there?
27:13 - The big lessons that got Scott to where he’s at today
30:22 - If he had to start over again, Scott would listen to himself more
35:51 - Scott’s favorite motivational business quotes
36:30 - Scott gives you permission to go find some different friends
39:14 - Scott recommends his favorite book
40:05 - Guess Scott’s dog’s name!
41:19 - Scott’s favorite mobile apps
42:30 - Which app does Scott use every day in his business?
43:14 - Why does Scott wake up at 4:09 every morning?
45:40 - Does Scott get 8 hours of sleep?
46:22 - What is Scott most grateful for?
47:11 - When should we start getting a mentor or coach?
48:50 - Who said ‘hire great people and get out of the way’?
51:00 - A golden nugget of advice from Scott’s favorite mentor
54:05 - What drives Scott to succeed?
55:08 - What does Scott mean when he says “mission-minded business”?
58:38 - Get in touch with Scott at www.selfstorageinvesting.com
QUOTES
“Cash flow is the name of the game.” Scott
“At the end of the day, get a coach, get a mentor, and then listen to what they say.” Scott
RESOURCES
Scott’s Website: Self Storage Investing
The Candlestick Course by Steve Nison
Art of the Deal by Donald Trump
Rich Dad Poor Dad by Robert Kiyosaki
Think and Grow Rich by Napoleon Hill
Good to Great by Jim Collins
The E-Myth by Michael Gerber
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