Bouncing Back Strong from 2008 with Self-Storage with Allen Faires

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Bouncing Back Strong from 2008 with Self-Storage with Allen Faires

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/selfstoragecall
  • Allen’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

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About the author, Neil

Neil Henderson is the co-host of The Road to Family Freedom, a self-storage investor, and avowed proponent of short-term rental house hacking. He founded The Road to Family Freedom to guide busy parents to financial freedom through passive real estate investing.

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