270. Why Multifamily Investors Are Ditching Rentals for Self Storage in 2024

Why are multifamily investors selling off their assets to move into self storage? From the inside, it’s easy to see: self storage management lets you build wealth way faster. What do we mean? In this episode, we’re putting multifamily and self storage side-by-side, discussing the good and the bad about managing each asset and why self storage may be your best bet to raise property values and boost your income quickly. If you own residential real estate, this episode might just convince you to switch sides.    So why are multifamily and self storage so different? They’re both commercial real estate, rely on debt, and have sizable demand. What most investors don’t realize is just how different the management styles are. In self-storage, you can raise rates quickly, thrive even with high turnover, and make operational changes that can skyrocket property values. This is much different than multifamily.   However, even though self storage is an investment property powerhouse, there are still some serious downsides you need to be prepared for if you switch from residential to storage. To help you mitigate them, we’re sharing how to automate your facility (even if it’s REALLY small) and what we do on day one of owning a new self storage facility to boost its value immediately.    What you’ll learn in today’s show: Multifamily management vs. self storage management and the CRUCIAL differences between the two How self storage operators can instantly increase their property values (multifamily CAN’T do this) Automating your facility and everything you can do to make your property more “passive” The reason multifamily investors are switching sides and getting into self storage  Why tenant turnover is actually a GOOD thing in self storage (not as much in multifamily)  Links:📌 Make self storage management easier than EVER with our podcast sponsor Tenant Inc. - https://www.tenantinc.com/ 🧐 Want to know if you've found a good deal? Have a feasibility study done by OUR TEAM: https://cedar.cc/feasibility-studies/ 📖 Get AJ's new book that teaches you everything he knows about self-storage https://a.co/d/aRSKcSq