Storing Up Profits in Self Storage with Paul Moore | 614

Paul Moore had a brief stint at Ford Motor Company, he co-founded a staffing firm where he was a two-time finalist for Michigan Entrepreneur of the Year. After he sold the firm, he got started investing in real estate and found multiple investment streams, appeared on HGTV, and has done over 100 commercial and residential deals. He wrote the book Storing Up Profits, launched by Bigger Pockets, and that’s what he’s here to talk about today.Key Talking Points of the Episode[01:24] Listen to Simple Passive Cashflow![03:20] What has Paul been doing recently? [04:40] What happened with Paul’s self-storage business?[06:42] How does Paul interpret value-add in business?[08:15] Where does the value of commercial real estate come from?[10:00] Are there value-add opportunities in self-storage?[13:39] What is Storing Up Profits about?[15:31] Who should read Storing Up Profits?[16:25] Where can people buy a copy of Storing Up Profits?Quotables“Wall Street Journal, New York Times, and others have said it’s the best emerging asset class in real estate since COVID.”“That’s what we’re looking for. We’re looking for operators that are good at spotting and extracting intrinsic value.”“Value add would be finding an asset that has something missing or something that can be added, or intrinsic value that can be extracted.”“You can actually control at least the numerator in that equation, the net operating income, to some degree.”“Regardless of what the market is saying in general as far as comps, your math can actually give you a much higher appraisal.”“A mom-and-pop may just be looking at the storage unit itself, not realizing how much more potential there could be.”