Epic Real Estate Investing - Box It Up, Amp It Up: Storage Investments & New Year Prep | 1289

Episode Date: December 22, 2023

Get ready for an enlightening journey into the world of real estate investment as Seth Williams, the visionary founder of retipster.com, joins host Matt on the Epic Real Estate Investing show. In this episode, Seth takes us on a captivating ride through his evolution in the real estate game, from starting as a land investor in 2009 to his recent ventures into the booming world of self-storage facilities. Discover the ins and outs of Seth's journey, from the financial intricacies to the challenges and invaluable lessons learned along the way. Dive deep into the current state of the self-storage market, exploring its evolution over the years and uncovering the future prospects that lie ahead. But that's not all – the conversation takes an intriguing turn as Seth and Matt delve into the fascinating realm of AI. Seth spills the beans on how he harnesses the power of artificial intelligence for various purposes in his real estate endeavors. But wait, there's more! Before Seth's insightful revelations, Matt sets the stage by sharing the best strategies for Real Estate in 2024. It's a double-feature of real estate wisdom, ensuring you're armed with the latest insights and strategies to conquer the real estate landscape. Don't miss out on this dynamic episode that combines the best of both worlds – expert strategies for 2024 from Matt and an exclusive peek into Seth Williams' journey and mastery in real estate. Hit play now and immerse yourself in the wealth of knowledge awaiting you! 🚀 P.S. Whenever you're ready to go deeper and further with your real estate investing, looking into my partner program to help you get your first deal might be the move... take the first step here for free 👉 https://epicearnwhileyoulearn.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices

But what if I fail? What if I make the wrong decision? What if I mess this up? It's like this inner voice is constantly trying to talk you out of your dreams. Here's the deal, though. That voice is not the enemy. It's just trying to protect you. But sometimes protection, it can turn it into limitation.

It's about shifting your mindset from what if I fail to what if I succeed. This is Terio Media. Hey, strap in. It's time for the epic real estate investing show. We'll be your guides as we navigate the housing market, the landscape of creative financing strategies, and everything you need to swap that office chair for a beach chair. If you're looking for some one-on-one help, meet us at rei-aise.com.

Let's go, let's go, let's go, let's go, let's go, let's go. Let's go. All right, welcome back to my fellow dream builders and future real estate moguls. Today we're not just opening another episode. We're opening up a new chapter of our lives. All right. So let's review the year, 2003, and we'll start prepping your leap into real estate for the new year, 2004.

And this one's for you. If you are, you know, sitting in your office cubicle, your daydreaming about a life where you call the shots or where your financial freedom isn't just a distant dream, but it's a work in progress. And we want to really kind of tackle reality. Today, we're not just going to reflect on the roller coaster that was 2023. but we're also setting the stage for 2024, the type of year that's going to make

even the most outrageous New Year's resolutions look tame. All right, I want you to think of this episode as the heart-to-heart chat with an old friend. Who isn't afraid to tell you like it is, who cheers for your wins and gives you that nudge when fear tries to hold you back because it gets all of us. I mean, remember when we were kids making those New Year's resolutions? I mean, and maybe he did this last year too.

You know, I'll start exercising every day. I'll eat more greens. I'll finally learn to play the guitar. You know, and then you fast forward to mid-January. And what happened? Well, life happened. But here's the twist. Investing in real estate isn't like those forgotten gym memberships.

It's the kind of resolution that transforms lives, builds legacies. And yeah, it's challenging. But it's very, very rewarding. And it's worth every single moment that you put in it as long as you don't quit. So grab your favorite drink, find a comfy spot, and let's dive deep. We're going to look back at 2020. with honesty. We're going to celebrate the victories.

We'll learn from the bumps. And then with clear eyes and full hearts, we'll chart our course for 2024, where you won't be just watching from the sidelines, but you'll be playing in the big leagues of real estate investing. It'll be on the field and making it happen. So if you're ready to turn those what ifs into I will. Let's get started.

All right. So I want you to do more, though, than just listen. I want you to really engage. So if you can grab a notebook, grab something to write with or open a note on your phone, because this is about you, your journey, your dreams. and you want to remember what we're going to be talking about today. If only if you want 2024 to be better than 2023.

So let's start with a simple question. What did 2023 look like for you? I'm not just talking about your day job, the one that pays the bills. I mean, the moments between the meetings, the lunch break spent scrolling through real estate listings, the late nights researching investment strategies, those moments where you allowed yourself to dream, where you really started thinking about what could be, what's possible. And I know it's been a mix, right?

I mean, you might have felt that rush of excitement, that glimmer of what if, or maybe it might have been a year of hesitation of letting those fears creep in, fear of failure, of stepping out of your comfort zone. It's scary to think about leaving the security of a steady paycheck, isn't it? I mean, to venture into the unpredictable world of real estate, just generally the unpredictable world of entrepreneurialism. Is that an eleanprenealism? But remember, every expert was once a beginner, every successful investor had their first day.

So what were your first this year? Maybe it was the first time you attended a real estate webinar or a workshop or a rea meeting or the first time you actually calculated the potential ROI on a property. Maybe it was the first year you actually talked to a seller over the phone or, you know, maybe you launched your very, very first marketing campaign. So celebrate those firsts. No matter how small they may seem, those are the building blocks of your future empire. It's those small little wins that we push together, combine them together,

that really creates momentum and leads us to the big winds. All righty, so look at those. And now, what about the setbacks? You know, maybe you missed out on a deal, or perhaps you got overwhelmed by all the information out there that's easy to do. Maybe you just stalled. Life got in the way and you just didn't follow through. Whatever it was, it's okay.

It's all part of the journey. journey, the road to success, it isn't a straight line. It's a winding path, it's got ups and downs. It's like a roller coaster sometimes, but the key is just to keep moving forward and to learn from each experience. And so those experiences that we learn from, we're going to learn so much more from the setbacks than we will, the wins. So make sure that you are taking note of all the setbacks.

All right. So take that moment. Drive down your wins, your challenges, your lessons. This isn't just about looking back. It's about understanding where you are right now at this very moment, right? Like right now as you're listening to me because understanding where you are is the first step in getting to where you want to be. All righty. So get those notes.

Even if you have to pause this, go ahead and do that. And let's go ahead and list out all of our wins and list out all of our setbacks. We'll resume here in a second as soon as you're ready. And if you're ready right now, let's just go. But don't skip that part. Pause the podcast if you got to. Think about it. All right.

So keep the note handy. we're going to tackle this big one right now. It's the mindset shift. And this is the part where, depending on how what your experience is with personal development and talking about the mindset and everything, and a lot of people just want to get to the meat. They get to the tactics and get to the strategies and give me the next resource or website or whatever it may be.

They think that's the meat. But really, it's the mindset. That's the meat. This is the meat. This is where we get to the core of what it takes to leap from the secure yet often unfulfilling world of a nine to five into the. the exhilarating realm of real estate investing. I mean, think how many times this past year did you catch yourself, you know,

daydreaming about a different life, a life where you're not just working for a paycheck, but building a legacy, creating wealth that lasts and enjoying the freedom that comes with it. But then what happens? The butts and the what ifs, they creep in, don't they? But what if I fail? What if I make the wrong decision? What if I mess this up? It's like this inner voice is constantly trying to talk you out of your dreams.

Here's the deal, though. That voice is nagging as it can be. It's not the enemy. It's just trying to protect you. But sometimes protection, it can turn it into limitation. And the key is to acknowledge those fears, but not let them control you, not let them stop you or interfere. It's about shifting your mindset from what if I fail to what if I succeed? Imagine, just for a moment, it's December 2004.

You've made that first successful real estate investment. And the fear that once seems so big, now feels like a distant memory. Like, what was I afraid of? But you took the leap. And guess what? You didn't fall. You flew. That's the power of the mindset.

So I'll share with you a quick story, my very first deal. I followed the guidance of a mentor. And he had this motto, move at the speed of instruction. he'd say that frequently. You learn a little, do a little, learn a little, do a little. It says the reason we do that is because you've got to move faster than your doubts. You got to stay ahead of your doubts. And that was a big mindset shift for me to trust that if I were to travel as far as I could see,

once I got there, I would see further. That took a lot of faith in that process. And I remember the first time I really went through it, you know, you can give me an assignment for the day to go drive up and down the streets and take note of anything that looked distressed and he gave me like a list, look for overgrown weeds and broken windows or bordered windows or bad roofs or just houses that might have looked abandoned or vacant, stuff like that. And so I did it.

And I went up down the street and I found this one property, found a bunch, but this one property in particular, it was actually listed for sale. I had it for sale sign in front of it. But the house, it looked like someone had started a rehab job and then just gave up. and it's been sitting there and the weather had been beating it up. Even the for sale sign looked like

it had seen better days. But I found, I wrote them all down. I came back and I said, here, this is one. It's kind of interesting. I don't know how long has been there. It looks like a long time. And so we looked it up and it was still listed.

And the guy said, well, just call the agent and make an offer. And I was like, well, it's like, you know, they want $300,000 for it. I don't have $300,000. I didn't say they had to pay for it. I said, do I'll make an offer. And I said, okay, we're going to move at the speed, of instruction and I'm going to move faster than my doubt.

So I went and I made the offer. I think we had a counter offer once or twice, but then it got accepted. And I was like, oh, crap, now what? And so I went to my mentor and asked him exactly that, now what? And he said, all right, so this is what you're going to do. You're going to go build this little flyer. And he showed me how to build a little property flyer, not one that you would hand out. He says, you only need one, but take a few.

And you're going to go to the RIA meeting, the real estate investment. investor association meeting. And this is what you're going to say. When they have their has and want section, you're going to stand up and say, introduce yourself, what do you do? Who do you help?

And then what do you got? And then tell them how to get it. So it was this little formula. So I did that. And I was scared of death. And I did it anyway. And what I found was of the 100 or so people that were in that RIA meeting, two of them came back to me after the meeting and wanted my deal.

And so I went back to my mentor. I said, hey, I got two live ones on the hook. And he says, great. Go ahead and create another contract. And this was an assignment contract. Long story short, is I did this deal. And I recall on that memory frequently, that was $26,000, by the way, for that very first deal.

And I didn't end up assigning it. I was able to negotiate being a partner. So I stayed as a principal in the contract, as my mentor showed me how to do. He says you'll make a lot more money this way. Instead of a $5,000 assignment fee, you know, you'll get a piece of the pie once they're all done or whatever they sell it for. So I got $26 grand. It was good.

And I recall that memory, right? Yeah, I think about that a lot to pull me through tough and unfamiliar situations even today. It's just a reminder that the only thing standing between us and our real estate dreams is typically nothing more than a mindset shift. So here's what I want you to do. Take your notes. Look at the fears. look at the challenges that you wrote down. And next to each one, write a counter statement.

You know, if you're afraid of losing money, I want you right next to that, I have the power to make informed and smart investment decisions. Shift, I don't have enough time to, I can make time for what truly matters to me. Right? So you're going to take those negative fears, negative challenges and turn those into positive ones

and make them statements. The exercise is not just about positive thinking, is about reprogramming your brain to see possibilities instead of obstacles. Rather than focus on why this won't work, you want to focus on how can it work. It's the first step towards a new you in this new year, a you that's ready to embrace the exciting and rewarding world of real estate investing, okay?

So let's dive into the core concepts that form the bedrock of real estate investing. Return to basic, back to basic, so to speak. Remember, understanding these principles here, it's key to making informed, confident decisions in the market. And I've got four of them written down here that probably the most important. First one is understanding market trends. Real estate isn't just about buying and selling properties. It's about understanding market dynamics.

What drives property values up, what drives it down, how do economic indicators like interest rates and unemployment, how does that affect the real estate market, how to global economics impact the market, supply and demand. So just keeping a pulse on these trends will be your compass in advocating the 2024 market. By the way, this is one of the key elements driving the reason that I've brought back the epic intensive because the market trends are all pointing towards the next 10 years of real estate to be the most lucrative 10 years ever for those that are invested in it. So if you'd like to join us, all the details are at intensive,024.com, and I believe there are still some free plane tickets and hotel rooms left. So go there to get the details, intensive, 2,024.com.

Number two would be the power of leverage. The first one was understanding market trend. Second one is the power of leverage. So in real estate, leverage is using borrowed capital for your investment, allowing you to buy bigger and better properties than you could with just your own money. But with great power comes great responsibility. So we'll revisit how to use leverage wisely here in a second and balancing the opportunity and the risk.

So that's number two is the power of leverage. It's what really makes real estate the great wealth creator that it is. because the average person can use leverage in a way that really isn't available to the average person in any other investment. And if it's done right and done responsibly, you know, it multiplies your wealth by five or your return by five. All right. So that's the number two of the power leverage.

Number three is cash flow versus capital gains. So every property you look at, I mean, as an investor, you're going to make that investment based on whether it gives you a good equity position or gives you a good stream of. of cash flow. So those two key ways to make money in real estate are through cash flow. That's the rent money left over after all expenses and capital gains, the profit that you make when you sell a property for more than you paid. And so understanding the balance between these two will help you shape your investment strategy

for 2024. I mean, ideally you want to get both on every property, but one will do, right? And then the last one, number four, it's location, location, location. So the age-old mantra of real estate, why does location matter so much? Well, it's about more than just the property itself. It's about potential growth. It's about tenant demand. It's about overall property value.

And as we step into the new year, 2004, think about the locations that offer the best potential for your investment goals based on those criteria. I think we all got kind of spoiled or blind to the fact that real estate is not a national market. It's very much a local market. And that's why the location is so important. So just because the national median housing price has continued to go up. up, Billamina went up in every market.

That's the median. So we need to know our markets and we need to analyze those markets. Something else we'll be doing at the Epic Intensive. Now, I know this might all seem like a lot to take in, but remember, I mean, real estate investing, it's a journey. So don't put a bunch of pressure on yourself. You don't have to know everything from day one. The key is just to start, to move at the speed of instruction, to take that first step.

You don't have to see the whole staircase to take that first step. And with each step, you learn, you grow and you get closer to your goals. And with each step that you take, that next step is much more clear than it was down there at the bottom of the staircase. So here's a little challenge. Pick one of these concepts that you find most intriguing or challenging. So maybe it's the understanding market trends, the power of leverage, cash flow versus capital gains or location, location, location, and take one of those concepts and then make it a goal to deep dive into this topic in the first quarter of 2024. read about it, talk to experts, maybe to attend a webinar or a RIA meeting

or both or all of the above. Join us at the Epic Intensive. At Intensive-2024.com, that's where all the information is. But armed with these fundamentals, you're not just walking into 2024, you're striding in, ready to make informed, impactful real estate investment decisions. Let's move on to the goals,

speaking of what we're going to set for our goals, the goals for next year, where it's where the rubber meets the road, where your real estate dreams start taking shape in the form of a clear, achievable goals where it starts to become real. So you might have heard this before, but let's talk about it. There's different ways of setting goals and different methodologies to go about it. But we'll just kind of stick with one of the more common ones.

It's called smart goals, smart being an acronym. And it stands for specific, measurable, achievable, relevant, and timely or time bound. So it's not just about saying, I want to invest in real estate. It's about defining what that means for you in a way that's tailored to your life, your finances, and your ambitions, all right? So again, we want to write some of this down. The first, the S stands for specific. What exactly do you want to achieve?

What exactly do you want to achieve? Is it buying your first rental property? Is it flipping a house? Is it walking away from the day job because your passive income is supporting you? Or maybe it's just something really simple. There's a book or two that you really are dying to read or an investment seminar you want to attend. Whatever it is, nail it down. Right?

So we've got to be really, really specific. Next thing, the M, it's got to be measurable. So if it's something specific, we have to know and how we're going to actually measure whether we've attained it. So put numbers to it. Maybe it's earn $1,000 a month in rental income or it's attend three real estate networking events. If we put a number there so we can actually measure it, then A stands for achievable, meaning you want to be realistic. Consider your current resources and constraints, you know, whether that's time, money, knowledge. but you still want to set goals that challenge you,

but are within the realm of possibility. And once you reach them and achieve them, you can set new ones. Then the R is relevant. Your goals should align with your broader financial lifestyle aspirations. And so ask yourself, why is this goal important to me? How does it fit into my larger vision?

Is this something separate or is it going to support the rest of my life? But make sure that it's relevant and it's in alignment. Then finally, the T, time bound. So set a deadline. By March 224, I will have completed my first real estate deal. Deadlines, they create urgency and they create momentum. So give everything a deadline, right? So there's your smart goal.

And I understand goals, goal setting. It can feel maybe overwhelming. Maybe you just kind of listen to this and you're just breezing through it and you don't feel like writing it down and you're going to forget life's going to get the way. You're going to move on. Maybe it's boring. Maybe you feel like they don't work or maybe that's unimportant. But remember, every skyscraper starts with a single brick.

and your goals are those bricks. Goals are very important to the building of a skyscraper and very important to building your financial future through real estate. Okay, so take a moment, reflect on what you've learned so far. Think about where you want to be by the end of 2020, write down one or two of your smart goals and these are your commitments to yourself, your first step towards a transformative year in real estate. That's what 2024 is going to be for you.

Remember, goals that they can evolve too. That's perfectly fine. The key is just to start with the clear direction and be open to learning and adapting as you go. All right. Let's move to the next portion that's going to pull all of this together for you next year. And that's the people that will be involved to help you achieve your goal. In other words, your network. And you've heard it before, right?

It's not what you know, it's who you know. And in real estate investing, I mean, it couldn't be more true. This is very much a people business. In your network, it can open doors for you to new opportunities and can promote. provide support and it can offer insights that you might not find anywhere else. So let's be real. Networking can feel intimidating. I get it.

I don't really like talking to a bunch of people, especially a bunch of people that I don't know. And that's how I started, especially if this is something brand new for you. You know, you had a job with your whole life and now you're going out and you're going to be responsible for killing what you eat, right? And maybe you're thinking,

hey, I'm not a social butterfly. I'm terrible at small talk. I don't know anyone in real estate. I don't know anything about real estate. I don't know what to say. It's all okay. Everyone starts somewhere. So the beauty of networking is that it's a skill that you can develop.

And there's no better time to start than the new year. And there's different ways that we can go about this. And I'm going to give you five different ways of how to do it. But here was the best piece of advice someone gave me when it came to networking. Just be curious and be interested about everyone that you meet. And you'll be surprised how far that will go and how deep those relationships can be or that can get created by just being interested in someone in a networking environment that was told,

and I guess it's really in any environment where there's people. But the best way to be interesting to other people is to be interested in those people. Because there's no one more important to anybody than themselves, sad to say, but it's true. And people like people that are interested in them. So you don't have to impress anybody with accomplishments or knowledge or advice or anything like that.

Just be curious, be interested in and ask questions. How come? How so? How'd that feel? Why'd you do that? How'd that turn out? How'd that make you feel? How'd that make your family feel?

What were you able to do? Just be interested in ask a bunch of those types of questions. How and why questions are really, really good questions. Right? So here's some actionable steps, though, to grow your network in 2024. Number one is leveraging social media, platform like LinkedIn, Facebook, and even Instagram. Those all can be gold mines for connecting with real estate.

professionals. You can join the groups there, participate in the discussions. And I mean, don't be shy to reach out to people whose work that you admire and pay them a compliment and then ask them a question about it. The people that are good at what they do, they love to talk about what they do and they love to talk to people that are interested in what they do. Right. So one is social media. Two, attend real estate events. Whether it's a local meetup, a webinar, or a large conference, make it a goal to attend a set number of events in 2024. You can't underestimate this. And a lot of people, they would rather embrace the technology to get in touch with people, rather than getting in touch with people.

So the conferences are fantastic. Cut out all the middlemen, the people are already there. So they're great places to meet mentors, partners, even investors, buyers, sellers, everything. Right. So that's number two. Number three, volunteer for real estate organizations. Get involved in community projects or volunteer for organizations related to real estate. It doesn't even have to be related to real estate, tell you the truth.

One good thing about us is everyone's a customer. everyone's a potential lead or partner, a buyer or a seller because everybody lives underneath what? A roof, right? So this is a great way to volunteering to meet people with shared interests in a more relaxed setting. There's a book I read a while back, several years ago now, called Networking with the Affluent and one of the key tips that they give in the book, I had a tip. It was a whole chapter.

But volunteering. Like I said, it doesn't have to be real estate. It could be volunteering for anything because there's really no other place in our society where people from every walk of life and from every socioeconomic class will interact with each other. And when you have a combined interest in a cause or a common interest in a cause, then I'll just say this, the poor person and the rich person can cross past very easily and unite and connect just because they are united and connected by that common interest, that common cause for whatever that they're volunteering for whatever that organization represents.

So don't underestimate that one. Number four, build up personal brand. So you can start a blog, a podcast, or a YouTube channel about your real estate journey. And what that does is it attracts like-minded individuals and establishes your presence in the community. I can't tell you how much mileage we've had out of the podcast. And I had no idea what it was going to turn into. I started in 2009 and nobody even knew what a podcast was. Came home to Mercedes said, I'm going to start a podcast.

she was like, what's a podcast? So I'd explain to her. So you're just going to give all this information away and how are you going to make money from it? I said, I'm not. I'm just going to create some goodwill and some people will become the customers and some people won't be. And in fact, we didn't have anything for sale at the time except a book. So that's actually why I did it, if you didn't know, was it was just one of the things you could do to self-promote or self-publish a book. But it turned into something so much bigger just by developing the personal brand. And as far as the YouTube channel goes, that's really just an extension of the podcast. and it's actually become more so in a bigger portion of our business.

But I'm actually just ran across Mercedes desk the other day, not her desk, but we were talking. And I had said, you know what? I think I'm going to start a YouTube channel for my real estate investing business, not just the education portion of the business. And so we're throwing around some ideas of what that's going to look like where I'll actually attract a seller. So that evolves, I'll share more about that with you in the future.

But building a personal brand is really important, becoming the rock star of your community. Number five, don't just take, give. In fact, just give. Networking, it's a two-way street. So offer help, share resources, and be supportive. It's about building genuine relationships, not just collecting contacts. You've got to build the relationship and you've got to go deep with it.

And from my experience, it just give, give, give with expecting nothing in return. You'll find that things will come back to you in ways that you can't explain from sources you can't explain. you know, you do somebody a favor and that person never reciprocates and you get all mad at that person, but someone watched you do that favor or heard about it, and you get reciprocated in that way. So don't be attached to the outcome of how the universe is going to pay you back because it will. It just sometimes it's unexplainable and it'll feel like a miracle sometimes. It's pretty amazing. So just give, give, give, and the giving back to you will come.

So remember, every person you meet has the potential to teach you something, valuable. And that person at the local real estate seminar might be or may just have the insight you need to close your first deal or a guest on your new podcast. That person could introduce you to your future business partner. So as we approach 2004, set yourself a networking goal. Maybe it's to make one new contact a month or to attend two real estate events per quarter, whatever it is, just set it and commit to it. Your future self will thank you. Now, if there's one thing I want you to remember, it's this. In the world of real estate investing, the learning, it never stopped.

The market evolves, strategies change, and there's always something new to discover. So how do you keep up? How do you ensure that you're not just keeping pace but staying ahead of the game? Well, the answer lies in continuous education and continuous skill building. A lot of people don't think of real estate investing as a skill, but it is. and it's a skill that you can build on top of, and the better you're at something, the more you're,

the better you're going to do. It's about being a lifelong learner, just always being a student. I'm still today more of a student than I am a teacher. So let's dive into some of the ways that you can turbocharge your learning in 2024. Number one, good old fashioned reading. You can read books and blogs and industry reports. Make it a goal to read something real estate related.

every week. I try to do that every day, actually, but once a week would really serve you well, whether it's investment strategies to the market trends. I mean, there's a wealth of knowledge out there waiting for it. I mean, you're listening to me on a podcast right now. There's, sheesh, when I started my podcast, I was the only one in real estate investing. There are a few others, but I was really only the tactical one, the strategy one, the resources and the how-to of real estate investing. Now they're unlimited. So there's all kinds of different choices out there. Go out there and connect with someone that really kind of resonates with you and listen and broaden your horizons a little bit that way and increase your knowledge.

Number two, online courses and webinars. There's no shortage of online learning opportunities these days, whether it's a free webinar or a free YouTube video or a paid course. Commit to completing a certain number each year to expand your knowledge base. I still buy real estate courses because I'm always looking for that one thing that might change my business. Undoubtedly, I'll always find one or two tips, like even if I knew nine, percent of the content and I could have taught it all myself.

There'll be one or two things. Like, oh, that was interesting. I never thought of it that way and it will make an impact. It'll have an impact for me. Number three, mentorship and coaching. Consider finding a mentor or a coach. I wish someone to talk to you this in high school. Because, boy, what a shortcut that can be.

Learning from someone who's been there that you want to do or a place you want to go or done what you want to do can really accelerate your growth and help you avoid comma pitfalls. And if you can't find just a mentor that'll take you under their wing pay for one absolutely pay for one because it is worth it when you find the right one number four podcasts and videos subscribe to real estate podcasts we talked about a little bit the youtube channels the great resources of information and you can listen and watch on the go if you don't mind searching through a lot of videos and trying to find stuff on youtube if you're okay with that i mean

just about anything you need to learn is there so it might make sense for you to join a course because everything is kind of structured and organized for you and, you know, easier to find and consume. But everything you need to know is it's on YouTube. You might have to connect a dot here or two and maybe exercise a little bit of resourcefulness. But it's there. It really is. And that's on area. Gosh, I look on there for golf and wine and cooking and SEO stuff and video editing and just whatever it is.

It's there. All right. And then the last one would be the networking events. So it's not just about consuming information. It's also about learning from people, the conversation if you have at a networking event, that can be incredibly educational and get insight that you wouldn't get anywhere else. Right. So those are five ways that you can continue your education, continue your learning.

And here's another one thing I'll say just before we move on. When it comes to learning, sometimes it's just as important to unlearn something that we thought to be the truth first or over learning something brand new that we didn't know before. So when you go into your learning, really have an open mind and question everything. Even the stuff you agree with. I have found that to be incredibly true just worldwide in the world that we live in right now. But even the stuff you think is true and it sounds good, still question it. Ask why. How come?

Are you sure? Prove it. It's really, it provides a much better education and it keeps you, make sure that you are consuming the right information and the information that you do get will make a difference for you. All right. So imagine the end of 2025. I mean, you're not the same person you were a year ago after all of this. You're more knowledgeable, you're more confident,

you're better equipped to make smart investment decisions. That's the power of continuous learning. So embrace that. Here's one little challenge. Pick one area of real estate investing that you feel the least confident about. What are you the least confident or least comfortable? What are you not good at about the real estate part or real estate investing? And make it your mission to master that area in 2024.

I mean, it could be understanding real estate financing or learning about property management or creative acquisition strategies or rehabbing or just getting to grips with market analysis. The world of real estate investing is dynamic and it's exciting and there's always something new to learn. So equip yourself with knowledge and embrace constant and never ending learning and improvement. And watch as the doors that you never even knew existed, they start to open up for you and you're like, wow, I didn't imagine that. What a shortcut this is or that that'll make everything a whole lot easier and you just never know. So just stay involved. It's a people business, interact and engage with people. So as we bring this episode here to a close, I can't help but feel excited

about the possibilities that lie ahead for each of us in 2024. Remember, the journey that we've discussed today isn't just about real estate investing. It's about transforming your life, about transforming your future, and stepping into the person that you're destined to be. It's not necessarily all about the money that you're going to make, but about who you're going to become along the way. There was a great little reel I saw the other day by the great Jim Rhone. I think I might have mentioned this last episode, but it was really good. And I think about all the time that everybody should strive to become a millionaire,

not for the million dollars, but who you become in its pursuit, who you become in its pursuit. All right? So if you're ready to make 2004 the year that you wanted 2023 to be, then you won't want to miss this, the all-new epic intensive. That's up next month. So go to intensive,224.com. Do that right now while I still got some free plane tickets and hotel stays available. I'll talk to you soon.

Take care. We'll be back with more right after this. Hey there, I've got something incredible to share with you today. I mean, it's a game changer, especially if you're skeptical or even have the slightest doubts about the ever-changing world of real estate investing. I mean, imagine if you could jump ahead in time to see exactly what the next. next decade holds in real estate? Now, what if I told you that you can not only see it, but also be a master player in this future landscape? You see, I'm getting together with a small group of aspiring real estate investors like yourself next month at the all-new Epic Intensive,

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Intensive-2024.com. Go there now. See you in Vegas. is not a financial strategy. Let's get back to work. All right, welcome to the epic real estate investing show. Our guest today, the founder of R.E.Tipster.com, is a real estate investor known for his practical low-risk investment strategies starting in land investing as a side hustle in 2009. He's transformed it into a successful business. He launched RETipster.com in 2012 to share his insights on efficient, effective real estate

investing, and he emphasizes data-driven decisions and values the impact his work has on changing lives. He's also the host of the RE Tipster podcast, sharing deeper insights into real estate ventures. So please help me welcome to the show, Mr. Seth, William Seth. Welcome to Epic. Hey, Matt. It's great to be here again. Thanks for having me. Cool. So that intro for you was all 100% AI produced. And I probably should have read it before I just started reading it aloud. But that was my first time even reading it. So how did it do? Did you use like chat GPT for that or some other tool? That was the chat GPT. Yeah. Number four, I said, hey, and we've got access to the internet now. I said, look up Seth and write me a short little intro for my podcast.

I'm interviewing up today. I've got to use that. I've used this thing called perplexity AI. It's a Chrome extension where you let go to the website and that it knows what you're looking at. And then you ask the question. But sounds like I just kind of stirs the internet and figured it out. But yeah, real salad. Yeah.

Sweet. Well, good to see you again. Yeah, good to see you too. Here we are end of the year, 2003. Getting ready to start a new year. and is land investing still the game for you? Yeah, that's part of it. It's kind of like a three-pronged approach these days.

There's land business, there's R.E. Tipsier, and then there's self-storage now. That's like a newer thing I've been doing over the past. We just opened our first facility in, I think it was August this year, but it took about two years for me to build that thing, from the first idea that came into my mind to actually finishing it. So, yeah. Self-storage is something. It just seems like a just a dream.

business, but they always say they're so expensive. It took you two years, so obviously it wasn't terribly easy. Bring them to see how did that pan out? Yeah, I mean, part of the reason it was slow is because I just had never done it before. And I think we're in a time where it is kind of expensive right now, for sure. I had first started trying to look for deals in, what was it, 2020, I think. And I'd sent out direct mail using the same kind of knowledge I had from the land business. I was trying to contact all the facility owners within, like, an hour radius from where I lived.

just to say, hey, you know, do you want to sell yourself a storage facility? And I sent, I think I contacted 100 different people, and five people responded. Three of them just responded to say, hey, did you find any deals you can send to me? Because I want to buy one too. And the other two people wanted like twice as much as what their facilities were worth. And I realized pretty quick, it just was not a good time to try to buy a facility. Like people just were not motivated. They were making tons of money for people.

It was, you know, later that year when I started thinking about building. one from the ground up, which I normally, like, never would do, not in a million years. Like, I wanted nothing to do with development because I knew it, you know, there's a lot of moving pieces. There's risk involved. It takes a lot of times, a lot of money. I didn't even think the numbers would work, but just looking at values of storage facilities and where they were going, starting to look like, man, I could do this thing and screw

it up and still make money on it. So I decided to go down that path, and it was quite the adventure and an awesome opportunity. You can build it. Yeah. Yeah, exactly. Really? From the ground up. Yeah.

So did you just have some land laying around on the side or did you have to go source the land first? Yeah, I actually went out and bought a piece of vacant land a little below market value, but, you know, not a huge discount, but I bought it with the intent of building a storage facility. So when you're trying to do something like that, it's a very different mentality than just a simple land flip, like what I had normally done up until that point. The property was zoned residential, so I had to rezone it to commercial. So that was one big hurdle I had to figure out. And the location totally matters. It's not like a landflip. We're like, yeah, I just buy it any old place.

And as long as you're getting it for a discount, you're fine. It's like, no, it kind of does matter where the thing is at and what's around it and what kind of competition there was. So I spent a lot of time looking at that. And then, you know, obviously getting construction bids and finding a general contractor and lots of stuff I had never done before. And I ended up finding a self-storage consultant who helped out a lot in the beginning. and my general contractor, once he came into the picture,

he helped out a lot with understanding numbers and coordinated with different people. And yeah, man, it was a crazy adventure. I'm kind of surprised I even did it, to be honest, just knowing who I am and that's not the kind of thing I do. But as a YouTuber and blogger, it was an amazing opportunity to really document that experience for better or worse and just explain to people

and show people visually, like, what the process looked like. And, you know, when I learn new things are made mistakes, I can talk about that stuff. And I hadn't seen anything else quite like that. And I wanted to be the guy that did that for people. So it was a lot of fun. That's amazing.

Well, congrats. What state is it in? It's in Michigan. It's about 18 minutes from my house. It's in Michigan. Yeah. Okay. Oh, that's right.

You live in Michigan. I was thinking you were a California guy. Yeah. Okay. You're in San Diego, right? For some reason. I'm in Vegas. Are you?

So we're both close. Oh, cool. Yeah, I've been in about four years. Okay, cool. I was in Los Angeles my whole life, and then I moved here just six months before the pandemic hits. So perfect timing. Cool, man. I had to get out of there.

So when you're picking out a location, I thought we're going to talk about land, but now I want to talk about storage. Yeah, let's do it. When you pick out a location, what are some of the dynamics and things that you're looking for for just the right location? Yeah, well, I think one of the things you want to start looking at is understanding what the supply and demand is for self-storage in that area. And there's a few different tools out there. One is called radius plus. One is called store track where it's fairly easy to do this.

You can pick an exact point on the map and draw like a three or five or ten mile radius around that and understand what is the existing square footage of storage space in that area per person. Just to understand like how many people are there and how many storage facilities are there.

And the nationwide average is about seven square feet per person. So like That's what average is. That doesn't mean that's good or bad. It's just the average. So, you know, you can pick out a spot wherever you want. And if you see that it's like two square feet per person, that might indicate, hey,

maybe this place could absorb a new storage facility. Or if it's 20 square feet per person, that might indicate this is kind of overbuilt. And it's kind of like a credit score. It's not so simple that you just look at the number and you know, like you got to understand what's behind that number. Like what kind of storage facilities are there? Are they climate controlled or not? And what sizes are those units?

And is there RV parking? Is there, there's lots of different things to consider? Because like climate controlled versus cold storage, which is what I have, just very simple metal buildings, is there kind of different things? And like they sort of appeal to different people and you can charge different prices for them. But anyway, that's one of the things to look at. And then also figuring out of the other facilities that are there, what is their pricing?

Like how much are they charging and getting for their storage space? Are they full or are they totally empty? Because that then has implications for which you can charge for your spaces. And if you have a totally new type of stores that isn't even in the market yet, maybe you can charge even more because nobody else is offering that. So there's lots of stuff to look at. And I looked at a lot of this stuff, spent many, many hours doing it. And then after that, I ordered a feasibility study, which costs me $6,300.

And that's where a professional who does this all day long goes and looks at a lot of the exact same stuff I looked at and more. terms of understanding what is it going to cost you to build this kind of facility? And how long do we think it's going to take you to fill up once it's there? And that was really helpful just in terms of understanding, like, was I right with what I looked at? Like were my assumptions off base or were they on the right track? Right. And I hadn't even looked at what I thought it would cost to build the thing. I was just looking at supply and demand.

So a lot of good insights that came from that. Good. So you've gotten by a piece of land. and how big of a lot did you get? 6.7 acres. And how many square feet is the actual facility? I believe it's 27,600 square feet. And the consultants I started working with,

they were saying, like, you generally don't even want to do this unless you're planning to build like 50,000 square feet or more just for economies of scale. Like, there's truth to that. Like, the excavation that we had to pay for was almost $400,000 because we had kind of a, janky lot. It was like holes all over the place. It took a lot of work to level the thing out.

And you have to pay that fixed cost, whether you put in 10 square feet or a thousand or 20,000 or 50,000 square feet. So that was the suggestion. But I ended up doing half that much simply because I didn't know what I was doing. And I didn't want to go, you know, $5 million into debt with something I've never done before. So the idea was just to do like a phase one, phase two. And for phase one, it was just to figure out what I'm doing. I get this thing. full and then we'll worry about phase two. So is it one story, two story? Mine is one

story. It's pretty simple. My whole goal was to make this like least maintenance thing that I could. So it's unmanned. There's no kiosk there even. There is a automated gate and a fence around it, but the way it works is there's a QR code

right by the gate. So you can pull up and scan the QR code with your phone and rent online and upload your picture of your driver's license. And then right there, it'll give you a key code to get through the gate. And then you just pick the unit that it assigned to you. So honestly, software has made the industry advance a lot over the past five years. You can imagine like 20 years ago, it's kind of a hassle like somebody had to be there.

You know, people with mailing checks or pay cash and a lot of human stuff that was needed to make it all happen. But with websites and software now, it's like people don't need to be there. And it's not a problem. People don't get confused. It's very idiot proof for the most part. So how long have you been up and running and operational? So we did a soft opening. And I think it was May or June of 20, 23.

So we opened one of our four buildings because we were still under construction. And then we finished everything. It did the grand opening in, I want to say August or September of this year. I forget which mother was. Okay. So this is really, really new. Yeah, it is. It was actually really interesting.

When I started this, my intent was to pay for everything myself and own it and run it myself and all this stuff. When I was about halfway through construction, a local competitor reached out in the same city. He had a couple solid facilities and he's like, what do you think if I just like bought this from you? Just like buy you out right now. I'll finish building it and you just be done. And I was like, I appreciate it, but like I kind of wanted to do this myself. I want to at least try it before I quit. He's like, hmm, well, what if we?

partner with you? What if we put in 25% and then I'll manage it and run it with my other facilities and you keep 75% and just collect the cash? And I was like, that sounds kind of awesome actually. Maybe I will do that. So he ended up coming into the picture and he's got 25% now and I don't have to manage anything. And I also like, it's working really well. I was really concerned because I didn't know this guy and I'm usually not all about like partnering with people just willy-nilly. And so we had our attorneys work together and come up with this interesting operating agreement arrangement where basically if at any point, you know, say three years from now or something, if there comes a point where it's like, I want out of this, I don't want to own this with you anymore. Get me out. What we can do is I could say, okay, partner, I'm going to buy you out and you have to sell. And if you say no to that, then you have to buy me out right now. And whatever, you know, the price we use for that is based on a new appraisal. So, One way or another, I can either get cashed out or I can buy them out. I may not get to choose which one I want, but one of those two things can happen just by pulling that trigger.

So that kind of gave me comfort with that. Yeah, yep. And he does too. So, I mean, he could also do that. Oh, okay. Got it. Interesting. Well, gosh, I mean, I think that's like a clue as to what a great business it is is

if someone comes along and says, hey, for 25%, I'll just manage it for you. Well, and that's the interesting thing. It has been awesome since the pandemic made it really awesome. I don't even fully understand why, but self-storage blew up since 2020. And the feasibility study that I ordered in mid-2020 was super optimistic. It said I was going to be breaking even within about six months of opening it, which is really fast. And I think that was probably accurate for that point in time. But fast forward to when this thing is actually finished.

And self-storage has actually pulled back quite a bit. I think I've heard that the search volume for, you know, rent self-storage units near me is down like 40% this year from last year. So like demand has dropped a lot and it has a lot to do with high interest rates, causing people to not move as much as they otherwise would have. So I think it's still fine. It'll come out no problem. But we're sort of in this weird lull right now where when people aren't moving as much, demand for storage has dropped a lot. So I think if anything, it might create some newly motivated sellers of storage facilities. So maybe I can finally buy an existing one.

People have a lot of stuff, though. Yeah, I know. I think one of my theories are my thesis on the real estate market. I think it's going to be the best business to be in for the next 10 years just based on supply and demand numbers, just based on the population and we just don't have enough houses, right? Yeah. And it's going to take a long time to catch up. or we're just going to have to start changing the way that we live.

And my thesis goes deeper than that. It's not just, that's not the surface. But I'm thinking like storage facilities could ride on the back of that because the peak of the population is coming of age to home buying age and where they buy stuff and they collect stuff and they got to store stuff. Yeah. You see it the same way?

I think so. Maybe depending on the type of storage. Like, for example, I've been, I don't really know enough about this to say anything terribly smart, but I've been thinking about like RV storage facilities, like enclosed, basically just giant garages and that kind of thing. Because there's not hardly any of those in my market.

And I know they exist in other parts of the country, but for whatever reason, Michigan just doesn't have that figured out and there's no real supply for them. But, you know, say if I spent a couple million to build one of those things and,

you know, what if nobody wants it? And there's no comps to use. It's like, I don't really know that it's going to, There probably will be, but I don't, I don't even cops to go by. Right. So, like, I'm sure there's opportunity there, but they've got facilities here in Vegas.

And for our just your RV, park your RV. But, oh, I think some of them are covered, but they're all actually like stations. Like, it's like an extension of your house. Like, you could park the RV there. And then you got the shower and you got the whole barbecue layout and you got the patio. And some of them got a little jacuzis in their little thing. And those are, it's just a little plot of land to barely big enough. to fit the RV.

You know, it's got a few additional amenities, but those are $500,000 each. To buy them. It's not even a house. Wait, are you talking about like

essentially a glorified parking spot with some extra stuff? Yes. Yes. So it's not even covered. The ones I've seen, I haven't been there in person, but my neighbor across the street bottom

and then he showed me a picture of his and his was not covered. So I don't know if that's all of them or not. You know, I feel like I've seen pictures of this too. I've got to look that up. That sounds pretty cool. It has to do with because it's in Las Vegas and it's a place people want to go.

I don't know. Travel and sit for a second, but still, I mean, 500 grand to just, you know, how expensive can it be to. And again. Yeah. Even if you're going to rent that out, it would say like it'll be a tough thing to cash flow maybe. Yeah. Maybe not.

Who knows? The whole different world. What does the financing look like for something big like that storage facility? So, you know, if it takes you two years to build it or even a year to build it, are you servicing debt that whole time on millions of dollars? Yeah, it probably has a lot to do with which bank you're using and whether or not they make you get SBA financing involved. Actually, in my previous career, I had a job closing and approving SBA 504 loans,

and that's a common type of loan program to use for this kind of thing. There's also the SBA 7A loan, and essentially with this stuff, you have to close your loan twice and fill out all the same application documents twice, and it's kind of a annoying. But once it's done, it's a good loan product. But I actually got fortunate. I found a local bank. They approved me really quick, and they just gave me a conventional loan. And I even had an option to, this is very uncommon. I never even heard of this when I was working in commercial banking, but they gave me an option to close with a fixed rate for 20 years, just through a conventional loan. And I ended up getting a lower rate. I rate was 4.83% for eight years. That was

another option they gave me. And luckily, I closed on that thing like the month before the Ukraine War started and rates started going up. So the timing elect couldn't have been better. But they gave us an 18-month interest-only period. So that was the amount of time we had to finish up. And then once we're done with that, we could start our PNI payments. Sweet. May I ask, now that you've got all of your buildings open, how are you on occupancy right now? Last I checked we were at like 25% occupancy. Okay, so you got a long ways to go then. Yeah.

Yeah, so like 25% of the units are now occupied with paying renters. So I think I have heard that like a normal time frame to get yourself to break even is like two to three years. Three years would be kind of long, but you know, not terribly unusual. And I think if we had opened up a year prior when storage was still on fire, it would probably be a lot further. And also, I don't know how it is in other parts of the country, but in Michigan, the wintertime is super slow. Not much happens in terms of people moving in and out. So a lot of the activities are going to go on, spring, summer, early fall. Got it.

So when you say break even, is that mean breaking even on your monthly cash flow? Or does that mean you paid the debt off? I believe that is breaking even on the monthly P&I and also your expenses. So basically, like, you're not losing money. There's more. you're making as much as going out. So you're negative cash flowing for a few years, that is what you're saying?

Yeah, for sure. We've got a slush fund. I forget how many tens of thousands we've gotten there, but we've got plenty of money. And that's kind of baked into a new development like this. Like you plan on the thing, suck and win for a while. What percentage do you,

have you calculated that? What percentage of occupancy it takes to break even? I think it was 60%, if I remember right from the feasibility study. And then above, that would be your cash flow. Cool. So you're brand new,

so you don't have any horror stories or anything. It sounds like it's going really good so far. So again, congratulations. That's a little endeavor. Yeah, there's been tons of things learned from it. I mean, I think what shocked me the most was back in the early design stage and we were trying to figure out,

okay, where do we put the buildings and where do we put the driveway and very little things that you would think anybody would catch are very easy to miss. Like, we ended up repositioning the driveway and moving it to the east by like 100 feet. And that decision alone saved us $200,000 because of the amount of fill material we would have had to bring in

if we had left it where it originally was. And like, there was another time where the foundations that we were going to use. So originally our structural engineers so we had to use, what's it called, stem wall foundations, where you basically pour a much deeper footing around the perimeter of the foundation and also put insulation between it,

which is necessary when you have like a giant insulated building because there's a difference in temperature between the above and below it. But for cold storage, you don't need that. It's very simple. Like there's not really a temperature difference. And so we ended up doing a monolithic foundation. And that right there was another $300,000. And like that would have been a deal break.

That would have been the difference between us doing it and not doing it. And this was just a little detail where it's like if we didn't have six different people around the room all with their eyes on it, like it very easily could have been missed. And it kind of makes me sick to think like, what did we miss? There's probably stuff that we didn't catch that we didn't have to do. But I guess it was just a big lesson that just because this other person is a licensed professional, don't assume that they're going to catch everything. And don't be afraid to get other people to examine the facts and give their input on it.

it. Even then, you still might not catch all the issues, but you're more likely to catch those problems. Yeah, that's what I always say. Real estate is safe. The people are risky. Yeah, for sure. Regardless of their licenses or their credentials or experience, and there's just too many variables when you start introducing a bunch of human beings into the thing. Yeah. Seth, I mean, I could talk to you for, I mean, I got 10 other questions to ask you about land. I think we just do this again and this kind of cut this off and make it about self-storage rather than smushing it all together. Yeah, man. Anytime.

What's the biggest lesson then, I guess? Or what's the biggest aha moment? What did you find most valuable after going through this whole process? There was a lot of them. I actually have a massive blog post, like the biggest one I've ever written that's coming out December 26. But there's a bunch of different lessons that came up during the process that I talk about. But, I mean, one of the bigger ones that I probably didn't even mention is that the timing of this,

like this took me two years from the moment I had the idea to the moment it opened. But part of the reason it was. took that long was because there were certain things I could have been doing simultaneously that I wasn't. Like, for example, when I was getting the zoning changed, and when I had my civil engineer working on plans, and when I had to get my bank approval, like, I could have in all these things at the same time, but I had this, like, paralyzing fear, like, oh, I can't take this next step until this other step is finished. So I've got to do that first. And there is some truth to that, because there's information you need on later steps from the earlier steps.

But looking back, there's a lot of assumptions I could have made that weren't crazy assumptions to make that I could have just moved forward. So, I mean, all on all, because I took that slow approach, it probably wasted, I don't know, four to six months. There were also different things I did that I thought were really important. Like there were a couple of power poles on our property that we moved. That they were definitely in the way, but it cost us like $23,000 to move. these things and so took the power company like four or five months to do it. And in hindsight,

it probably was not a $23,000 problem. Like, I could have just designed it around those poles to stay where they were. So another one of those things like, I don't know how I would have known that until I just kind of went through the nightmare that presented itself. But if I ever do this again, there's definitely certain hot button issues that I would know. That's actually not a hot button issue. Like I can just let that be or ignore that and it's probably It's fine. That's so awesome. Well, cool.

So you kind of mentioned it there, but certainly, RETipster.com is the website. If someone wanted to get in touch with you, is that the best place to do it? Yeah, probably. There's a little contact button way at the bottom of the site and the footer. It's kind of hidden away by design.

But if you want to contact me, scroll down there and click contact, and I'll give you a form you can submit and send me an email. Perfect. And if you're unfamiliar with R.E. Tipster and what Seth does, I highly recommend you visit. I mean,

I think he has two blog posts in there that I link out from inside of, in my paid platform. Oh, cool. Because Seth did the work and I was like, I'm not going to redo this. I'm not going to do it any better. Let's just send the traffic to Seth.

They can learn from his blog post and his resources and his pictures and his diagrams and his links. And he just does a great job on everything that he does. So December 26th, make sure you go to RETipster.com and see his whole story for the storage facilities. I've got a couple links in my blog going to your videos too, Matt,

the one you did about options. Oh, do you? And another one from many years ago, but you do an amazing job. So appreciate what you do for the real estate. I didn't even know that. So thank you, Seth. I appreciate it. Yeah.

I think we've kind of been buddies from afar, haven't communicated too much, but they've always had great respect for you. I always spoke very highly of you, and I've never heard a bad thing about you either. Awesome. Pleasure of having you back. Yeah. Thanks again for having.

me. And that wraps up the epic show. If you found this episode valuable, who else do you know that might too? There's a really good chance you know someone else who would. And when their name comes to mind, please share it with them and ask them to click the subscribe button when they get here and I'll take great care of them. God loves you and so do I. Health, peace, blessings and success to you. I'm Matt Terrio. Living the dream. Yeah, yeah, we got the cash flow. You didn't know home for us. We got cash low. This podcast is a part of the C-Slo. Suite Radio Network. For more top business podcasts, visit c-sweetradio.com.