Huber Bongolan

Podcast Episode #62 “Investing in Self Storage with Ryan Gibson” – Achieve Wealth Through Value-Add Investing with James Kandasamy

Listen Date: 11/2020, Source

  • Ryan Gibson of Spartan Investment Group
  • “Self storage is great because it revolves around life events and life never stops occurring – whenever life changes, you need a place to store your stuff”
  • Part of the agreement of using storage is that the operator gets a first position lien on your stuff so if you don’t pay then they can just sell your things for a profit 
  • Ability and ease of building will differ city-by-city – some cities have moratoriums on self-storage
  • Viability of the business plan is based on demand so your market study is very important
  • Austin is not a good city for self-storage
  • What is the population within 4 minutes and 8 minutes of your property?
  • What are comparable rents?
  • They only develop in the state they live in – Washington & Colorado
  • There are only 50,000 total self-storage properties in the USA so competition is intense
  • Target customer is 70-year old woman so need to make the property feel safe – cameras, new fence, fresh paint
  • Make it convenient – notary service, ice vending machines, car wash
  • Self-storage auctions – www.storageauctions.net
  • If tenants haven’t paid in 5 days they get a late fee and unit is locked automatically
  • The gate code that let’s that late tenant into the property will automatically turn off also

Published by CredibleCRE

Huber Bongolan has 9 years of experience in commercial and residential real estate finance. Mr. Bongolan has sourced $700+ million in debt and equity financing for land, construction, bridge, and permanent deals in all product types. Huber received a double bachelors, Business Economics and International Studies, from UC Irvine where he graduated Cum Laude. He then earned a double masters, MBA and MRED, with Program Distinctions, from University of Southern California. Mr. Bongolan is an Eagle Scout in the Boy Scouts of America, and holds leadership positions in both ULI (Urban Land Institute) and FIIRE (Filipinos in Institutional Real Estate). He enjoys competitive sports, mentoring youth, and teaching personal finance. Huber also enjoys writing about Real Estate trending topics and education. His blog posts can be found on https://medium.com/@huber_60971

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