Business
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 (https://www.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 The Road to Family Freedom: roadtofamilyfreedom.com (https://www.roadtofamilyfreedom.com/) Facebook: Allen Faires (https://www.facebook.com/allen.faires1) Premier Storage Partners (http://premierstoragepartners.com/) Follow Us: facebook.com/roadtofamilyfreedom/ (https://www.facebook.com/roadtofamilyfreedom/) instagram.com/roadtofamilyfreedom/ (https://www.instagram.com/roadtofamilyfreedom/?hl=en) twitter.com/r2familyfreedom (https://twitter.com/r2familyfreedom) Other Stuff: If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. For show notes and past guests, please visit roadtofamilyfreedom.com/episodes/ (https://www.roadtofamilyfreedom.com/episodes/) Discover the tools and services we use, visit roadtofamilyfreedom.com/resources/ (https://www.roadtofamilyfreedom.com/)