Do you dream of building a real estate empire and reaching financial independence but stop short due to the “tenants and toilets” problem? The irony wasn’t lost on twenty-nine-year-old Dillon Leonard when a renter accidentally burned the roof off one of his properties. This incident, along with several others, prompted him to explore self-storage investing as a way to escape residential rentals while still allowing him exposure to real estate.
Knowing little to nothing about this often-forgotten segment of the market, Dillon sought expert advice by taking local self-storage owners out for coffee. He soon took action on a 12,000 sq. ft. property for around $300,000 and tripled his investment in a year’s time. Encouraged, he scaled his portfolio over the next three years and now receives approximately $70,000 in gross monthly revenue from 800 units!
Dillon’s self-storage success story has allowed him to build a team and implement systems to run day-to-day operations. Not yet thirty, he now enjoys options that many twice his age wish they had, including potentially retiring from the fire department, spending more time with family, and leaving a property package as a legacy. Tune into this episode to explore the nuts and bolts of the self-storage industry as well as the inspiring mindset realizations that Dillon has experienced in his journey!
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Real Estate Rookie 340 – Why Self-Storage Beats Rental Properties w/AJ Osborne:
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Self Storage: The Misunderstood Money Maker Most Investors Overlook:
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Tony: https://www.biggerpockets.com/users/tonyr75?utm_source=youtube&utm_medium=description&utm_campaign=none
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Connect with Ashley and Tony on Instagram:
Ashley: @wealthfromrentals or https://www.instagram.com/wealthfromrentals/
Tony: @tonyjrobinson or https://www.instagram.com/tonyjrobinson/
Show notes at: https://link.chtbl.com/Rookie
00:00 Intro
01:14 Residential Rental Woes
05:09 Escaping Tenants & Toilets
07:38 1st Self-Storage Deal
10:34 Financing Self-Storage
12:53 Self-Storage vs. Rentals
19:13 Growing His Self-Storage Business
22:47 Time Management Tips & Tricks
26:04 Scaling through Creative Financing
27:50 Hitting Financial Freedom!
31:09 Acquisitions and Due Diligence
34:55 Systems and Processes
37:23 Quitting His Job
