Student case studies by Scott Meyers

1. Part 6 :
Student Case Studies
Self Storage Training Series

2. Self Storage Training Series
Education
+
Action
= Passive Income
Student Case Studies

3. Case Study: Store More Pay Less
Student: Mike Wagner

4. The Find
-6 Usable Acres with 3 buildings
-150 total units
(76 units plus 74 parking spots)
-55% occupied
-Under-served Market
-Distressed Owner - Short Sale

5. The Financials
Year before purchase Year 1 (After Purchase ) Year 2 (After Expansion)

6. The Funding
 Purchase Price: $330,000
 Closing Costs: $20,000
 Acquisition Cost: $350,000
Buyer put $40,000 down, borrowed $60,000 from private
lender and $250,000 from bank via SBA 7a (Five banks
said no, Sixth said YES!)

7. Fast Forward 9 Months
 Occupancy up to 91.7%
 Appraisal by CBRE = $750,000
 Sought $500,000 to add two buildings and
expand parking lot
 36 typical units & 10 covered RV spots
 13 Banks said no-citing lack of seasoning; 14th
Said YES

9. Projected Value After Phase 1
Year before purchase Year 1 (After Purchase ) Year 2 (After Phase 1 of Expansion)

10. The Best Part
 Already has town approval for two more
buildings (Phase 2) and over an acre of land
left after that for further expansion
 Video Testimonial at:
http://www.youtube.com/watch?v=c9DaQPndrD8&feature=
share&list=UUIVs1iQ58cdMwqHtoMO2MJQ

11. Mark Makes Over $9k / Month
Scott, After buying your course, and using the Self Storage
Valuator, we bought a 373 unit facility in San Antonio at an 11%
cap rate. We paid $1,275,000 and we borrowed over $900,000 even
in these “so called” hard credit times and partnered with a private
investor for a $0 money down deal! The annual positive cash flow
is now over $100,000.00!
Mark Torok

12. $5,000 Per Month on 1st Deal!
Scott,
During our very first conversation, I remember asking you
what kind of cash flow to expect for my first storage
deal. You said a typical deal was $5000/month. I almost fell
out of my chair! Now, a few Months later, I will be very very
close to that with my 1st deal AFTER debt
service! Amazing!
Sincerely,
David Manka

13. Jeff Took Action!
"Scott's Systems Allow you to Bypass “Reinventing the
Hammer", and His Self Storage Academy fills in the gaps that
Everyone has as they Learn the Business. His training Gave me
the confidence to go out and Find Facilities, Place Offers and
Buy my First Facility. He has the Most Comprehensive System I
have Seen Because He Uses it Daily in His Own Business.”
Jeff Wilson

14. “Cash Cow”
Dear Scott, “We bought a 687 unit 68,000 S.F. property, out of a
distress situation, with great cash flow already in place, for $2.5
million dollars. We rehabbed it and used your techniques to
maximize the income by adding multiple profit centers. Our positive
monthly cash flow is now $22,000 per month, and the property is
currently worth $3.8 million dollars. We are now looking at 3 more
facilities to add to our portfolio”.
Kris McGee
Steamboat Springs, CO

15. $727,000 Profit!
“Dear Scott,
I bought a facility for $460,000 and added 22 temperature
controlled units and I graveled and fenced my 5 acre lot for Boat
and RV storage. Before long, we were full, with a $3,500 positive
monthly cash flow when a broker called me and said a larger
firm wanted to buy our facility. I couldn’t pass up their $1.5
million dollar offer and the quick profit of $727,000! I’m now
looking for my next Self Storage Project!
Thanks Scott,”
Curt Johnson,
Brownsburg, IN

16. $10,000 per Month!
“Dear Scott,
“After looking at several facilities, we bought a 150 unit
facility for $600,000 with room to expand. We added more
units and profit centers and now enjoy a $10,000.00
positive monthly cash flow which will provide a lifetime of
income for our family.” Thanks Scott, Dan Bradley Plain
City, OH

17. Automate Your Real Estate
“Scott, thanks so much for helping me buy the Danville
Facility. Your home study course and Self Storage
Academy gave me all the tools I needed to seal my first
deal. I now enjoy managing my Facility Remotely from
my home State using a kiosk!” Thanks again!
Casey Cavell,
Always Open Storage

18. Traded Rentals for Storage!
“Dear Scott,
I just closed on my first 2 mini warehouse deals by trading 4 rental
houses and assuming their mortgages with only $2,000 down. They
also came with the only 2 U-haul franchises in town and one facility has
room to double it's size! My residential rentals were in the red for
almost a year and the stress was so bad I was actually on
medication. Then I found You and Your system which gave me the
confidence to embark on this new journey.
Thank you! Thank you! Thank you! Jeff Quinlan, Louisville KY

19. “We have been in Apartments for 10 years and were ready for a
change from “Tenants, Toilets & Trash”. We made an offer on a 122
unit facility and After a few days of negotiations (using your forms)
we signed a purchase agreement and Closed several weeks later.
As we Rent the property up, the profits will go through the Roof!
Thanks for all the knowledge to give us a great start. We are
looking forward to adding more facilities to our portfolio as we
continue to “Wean” ourselves out of the apartment business. Best
wishes for your continued success!”
Greg Michael
“Weaning” off Apartments

20. “Dear Scott,
We closed on this one the day before foreclosure after negotiating with
the owner & the bank for 3 months. Final purchase price was 54% of the
2 year old appraisal. Current owner did a horrible job with management
& didnt’t pay sewage bills or R.E. taxes for 2 years. Occupancy was
down to 25% (was over 90% 4 years ago). We already have a part time
manager in place & will start to tidy the place up & start marketing in
the next few weeks. Our Goal is to be at 75% economic occupancy in 12
months. Thought you might want to know what we’ve been up to.
Best Regards, Greg”
Greg Michael
54 Cents on The Dollar!

21. Wholesale Flip
“Hey Scott!
I found a Facility in Richmond, MS on Loopnet for
$1.2 Million. I followed your System & negotiated a
deal for $700,000 then Assigned it to an investor for
$800,000, Pocketing $100,000 for Myself!”
Cheers,
Gary Thomas
Angels Camp, CA

22. Student Deal: Manka
419 Units
56,856 Net Rentable

23. Student Deal: Duffy 258 Units
23,100 Net Rentable + 1.5+/- Acres

24. Student Deal: Duchesne
259 Units
20,785 Net Rentable

25. Student Deal: Drennan 612 Units
76,110 Net Rentable

26. Student Deal: Young 178 Units
20,199 Net Rentable

27. Student Deal: DeLong 233 Units
26,250 Net Rentable

28. Student Deal: Gonte
90 Units
11,200 Net Rentable

29. Student Deal: Harkin
944 Units
133,930 Net Rentable

30. Student Deal: Colic
166 Units
19,380 Net Rentable

31. Self Storage Training
Congratulations on Completing all 7
Making it to the top 1%