In this episode, we get together with Powell Chee, a Self Storage and Multifamily Real Estate Investor, to learn more about Self Storage and why it’s one of his favorite asset classes. We get to know Powell’s journey into real estate and how the COVID 19 pandemic facilitated his pivot from multi-family investment into self-storage. Tuning in you’ll learn more about the many benefits of investing in self-storage. Powell explains why self-storage requires significantly fewer expenses than multifamily investment, and why you are much more likely to find excellent deals in self-storage. We also hear more about how Powell uses joint ventures for his self-storage investments and when he plans to start syndicating. Powell shares the strict morning routine he followed for five years, how the birth of his son affected it, and why he sees this as a valuable opportunity to reset. Later, we discuss Powell’s advice for raising capital and why it’s so beneficial to make your social circles aware of your expertise in real estate. We also learn more about Powell’s networking group MultiFamily Masters, its massive growth in popularity, and how one can participate. Join us today for key insights and a refreshing take on multifamily, self-storage, and much more!
Key Points From This Episode:
- Get to know today’s guest Powell Chee, a Self Storage and Multifamily Real Estate Investor.
- The issues of scalability that Powell first encountered in real estate.
- How the COVID 19 pandemic prompted Powell to examine and invest in self-storage.
- Why Powell decided to risk his own money before involving partners.
- Why self-storage is such a stable investment.
- How self-storage requires significantly fewer expenses than multifamily.
- Why there is a lot more off-market potential with deals on self-storage than in multifamily.
- How self-storage deals differ from multifamily deals.
- Why self-storage has much better access to high-quality property managers than multifamily properties.
- The structure that Powell is currently using for his storage units.
- How Powell started with joint venture deals and when he plans to syndicate.
- Powell shares his strict morning routine, how the birth of his son changed it, and why that’s a good thing.
- Some of the books that have had a profound impact on Powell’s life.
- Why Powell believes the mentors and coaches he’s had in his life were worth it.
- Powell shares what he learned from buying a turnkey single-family house and why he would not repeat it.
- The importance of teamwork in any real estate business.
- Powell shares his tips for listeners looking to raise more capital.
- Why Powell is a big proponent of a growth mindset.
- Why Powell believes that if you’re happy where you’re at, then you can be considered successful.
- How Powell started a Multifamily meetup, called MultiFamily Masters, and how it has grown and expanded in the last three years.
Links Mentioned in Today’s Episode: