When Powell Chee entered the real estate space, nobody could have predicted the imminent pandemic. But, far from letting this world-altering event derail his aspirations, Powell made it work for him by pivoting to self-storage! Today, Powell is the Managing Partner at Radiant Storage and a Principal at Multifamily Masters. In this episode, he shares an overview of his journey from athletics coaching to sales to real estate, how he has successfully scaled his self-storage business over the past two and a half years to the point where he has over 500 units covering 65000 square feet, what he looks for when purchasing a self-storage property (with the intention of adding value once he has purchased it), and a breakdown of the deal he recently closed in Texas after a full year of hard work!
Key Points From This Episode:
- Introducing today’s guest, Powell Chee.
- The journey that led Powell into multifamily real estate.
- Why Powell decided to enter the self-storage space.
- Similarities and differences between multifamily and self-storage.
- The average expense ratio for multifamily in comparison to self-storage.
- Criteria that Powell looks for when purchasing self-storage units.
- Powell explains how he adds value to the self-storage properties he purchases.
- How Powell’s success in scaling his business highlights the power of networking.
- Powell walks us through a deal he recently closed in Beaumont, Texas after a year of work.
- Questions that Powell recommends asking lenders before entering into a deal with them.
Links Mentioned in Today’s Episode:
Powell Chee on Instagram
Powell Chee on Facebook
Powell Chee on LinkedIn
Radiant Storage Email Address
Asset Management Mastery Facebook Group
Break of Day Capital
Break of Day Capital Instagram
Break of Day Capital YouTube
Gary Lipsky on LinkedIn