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:
Asset Management Mastery Facebook Group
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