Self Storage to Freedom with Michael Wagner
After spending 6 years and a quarter of a million dollars earning three degrees, Mike entered the real world as a Physical Therapist and while he enjoyed the rewards of that profession, he quickly realized that other people had more control over how he spent his time than he did. With that, Mike turned to real estate as a way to regain control of his time.
Between 2007 and 2019 Mike deployed what is now known as the BRRRR method(Buy, Rehab, Rent, Refinance, Repeat) to build a portfolio of 31 one apartments and though he did so pretty quickly and was making money, it became clear that this strategy was not getting him where he wanted to go. Knowing something had to change, Mike made a pretty dramatic transition to self-storage in 2011.
For this episode, we talk about Michael’s story and how found success with Self Storage
[00:01 – 05:30] Opening Segment
- I talk briefly about great values that await you in this episode
- I welcome our guest, Michael Wagner
- Michael talks about his background
- 3 Degrees from college
[05:31 – 24:59] Self Storage
- When Michael pivoted got into self-storage
- How Michael guides/helps people find self-storage units
- The extra layer of safety for self-storage properties
- Michael talks about how he outsources and remotely manages the small tasks
- Monitoring people even with the small tasks
- Ways in which people can get involved in the passive self-storage space
- Residual income vs Passive income
[25:00 – 33:05] Closing Segment
- Quick break for our sponsors
- What is the best investment you've ever made other than your education?
- The first storage facility I bought
- What is the worst investment you ever made?
- Making the best out of my worst investments/mistakes
- What is the most important lesson that you've learned in business and investing?
- Investing has its potential risk and traps. We need to define success for ourselves.
- Connect with our guest. See the links below.
Tweetable Quotes:
“I am not a fan of the word passive, simply because, I think guys like you and me, if we’re mature enough, we understand that passive doesn’t mean the money falls from the sky. - Michael Wagner
“I tend to look at everything, even 2020, and all I see is the silver lining. I purposely don’t look at all of the things that made it the worst year for so many people. Because I believe, if you think it was the worst year, it probably was. - Michael Wagner
“As great an opportunity investing offers for all of us, it is not without its potential traps. I think the biggest trap is that unless each of us define success for ourselves, we will unintentionally default to chasing the world’s definition of success.” - Michael Wagner
Resources Mentioned:
Connect with Michael, visit https://www.storagerebel.com/
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