Shona LepisShe's Got Assets · REI Coach, She's Got Assets Founder, Cedar & Porch Properties, Shona Buys Houses

Unlocking Hidden Profits - Alex Pardo at She's Got Assets!

Name: Unlocking Hidden Profits - Alex Pardo at She's Got Assets!
Uploaded: 2024-11-22T17:13:26+00:00
Duration: 35 s
Channel: Shona Lepis
Description: In this segment, Alex Pardo illustrates how many long‑standing residential and self‑storage owners have been charging the same rent since the early…

22 Nov 2024 · 1 min

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In this segment, Alex Pardo illustrates how many long‑standing residential and self‑storage owners have been charging the same rent since the early 1990s. He uses a hypothetical example of a house rented for $700 in 1990 that could command $3,700 today, showing the massive gap between market rates and what owners actually collect. He notes that these “mom‑and‑pop” operators are typically in their 60s‑70s, have owned their facilities for decades, and are now approaching retirement. Because they have not raised rates in years, there is a sizable, untapped profit pool that can be unlocked before they exit the business.

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Imagine, Shona, if you owned a house, you bought a house in 1990 and you've been renting that house for the last 34 years, but you've never raised the rates, right? Imagine if you're renting that house for $700 a month back in 1990, which is probably a lot, and today that house is renting for $3,700 a month. Well, it's not uncommon for us to communicate with storage owner operators, and generally speaking, these are mom-and-pop operators in their 60s and 70s who have owned these facilities for a long time, and now they're, for the most part, getting ready to retire. It's not uncommon to come across a lot of these operators that haven't raised rates in years.