{"id":5262,"date":"2023-12-26T12:38:10","date_gmt":"2023-12-26T12:38:10","guid":{"rendered":"https:\/\/listselfstorage.com\/us\/industry-insights\/?p=5262"},"modified":"2024-01-29T07:53:13","modified_gmt":"2024-01-29T07:53:13","slug":"i-wish-i-knew-this-when-i-built-my-first-self-storage-i-would-have-500000-extra-in-my-wallet-by-marc-goodin-president-of-storage-authority-franchise-civil-engineer-by-trade-30-years","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/us\/industry-insights\/i-wish-i-knew-this-when-i-built-my-first-self-storage-i-would-have-500000-extra-in-my-wallet-by-marc-goodin-president-of-storage-authority-franchise-civil-engineer-by-trade-30-years\/","title":{"rendered":"I Wish I Knew This When I Built My First Self-Storage. I Would Have $500,000 Extra in My Wallet! &#8211; by Marc Goodin, President of Storage Authority Franchise Civil Engineer by Trade 30+ years"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">Imagine $700 cash showing up in your wallet every Sunday morning. That is what many self-storage owners are giving up each week because they are not taking ancillary sales seriously.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">Self-storage ancillary income makes a huge difference in your profits now and when you sell.<\/span><\/span><\/span><\/p>\n<p><a href=\"https:\/\/www.storageauthorityfranchise.com\/opportunity2\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" class=\"aligncenter wp-image-5264\" src=\"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-content\/uploads\/2023\/12\/SA1.png\" alt=\"\" width=\"555\" height=\"309\" \/><\/a><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">Let\u2019s run through the numbers for 500 units rented with a turnover rate of 20 units a month<\/span><\/span><\/span><\/p>\n<ul>\n<li><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">$29 admin fee x 20 units rented a month = $580\/month<\/span><\/span><\/span><\/li>\n<li><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">Required Tenant Insurance: 500 units rented x 80% penetration x $10 profit\/month = $4,000\/month<\/span><\/span><\/span><\/li>\n<li><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">$29 late fee assuming a good collection system including multiple text notices<\/span><\/span><\/span><\/li>\n<li><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">$29\u00d710 late customers\/month = $290\/month<\/span><\/span><\/span><\/li>\n<li><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">Disk lock sales: 20 units rented a month x 70% penetration $14.99\/lock = $300\/month<\/span><\/span><\/span><\/li>\n<li><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">Box sales: 20 sales a month x $20\/sale = $400\/month<\/span><\/span><\/span><\/li>\n<li><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">The Grand Total = 66,840\/year =$5,570 a month = $1,400 a week<\/span><\/span><\/span><\/li>\n<\/ul>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">Even if you cut this extra profit in half because you are doing some of these things you would still be making an extra $33,000 a year = $700 extra cash deposited in your wallet every Sunday morning. It is time to be an expert!<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">At a 5-cap rate, this extra profit would mean an additional =$660,000 in profits when you sold ($33,000\/0.05)<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">If you have a detailed written game plan on how to capture all this extra income don\u2019t forget to include it in your proforma for your bank loan. This along with other factors can make the difference in getting the loan or not.<\/span><\/span><\/span><\/p>\n<p><a href=\"https:\/\/www.storageauthorityfranchise.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" class=\"aligncenter wp-image-5265\" src=\"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-content\/uploads\/2023\/12\/SA2.png\" alt=\"\" width=\"555\" height=\"322\" \/><\/a><\/p>\n<p align=\"center\"><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\"><b>Do you want to know if you qualify for a <span style=\"color: #ff3838;\">Storage<\/span> Authority Franchise?<\/b><\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">If you fill out the application (apply icon on our website) you will have your answer in 2-3 days. Or we can have a 10-minute call today and not only will you know if you qualify, you will learn the basics of what is involved in developing and operating a self-storage business. Give Garrett from our team a call or let him know a couple of good times to call you.<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">Please email or call <strong>Garrett Byrd<\/strong> from our team: <a href=\"mailto:Garrett@storageauthority.com\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"text-decoration: underline;\"><strong>Garrett@storageauthority.com<\/strong><\/span><\/a> or 941-928-1354<\/span><\/span><\/span><\/p>\n<p><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">If you would like to learn more and start your journey to self-storage ownership click the link here:<\/span><\/span><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"text-decoration: underline;\"><strong><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\"><a href=\"http:\/\/www.storageauthorityfranchise.com\/opportunity2\" target=\"_blank\" rel=\"noopener noreferrer\">http:\/\/www.storageauthorityfranchise.com\/opportunity2<\/a> <\/span><\/span><\/span><\/strong><\/span><\/p>\n<p align=\"left\"><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\"><i><strong>Marc Goodin<\/strong> is the <strong>President of <\/strong><\/i><\/span><\/span><\/span><strong><span style=\"color: #ff3838;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\"><i>Storage<\/i><\/span><\/span><\/span><\/strong><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\"><i><strong> Authority Franchising<\/strong> (<\/i><span style=\"text-decoration: underline;\"><em><strong><a href=\"http:\/\/www.StorageAuthorityFranchise.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">www.StorageAuthorityFranchise.com)<\/a><\/strong><\/em><\/span><i>. He owns 3 self-storages he designed, built, and manages. He has been helping others in the self-storage industry for over 30 years. He can be reached at <span style=\"text-decoration: underline;\"><strong><a href=\"mailto:marc@StorageAuthority.com\" target=\"_blank\" rel=\"noopener noreferrer\">marc@StorageAuthority.com<\/a><\/strong><\/span> or directly at 860-830-6764 to answer your franchising, development, marketing, sales, and operations questions. His best-selling self-storage books are available on Amazon.<\/i><\/span><\/span><\/span><\/p>\n<p align=\"left\"><span style=\"color: #222222;\"><span style=\"font-family: Lato, Helvetica Neue, Arial, Helvetica, sans-serif;\"><span style=\"font-size: medium;\">#<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/storageauthority\" target=\"_blank\" rel=\"noopener noreferrer\">storageauthority<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/selfstorage\" target=\"_blank\" rel=\"noopener noreferrer\">selfstorage<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/selfstoragefranchise\" target=\"_blank\" rel=\"noopener noreferrer\">selfstoragefranchise<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/%C2%A0\" target=\"_blank\" rel=\"noopener noreferrer\">selfstorageprofits<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/entrepreneurship\" target=\"_blank\" rel=\"noopener noreferrer\">entrepreneurship<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/startups\" target=\"_blank\" rel=\"noopener noreferrer\">startups<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/realestatedevelopment\" target=\"_blank\" rel=\"noopener noreferrer\">realestatedevelopment<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/franchise\" target=\"_blank\" rel=\"noopener noreferrer\">franchise<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/storage\" target=\"_blank\" rel=\"noopener noreferrer\">storage<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/residualincome\" target=\"_blank\" rel=\"noopener noreferrer\">residualincome<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/%C2%A0\" target=\"_blank\" rel=\"noopener noreferrer\">franchiseopportunities<\/a> #<a href=\"https:\/\/www.storageauthorityfranchise.com\/blog-news\/hashtags\/selfstoragedevelopment\" target=\"_blank\" rel=\"noopener noreferrer\">selfstoragedevelopment<\/a><\/span><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Imagine $700 cash showing up in your wallet every Sunday morning. That is what many self-storage owners are giving up each week because they are not taking ancillary sales seriously. Self-storage ancillary income makes a huge difference in your profits now and when you sell. Let\u2019s run through the numbers for 500 units rented with a turnover rate of 20 units a month $29 admin fee x 20 units rented a month = $580\/month Required Tenant Insurance: 500 units rented x 80% penetration x $10 profit\/month = $4,000\/month $29 late&hellip;<\/p>\n","protected":false},"author":13,"featured_media":4287,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[21],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/5262"}],"collection":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/comments?post=5262"}],"version-history":[{"count":5,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/5262\/revisions"}],"predecessor-version":[{"id":5270,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/5262\/revisions\/5270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media\/4287"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media?parent=5262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/categories?post=5262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/tags?post=5262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}