Show Notes: https://retipster.com/138-jon-farling/?utm_source=youtube&utm_medium=social&utm_campaign=podcast&utm_content=G3P4k7ZpJ9c Join Our Community: https://welcome.retipster.com/newsletter/?utm_source=youtube&utm_medium=social&utm_campaign=podcast&utm_content=G3P4k7ZpJ9c Self Storage Investing Library: https://retipster.com/category/self-storage-investing/?utm_source=youtube&utm_medium=social&utm_campaign=category&utm_content=G3P4k7ZpJ9c I met Jon Farling in 2019 at the BiggerPockets conference in Nashville. At the time, I was just beginning to learn about self-storage investing, and Jon had just purchased his second facility. His storage business was still in its infancy, and he was still working his W2 job, but I could see he was going places fast. A few months later, we started a small mastermind group, and I continued to learn a lot from him and others in the group. Jon fascinated me because he was a real person in the trenches. I didn't need an 'expert' with a course or software to sell me. I needed someone to tell me the unvarnished truth about the highs and lows of the business. Fast forward to mid-2022, and Jon has quit his job and now owns eight facilities with over 1,200 storage units. His life has changed dramatically in a good way, and I've been amazed at how far he has gotten in three short years. In this interview, Jon will tell us how he made it happen, the best and worst parts of the business, and what life is like owning a business that makes a lot of money without requiring much of his time. 0:00 - Intro: Who is Jon Farling? 3:11 - When and how did you decide to get into this business? 6:38 - What about the storage business that enticed you to pursue that versus the rental property business? 8:06 - How did you purchase your first self-storage deal? 9:29 - How did you find your first couple of deals? 10:17 - Why more investors started to invest in the Self-Storage Industry 11:32 - Cold Call or Mail: Which tactic yield better results? 12:38 - Will the interest in self-storage fade away if office space becomes hot again? 13:56 - What kind of technology are you using to manage your self-storage facilities, and how does that work? 21:15 - Jon goes through the steps of how he did his first ever self-storage deal and expand his business from there 25:00 - How do you find the Value-Add opportunities in today’s Self-Storage market? 26:58 - What are the factors that cause a shift in demand? 28:23 - What would be harder about the self-storage business now than when you started? 31:27 - The benefits of pursuing rural facilities and places that might not be the average person's first idea of where to start looking 33:10 - What is your assessment of cap rates, their importance, and why they matter? 35:55 - When should you consider doing a feasibility study before you buy your new facility? 37:43 - Do you worry about your competition? 39:16 - What strategies would you apply if you were facing low occupancy? 41:33 - What are the most effective ways to boost occupancy and revenue? 42:21 - Self-Storage and Deferred Maintenance: Does the market respond to that or do people not really care about it? 45:19 - Self-Storage management tips to improve operations 47:58 - Jon explains how the Self-Storage unit auction process works and what he does with the abandoned units 52:04 - Renters Insurance for Storage Units 53:22 - Do you have security camera systems installed at your facilities? 56:44 - Jon shares some bizarre stories that happened in his self-storage facilities 59:16 - The Pros and Cons of having gates and fences on your facilities – How do you handle the cons? 01:03:14 - What was the hardest part of the business in your first year versus today? 01:04:55 - How to know when it's the right time to scale your business? 01:06:32 - How to effectively manage your “boots on the ground,” and what does that involve? 01:09:23 - How many hours per week do you have to work now? 01:10:32 - How is your financial situation different since getting into the self-storage business? 01:14:38 - What does your one or three-to-five-year business plan look like? 01:15:55 - The Importance, Benefits, and Value of Goal Setting 01:20:00 - What is your biggest fear? 01:21:32 - What are you most proud of? 01:22:20 - What is the ratio between hard work and luck in your experience? 01:24:55 - Were you using some data service for mailing storage facilities? 01:26:34 - What will you do if you just got $100 million wired to your bank account and you're not allowed to stay on your current career path? 01:30:36 - How to reach out to Jon?