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Episode 131: Steven Wear
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The current economic climate has undoubtedly brought about challenges for many real estate investors, with interest rates doubling and lending becoming more difficult. This has impacted the cash flow of many investment properties, including self-storage and multifamily assets. However, despite these challenges, self-storage remains an attractive investment option for many reasons. Self-storage facilities are subject to the same market trends and fluctuations as multifamily properties. However, given the lower purchase price and operating expenses associated with self-storage, this asset class offers a strong return on investment.
Despite being the son of a serial entrepreneur, Steven Wear started his career in Advertising and worked in the branding and marketing industry prior to his real estate career. Taking his advertising skills to real estate, Steven and his business partner Fernando Angelucci created the largest residential wholesaling business in Chicago while building a rental portfolio. However, toilets, tenants, and trash led Fernando and Steven to self-storage. Today, Steven Wear is co-owner and Chief Marketing Officer of Self Storage Syndicated Equities (SSSE), based out of Chicago. He joins the episode to share his insights and experiences with the self-storage asset class, from lease structure, tax, advantages, financing strategies, and rental rates to break-even occupancy.
From his experience, Steven shares that self-storage is the most resilient and lendable real estate asset there is, and with the uncertainty in the market, banks are looking for assets that are able to collateralize the deposit. Self-storage also has the lowest default rate compared to any real estate asset making it very attractive. With this stability, even during economic downturns, it's not surprising that self-storage has become an increasingly lucrative investment option for both lenders and investors.
Listen and learn how to leverage self-storage resilience to diversify your investment portfolio and take advantage of a secure and potentially profitable opportunity.
Highlights from the Interview
- Steven Wear’s transition from advertising to real estate
- The advantages of investing in self-storage Vs. residential properties
- Why Steven is so passionate about real estate investing
- Self-storage resiliency and why it’s the best asset class in the market right now
- Challenges that Steven has had in the self-storage space
- Self-storage lease structure, rental rates, and break-even occupancy
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