Volume 10, Issue 8 September, 2008

st Se o of Commercial Real Estate . . . HHootttteest Seccttorr

(REIANO.COM) REIANO Plus LLC, the Real Estate Investors

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(REIANO.COM) REIANO Plus LLC, the Real Estate Investors Association of Northern Ohio, is very please to have Scott Meyers CSSM

Scott Meyers, CSSM© to our monthly WEBINAR on Wednesday, September

© deliver an educational and entertaining presentation that introduces investors to “The Hottest Sector of Commercial Real Estate” over the past 25 years, that almost no one has heard about during REIANO’s monthly WEBINAR on Wednesday, September 24th, 2008 from 7pm to 9pm. This new format will allow more of our members and guests to benefit from REIANO monthly program by being able to participate every month from the comfort of your own home.

24th, 2008 from 7 pm to 9 pm. This new format will allow more of our members and guests to benefit from REIANO monthly program by being able to participate every month from the comfort of your own home. Register online at www.REIANO.com and join us.

“ Would YOU be interested in generating monthly positive cash flow in real estate without all the hassles of needy tenants and leaky toilets? ”

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Hear’s what Scott will share with YOU During the WEBINAR . . .

Scott Meyers, CSSM© will deliver an educational and entertaining presentation that introduces students to The Hottest Sector of Commercial Real Estate over the past 25 years, that almost no (Continued on page 2)

Page 2 The Wealth Builders Journal September 2008

(Continued from page 1) The Hottest Sector of CRE …

one has heard about. His “Complete Guide To Finding, Evaluating, and Acquiring Self Storage Facilities™” Home Study System is designed to teach the real-world “ins and out” of identifying, negotiating, buying, managing and building wealth in real estate without the hassles of tenants and toilets!

You will learn to maximize cash flow and create wealth the old-fashioned way during his “How to create a $10,700 per month positive cash flow in real estate without all the hassles of needy tenants and leaky toilets” Real Estate presentation and receive valuable training devoted to help you learn numerous little known strategies in Self Storage investing while developing the foundation to become successful and profitable investors.

Scott will share his story of how he became a penniless real estate millionaire after amassing a portfolio of over 400 single family homes and apartments. He’ll also show how his goals of wanting to obtain true financial independence led him to dumping all his single family homes, apartments, and office buildings and all his tenants and toilets, and changed not only his life, but the lives of his entire family tree by investing in Self Storage. You will learn how to enjoy all the benefits of owning property without all the risks and hassles of dealing with needy tenants and leaky toilets. In addition, you will discover how to acquire properties in any area with no money down, the safe way, and how to manage from afar by implementing the multitude of new technologies available in this exploding industry.

Scott’s System will also show

you how to maximize the 20+ Profit Centers available in Self Storage to maximize cash flow and create value that isn’t available in any other form of real estate. He’ll share how he takes Cinderella facilities and turns them into the “Belles of the Ball” and how he has created $ millions doing so.

Scott is the nation’s leading expert in the area of Self Storage Investing. He enjoys teaching the strategies that helped him realize his dream of becoming a self-made real estate millionaire, without all the hassles of tenants and toilets. After nearly going bankrupt while investing in single family homes and apartments, he now devotes a large amount of his time speaking to real estate and Self Storage groups on how to create wealth the old-fashioned way; slowly and safely. Scott is a Certified Self Storage Manager (CSSM©) through the National Self Storage Association and a regular exhibitor at Self Storage Industry Trade Shows and Conventions. Scott is also the author of “The Complete Guide to Finding, Evaluating, and Acquiring Self Storage Facilities”, and a frequent contributor to numerous industry trade publications. Scott is the owner and President of his own Self Storage Investment Company, Alcatraz Storage™ Based in Indianapolis.

(Continued on page 3)

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Howard Krantz Jackie Parries Jim Larson David Riehl Nina Murzyn Dennis Zab Chris Myrick

Writers’ and speakers’ comments are not necessarily those of the Association; seek professional advice. Members are encouraged to submit articles, questions, and letters or publication consideration, subject to editing. Quotations permitted with full credit given author, plus name, address and price of this newsletter. Published 10 times per year. Subscriptions are $36 or included in your membership dues.

Volume 10, Issue 8 The Wealth Builders Journal Page 3

(Continued from page 2) The Hottest Sector of CRE …

On A Personal Note . . .

Scott resides in Fishers, IN with his wife Christina, and his 3 children. He is also the Head of the Finance Ministry at Northview Christian Church in Carmel, IN. Scott is passionate about teaching other people how to be good stewards of their businesses and their possessions, and how to avoid the mistakes he has made in his investing career, while sharing the

strategies that have made him a Self Storage Millionaire.

The second phase of REIANO’s new monthly format will consist of the formation of the “ Inner Circle NETWORKING Club (ICNC) ” that will meet on Tuesday, October 14th, 2008 from 6:30pm to 8:30pm at the Ponderosa down the street from the Holiday Inn – Independence. This networking meeting will be a dinner meeting ( $10/member & $20/non-member ). Please go to REIANO.com and R.S.V.P. for the

inaugural meeting of the “Inner Circle NETWORKING Club”.

WWhhyy iiss SSeellff SSttoorraaggee SSuuddddeennllyy SSoo HHoott!!

by Scott Meyers, CSSM© NVESTORS in self-storage stocks finally have some gains to stow away.

The four real estate investment trusts that together own and operate about 12 percent of the facilities nationwide — most of the other properties are mom-and-pop operations — has soared about 31 percent, on average, this year through Thursday, after finishing 2007 with a nearly 25 percent loss.

This year’s returns far surpass those of all other property REIT categories as well as the broader stock market. Equity REITs are up around 10 percent so far, on average, while the Standard & Poor’s 500-stock index is off about 5 percent.

Why is self-storage suddenly in favor?

Some investors believe that these dividend-paying companies will benefit from the housing crisis. They expect that the ranks of renters will swell as more people leave foreclosed homes or postpone buying their first homes because of tighter credit and falling values, and that those people will need repositories for their excess bric-a-brac.

Industry analysts agree that the sector is likely to hold up well through these economic woes. “It is recession resistant,” said Michael Knott, a senior analyst at Green Street Advisors, the investment research firm. “More economic distress causes people to rent more, and, in fact, one

of the storage companies said recently that Detroit was one of the best markets.”

Indeed, Detroit had the highest foreclosure rate among the nation’s 100 largest metropolitan areas last year, with nearly 5 percent of its households in some stage of foreclosure, according to RealtyTrac.com, the online foreclosure listing service. RealtyTrac put the average nationwide rate at 1.03 percent as of Dec. 31, up from 0.58 percent at the end of 2006. Also high on the list were Las Vegas, Miami and Denver, along with several boom-and-bust cities in California.

But housing is only part of the story in self-storage, analysts point out. “It correlates to transition,” said Michael J. Salinsky, a REIT analyst at RBC Capital Markets.

Demand for storage space is often precipitated by life’s passages — marriage, divorce, retirement, enlistment in the military. In addition, use by small businesses has been growing, particularly by those that operate online. “Small businesses need off-site storage, for upsizing and downsizing,” Mr. Salinsky said, “and so do people working from their homes.”

In the last decade, he said, self-storage revenues have grown 4.4 percent a year, on average, compared with average growth of 3 percent a year for most other commercial real estate sectors.

This steady cash flow, which seems to transcend both good and bad economic times, is attractive to investors. During economic downturns, many investors look for such reliable income, engaging in a “flight to safety.”

“This is a cash-flow-driven business that has a low break-even point — expenses are low even if occupancy rates are not high,” said R. Christian Sonne, the managing director of the self-storage industry group at Cushman & Wakefield, which provides various consulting services for the sector.

A concrete-and-steel storage facility is typically far less expensive to build and to operate than, say, an office building or shopping center. There are, of course, the standard expenses associated with real estate, like utility costs, property taxes, insurance and payroll, but not too much more.

And after “a huge building boom in the early 2000s,” Mr. Sonne said, the development pipeline has been slowing of late, which is also reflected in the newfound resilience of the self-storage sector.

“The barriers to entry are becoming more difficult,” Mr. Sonne explained.

For one thing, financing for new structures is harder to get, he said, while zoning is stricter in many communities, which seem to prefer property types that might generate more jobs and tax revenue.

Still, plenty of storage space already exists. By the Self Storage Association’s estimate, there are around 51,500 primary facilities nationwide, as well as another 8,400 mini-storage places, or, as the association broke it down, almost seven square feet of rentable space for every person in the United States. A vast majority of this $220 billion industry, however, is made up of small businesses, making it the most fragmented among commercial property types. (Continued on page 6)

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Page 4 The Wealth Builders Journal September 2008

MMyytthhss aanndd IInnvveessttmmeenntt OOppppoorrttuunniittiieess iinn SSeellff SSttoorraaggeeby Scott Meyers, CSSM© 7. Many businesses are downsizing and operating out of smaller

offices that necessitate a need for storage space. Like all other real estate investments, self storage shares the same attractive qualities as residential rentals, apartments, retail strip centers, office buildings, and industrial properties. Those include leverage (borrowed money), tax advantages, passive income, personal control (being your own boss), and appreciation. However, self storage offers a number of benefits that I feel make it such an attractive investment. Those include the following:

8. Many small distributors will utilize self storage to operate their business from.

9. Pharmaceutical reps will use climate controlled storage for samples and inventory.

10. The eBay® phenomenon has created a huge demand for space.

1. We are becoming a more transient society, moving around more and creating a greater need to store our stuff, thus the demand for self storage is increasing.

11. Other home based businesses are also creating demand for off-site storage.

12. Lower Development costs – self-storage facilities development costs are often 30 to 50 percent less than office, retail, and apartment buildings.

2. Americans tend to accumulate a great deal of possessions, and we don’t want to “weed out” those things we don’t use or are sentimental or have nostalgic value, which in turn, creates more demand. 13. Lower Operating Costs – Operating costs for self-storage

facilities are substantially less than office, retail, and apartment buildings. As a result, self storage owners are more isolated from large increases in utility and other variable costs that occur in the open market.

3. Most new communities will not allow us to store our boats, jet skis, RV’s, or even multiple cars on the street or in front of our homes.

4. Many retirees downsize their homes which require additional storage space that their smaller homes don’t provide.

14. Lower development and operating costs make break-even occupancy ranges lower than other forms of real estate.

5. More and more Americans are buying second homes which increase the demand for storage space.

15. Occupancy is generally more stable and therefore predictable as there are typically a greater number of units in which to “spread the risk” than in other forms of real estate. 6. College students utilize storage space when moving back home

for the summer. (Continued on page 6)

Volume 10, Issue 8 The Wealth Builders Journal Page 5

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Page 6 The Wealth Builders Journal September 2008

(Continued from page 3) (Continued from page 4) … Why is Self Storage Suddenly So Hot! …

… Myths and Investment Opportunities in Self Storage …

16. Month-to-month leases mean that rental rates can be adjusted easily. When occupancy increases, I will adjust rates to compensate for the demand. Perhaps because of that

fragmentation, “this is probably one of the sectors that is least understood,” said David Harris, a REIT analyst at Lehman Brothers.

17. Demand for self-storage is not dependent upon the economy. When the economy is good, people buy more and store more. When the economy slows, people downsize, and require a cheaper alternative to store their extra belongings.

18. Low management overhead as customers typically only need the manager to move in or move out, compared to office or apartment complexes that requires a high number of customer contacts and constant and ongoing interaction.

Mr. Salinsky agreed, though he added that “in storage, you have to be a very dynamic operation to get the returns out of the property.” And that might include offering customer incentives like $1 rents for the first month and ancillary services like moving supplies and truck rentals. (A 10-by-10-foot space rents for less than $100 a month, on average, according to Mr. Sonne.)

19. A well-run, stabilized self storage in a good location is very desirable to other investors and institutions, making self storage a very liquid investment.

20. It’s No Wonder Self Storage has the lowest loan default rate of all commercial real estate property types!

DEBUNKING THE MYTHS

*Excerpts found in The New York Times on April 27, 2008

Scott Meyers, CSSM© is the President and Owner of Indianapolis Based Alcatraz Storage™. He is also the nation’s leading speaker and educator in the field of Self Storage Investing through his company SelfStorageInvesting.com.

Now that we’ve discussed all the reasons that make self storage a fantastic investment, we should take some time to break down a few of the myths that have been floating around with regard to the industry. Like many other industries, self storage has been evolving for several decades now, and many of the general assumptions by outsiders surrounding this business simply do not apply. Some of the common myths are as follows:

1. “If you build it, they will come”. In the early years, this was somewhat true. But in today’s competitive landscape an owner/investor must perform very careful analysis and/or feasibility studies to determine whether a potential development site or an existing facility is a wise investment. In addition, there are many areas that are, or are becoming overbuilt, which drastically changes the projected lease up and overall occupancy potential for a facility.

Continued next month

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Volume 10, Issue 8 The Wealth Builders Journal Page 7

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Page 8 The Wealth Builders Journal September 2008

TThhee FFuuttuurree ooff SSeellff SSttoorraaggee By Scott Meyers, CSSM©

s we look to the future of self storage, it’s very clear that the future looks bright. There are a few trends afoot backed by solid industry data that justify my positive outlook on this high growth industry. These trends are as

follows:

Increasing Demand The U.S. Population is predicted to reach 400 million by the

year 2050. All indicators show that Americans continue to be a highly mobile society with a high propensity to accumulate “stuff”. This means that as of the time of this publication, we stand to add 150 million potential customers to our prospect list who are searching for somewhere to store their belongings.

High Tech Facilities As our customers become more selective in where to store their

belongings, owners of older facilities will need to make necessary improvements to remain competitive. This will ultimately result in more sophisticated and higher tech facilities offering more user friendly layouts, larger offices, flexible unit mixes, kiosks, high security, and more climate control units. In addition, we can expect to see self storage investors competing for the premier parcels located in the high traffic retail areas of town. As a result, municipalities are beginning to require that these facilities have a retail component in order to increase the amount of sales tax generated and paid to those local governments. They are also requiring that the facilities have a certain “look and feel” that blend in with the surrounding businesses. Nicer fencing, or split block security walls, paved drives, certain architectural features, and an attractive landscape package will be mandatory and made part of the architectural permit prior to construction, and strictly monitored for compliance.

More Products and Services As self storage moves closer to Main Street, we will begin to see

an increase in the number of customized services available for its customers. We have already seen some partnerships being formed that provide complementary products and services. Of course the most common example is truck rental, but we are now seeing pack and ship businesses, EBAY® add-it stores, Kinko’s®, or co-locating with retail stores such as Starbucks® or Subway® on the ground floor with storage above in multi-story facilities.

Focus on Customer Service As more and more people frequent our self storage facilities,

they will begin to expect more from our facilities and the face behind the counter. These sophisticated customers are demanding excellence and consumer loyalty will quickly go out the door, along with their stuff, if they have a bad experience. Conversely, when customers are satisfied with the service they receive, they will stay, and hopefully will tell their friends about the good experience they have had. This provides an excellent opportunity for us to exceed their expectations, and provide a substantially better experience than our less educated, less professional competitors in our chosen markets. My goal is to be my customer’s LAST storage provider by never giving them a reason to look anywhere else, for any reason!

Industry Consolidation As the larger public companies and REIT’s are pressured by

Wall Street to produce results, we will surely see more consolidation of the mid to large size companies. Those same mid to large companies can’t meet their growth deadlines by developing

their own facilities from the ground up. The 3 years it takes to choose a plot of land, apply for zoning, permits, and then build and stabilize a property simply isn’t fast enough for them to meet their goals. Don’t misunderstand me however, the mid to large companies ARE still active developers, but their appetite for growth will fuel a surge in acquisitions and mergers for years to come. A

Increased Competition As all eyes are now on Self Storage, we are sure to see a number

of new entrants into this facet of commercial real estate. Unfortunately, this will lead to overbuilding in some areas as many newer developers will ignore the feasibility criteria for developing a facility in a given market. Therefore, it will be imperative for owners and developers to work more efficiently to attract and retain customers in this new environment.

Increase in Value In the future, the upward value trend in self storage will

continue for a number of reasons: Predictably low interest rates will push cap rates low, and net larger profits for those who choose to sell. For that reason, self storage continues to rise in popularity as one of the commercial real estate assets of choice, and will ultimately attract more investors. There are still a number of individuals and investment firms that are stinging from the recent stock market corrections. These investors are now searching for a more stable investment that they can “touch and feel” as opposed to investing in a company that they have never heard of, run by people they have never met, in an industry they know nothing about. There is a lot of money chasing a few deals. Many investors have created a great deal of value in their existing portfolios, and they are selling off these properties and are looking for places to spend their 1031 tax deferred exchange dollars without paying taxes. Self storage has continued to be a great investment to exchange into and more and more investors are choosing to park their dollars here before their tax deferred status expires.

As the saying goes, the only thing we know for sure is that things are going to change. I do subscribe to that line of thinking, but I also believe that self storage will remain a reasonably predictable, stable, low maintenance, high cash flow investment for professional investors for years to come.

Scott Meyers, CSSM© is the President and Owner of Indianapolis Based Alcatraz Storage™. He is also the nation’s leading speaker and educator in the field of Self Storage Investing through his company SelfStorageInvesting.com.

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Volume 10, Issue 8 The Wealth Builders Journal Page 9

Reiano Plus reserves the right to refuse any and all advertising requests. REIANO Plus also assumes NO responsibility for claims made in adver-tisements appearing in this newsletter.

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REIANO plus (216) 651-6655 Independent Associate (216) 651-6655

BENEFITS AND MEMBERSHIP APPLICATION “IT PAYS TO BELONG”

Membership Dues: • All membership dues shall be based upon annual billing periods and effective upon the first day of

the enrolled month without pro-ration. o Primary Membership—$140 o Partner Member—$49 o Additional Partner Member—$19

5007 Lorain Avenue P.O. Box 602454

Cleveland OH 44102 Phone: (216) 651-6655 Fax: (216) 961-8816 www.REIANO.com

membership@REIANO.com

Membership Categories: • Primary Membership. Any person having personal

business or professional interest in real estate investment and/or management, shall be eligible to participate in the activities of the Association

• (Additional) Partner Membership. Shall be adult members of; o the immediate family and living within the same

domicile, OR o the additional partner of an established partnership,

OR o additional employee of an established business entity, shall be eligible to enjoy the same membership participation privileges as the Primary Member of the Association Membership. Only the primary member shall receive newsletters, gifts and other special offers.

Membership Benefits: • General Meeting. Our monthly meetings offer national and local guest speakers covering a variety

of timely real estate topics. These meetings also provide an excellent opportunity to network with our fellow investors.

• The Wealth Builders Journal. Our monthly newsletter containing handy tips, details of recent deals, excerpts from specialized real estate publications, positive thoughts and much, much more.

• Trade, Swap and Sell. Your opportunity to present real estate property, products and/or services to your fellow investors and guests during our monthly meeting.

• Opportunity Table. Participate in the privilege of advertising and promoting your Real Estate property, products and services during our general meeting.

• Advertising • Advertise in our monthly newsletter. Reach hundreds of investor members. • Advertise on our website. Reach million of interested people worldwide. • Online classified. Take advantage of our online classified. Advertise property, product or

service on a weekly basis.

JOIN AND SAVE!

Your membership in REIANO plus, LLC, affords you the possibility of becoming a more professional Real Estate Investor and Manager. Your continued support and participation in REIANO plus provides the opportunity for a stronger Real Estate Investment industry.

There truly is strength in numbers!

All membership dues shall be based upon an annual billing period and effective upon the first day of the enrolled month without pro-ration. Primary Membership—$140 Partner Member—$49 Additional Partner Member(3rd and each additional)—$19

REIANO plus BENEFITS AND MEMBERSHIP APPLICATION (Please Print)

Last Name: _______________________________________ First Name (primary member): __________________________________

Business Name (if applicable) _______________________________________________________________________________________

Occupation: ________________________ Work Phone: _______________ Ext.: ______ Cell/Home Phone: __________________

Street: _________________________________________________________ E-Mail: _______________________________________ City: ___________________________________________________________ State: ________________ Zip: ___________________

Partner Name: Relationship/Title Phone E-Mail

________________________________ $49 _____________________ _____________________ _________________________

________________________________ $19 _____________________ _____________________ _________________________

________________________________ $19 _____________________ _____________________ _________________________

________________________________ $19 _____________________ _____________________ _________________________ Partner Member Information (partner members must be same household or established partner or established business entity employee): I was a member in 19 _____ 20 _____ I am a new member

Date: _____________________________________ Signature: ________________________________________________________

Enclosed is my check for $ ___________________________ or charge my credit card in the amount of $ ________________________

r y e Card #: _______________-_______________-______________-______________

Credit Card Billing House Number / Zip Code: _________/________ Exp. Date: _______/________ Security Code (CVV): _______

Signature: _______________________________________________________________________________________________________ I Learned about REIANO (check ALL that apply) REIANO member Seminar Plain Dealer News Herald Internet Other ______________

REIANO PLUS LLC, MEMBERSHIP APPLICATION FORM, COPYRIGHT 2007 – REVISION A

FIRST CLASS MAIL ADDRESS SERVICE REQUESTED

VIRTUAL MEETING … WEDNESDAY, SEPTEMBER 24 th, 2008 AT 7 PM

HHHoootttttteeesssttt SSSeeeccctttooorrr of Commercial Real Estate . . . (REIANO.COM) REIANO Plus LLC, the Real Estate Investors Association of Northern Ohio, welcomes real estate investing expert Scott Meyers, CSSM© to our monthly WEBINAR on Wednesday, September 24th, 2008 from 7 pm to 9 pm. This new format will allow more of our members and guests to benefit from REIANO monthly program by being able to participate every month from the comfort of your own home. Register online at www.REIANO.com and join us.

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“ Would YOU be interested in generating monthly positive cash flow in real estate without all the hassles of needy tenants and leaky toilets? ”

VVIIRRTTUUAALL GGEENNEERRAALL MMEEEETTIINNGG** vviiaa WWEEBBIINNAARR

Wednesday, September 24th, 2008 7:00 pm to 9:00 pm

* In Lieu of REIANO’s Wednesday Monthly Meeting at the Holiday Inn - Independence

See front page articleFor full details

WEBINAR STARTS at 7:00 PM !