Rethinking Risk: Tom’s Self-Storage Strategy, ep. 353

Have you ever wondered what it takes to transition from a secure job to forging your own path in the challenging world of real estate? In this episode, Jeannette interviews Tom Dunkel, Chief Investment Officer at Belrose Storage Group, who shares his journey from being laid off in 2006 to becoming a successful entrepreneur. This discussion delves into the resilience and strategic thinking necessary to navigate and excel in the competitive real estate market, particularly through the 2008 financial crisis and beyond. Listeners will gain insights into: -Entrepreneurial Mindset: Tom discusses the pivotal mindset shifts that helped him move from a secure corporate job to taking risks as an entrepreneur. -Niche Specialization: Learn how Tom found success in the self-storage sector, emphasizing the importance of specializing in niche markets to enhance business sustainability. -Overcoming Adversity: Tom shares his experiences during the 2008 financial crisis, providing valuable lessons on perseverance and strategic adaptation. -Investment Strategies: The episode explores innovative investment strategies, like distressed mortgage notes, that can yield significant returns while offering solutions to market needs. -Future Trends: Tom provides his perspective on current economic conditions and how past lessons are shaping responses to potential upcoming challenges in both residential and commercial real estate markets. This episode is a treasure trove for both seasoned and aspiring real estate investors, offering lessons on resilience, strategic investment, and the importance of innovation in finding success amidst challenges. Whether you're considering a shift towards entrepreneurship or looking to deepen your investment portfolio, Tom's journey provides both inspiration and practical advice. Prefer to listen in? View the transcripts here. Watch the full episode here.

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Time Stamps: 00:00 The Positive Impact of Proactive Banks on Real Estate and Economy 00:17 Welcome to REady2Scale: A Fresh Start in California 01:04 Meet Tom Dunkel: From Corporate to Self-Storage Success 02:05 Tom's Journey: Embracing Entrepreneurship Against All Odds 07:00 The Shift to Real Estate: Building a New Future 09:32 The Financial Crisis: Lessons and Growth 13:11 The Power of Distressed Mortgage Notes in Real Estate 17:22 Commercial Real Estate: Predictions and Preparations 19:30 Self-Storage Investing: A Niche Within a Niche 24:55 The Appeal of Self Storage Investing 26:01 Specializing in RV and Boat Self Storage 27:28 Addressing Supply Chain Disruptions with Contractor Storage 29:30 Addressing Asset Management Challenges 29:57 Leveraging Technology for Efficiency 31:09 Advantages of Self Storage Over Traditional Real Estate 33:39 Dealing with Security Issues and Squatters 34:32 Security Measures and Handling Squatters 36:52 Advice for New Investors in Self Storage 40:42 Personal Insights and Lightning Round Questions

Producer: Blue Lake Capital Strategist: Syed Mahmood Editor: Emma Walker Opening Music: Pomplamoose Learn more about your ad choices. Visit megaphone.fm/adchoices