About Scott Meyers
I also have a lot to share. I have a passion to share my experience and wisdom from being the architect of dozens of extremely successful real estate transactions since I began my investing career in 1993. Unfortunately, one of those deals ended with a Chapter 11 bankruptcy for one of my companies. And of the hundreds of deals I’ve done over the years, which one do you suppose taught me the most? You guessed it, the one that ended in bankruptcy!
All I am really an expert at is making mistakes and learning from them. The key is that I learn from my stupidity. I pay attention to my mistakes. I have become an expert at not making the same mistake twice and at learning from every stupid thing I have ever done. And along the way, I’ve become an expert at teaching others about the business and how to avoid those mistakes.
I am not pretending to be something I am not, and I am not saying I am better than any of the others who teach people how to invest in self storage or other forms of real estate.
I am not an expert at money or financial success, though I have built several multi-million dollar businesses in real estate from single family flips, to multi-family projects, industrial buildings, commercial office buildings, cold-storage buildings, warehousing, parking lots, and my favorite – self-storage.
What I am saying, is that if you want to shorten your learning curve, and avoid the mistakes that I, and so many others have made in their self-storage and real estate careers, then I invite you to join us on this amazing journey in the self-storage business.
Our mission is to supply the tools that can give EVERY real estate entrepreneur the ability to profit in the hottest form of all real estate and to create a community where thousands of self storage professionals from all over the world come together in support and celebration of each other’s success.
So please join us on this magnificent journey to enjoy the real estate business you have always dreamed of by downloading our free resources (link to free ebook), attending our free webinars (link to registration page for evergreen), and browsing our catalog of educational tools for the serious investor.
And finally, You won’t get any hard sells from me, long sales pages or fluffed up stuff – just real life case studies and recommendations based on my own experience and the experience of my trusted advisors and fellow self-storage business entrepreneurs.
Thank you for taking the time to read this, and I hope to see you on the blog or facebook sometime soon!
To your success,
My real estate career began back in 1993 after purchasing a home study course by one of the top “Guru’s” in the country on how to invest in real estate with no money down.
And I, unlike so many other people who buy courses and then stick them on the shelf, actually watched those tapes and read the manual. And guess what…it worked! I bought my first piece of investment real estate (pictured below) for $30,000 with $0 money down!
The one that started it all! 8719 E. Catalina
Once I bought this home, I followed the steps in the home study course which showed me how to increase the value and force appreciation in my new investment.
I rehabbed that first house myself and moved a tenant in at $550 per month, which gave me a $150/month in positive cash flow after the mortgage, insurance, and taxes. Shortly after that, I had the property re-appraised and then I refinanced it and pulled out $15,000 which I used to buy 2 more just like it. I was hooked!
Approximately 6 years and 20 rental houses later, I decided to quit my job to transform my real estate hobby into a full time business. I was married now and my wife and I were expecting our first child. My first full year in the real estate business went very well and we had acquired several more homes and an apartment complex (pictured below).
By now, I believed I had finally made it, I was living the dream!
As a result, I decided to show my friends and family how successful I was by buying a new car, taking my family on expensive vacations, shopping for the latest clothes, and by basically buying and doing whatever I pleased.
I continued to acquire more rental houses and apartment complexes, amassing over 400 rental units, and leveraging ourselves to the max along the way.
Then came the tragic events of September 11, which as many of you may remember, shook our country to the core. In the months afterward, The Fed dropped interest rates to record setting levels to boost the economy and our tenants began leaving in droves to take advantage of all the $0 Down-1st time home buyer programs that were being offered.
As a result, our vacancy rate had taken us below our break even point within a matter of months.
In addition, our insurance rates had soared after the attacks, and a statewide property tax increase on all our properties a year later delivered the final blow. I continued to borrow from our credit lines and I maxed out both our business and personal credit cards each month in order to make our mortgage payments, pay our employees, keep the lights on, and provide for my family.
We slashed every possible expense in our business and personal budgets and began selling off our rental houses and apartments in an effort to keep from sinking. At home, my wife began selling everything in the house that wasn’t nailed down on EBay® just to make ends meet, and it was working, but we were still holding our breath every 30 days in hopes the money wouldn’t run out before the month did.
And then the inevitable happened. Our family was in the checkout line at Wal-mart one night when our credit card was declined (again).
But this time, our debit card was also declined, and my wife and I didn’t have enough cash between the two of us to pay for our groceries. The day I feared had finally come; we were broke! I was a real estate millionaire without a penny to my name. I felt as if I was going to pass out right there in the store. I pulled out another credit card…..declined, and another……declined, and another, until finally, the last card in my wallet was accepted. My wife and I collected the kids, our bag of groceries, and drove home without saying a word. I felt like the biggest failure in the world. I couldn’t even provide for my family.
That night, I did the only 2 things left to do. First, I prayed. I prayed that I wouldn’t have to file bankruptcy and for direction in my crumbling rental empire. The second thing I did was sit down and began to take a long hard look at where I had been, where I was, and where I wanted my life to go. The first place I knew I didn’t want to go was to live with my mother-in-law should I be forced to file bankruptcy and lose everything I own, which seemed to be where I was headed!
So as I continued to think and work through this process over the next several days, I realized that my passion still lied with real estate, and that the main reason I was in this mess was because I was in the business of renting space to PEOPLE.
My dream of owning my own business and enjoying the benefits of being my own boss and the promise of a better life and the creation of wealth through real estate had become my nightmare in a matter of just a few short years.
So the conclusion was that my dream job was to build a low-risk, high cash flow real estate business without all the hassles of tenants, toilets, or employees. Great! Except that what I wanted, didn’t exist. It was nothing but an Impossible, pie in the sky pipe dream.