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Road to Family Freedom - Neil and Brittany Henderson EPISODE 59, 28th August 2020
Transitioning from Multifamily to Self Storage with Corinn Altomare
00:00:00 00:53:50

Transitioning from Multifamily to Self Storage with Corinn Altomare

Corinn Altomare – Owner of Hearthfire Holdings talks to Neil Henderson and Brittany Henderson, the hosts of The Road to Family Freedom podcast. Corinn Altomare is a classically trained musician turned real estate investor. Along with her husband, they have been investing in real estate for nearly a decade starting with multifamily but made the strategic decision to pivot into self-storage and other “affordable lifestyle and leisure” assets like RV and campground properties.

Post-Interview Analysis 

  • Key Lessons Learned: In real estate, there is always an individual situation with a property that could make it a good deal, independent of what the larger market is doing.
  • How did they acquire their knowledge or what knowledge did they need to acquire? They learned mostly by doing. There is only so much you can learn from books and podcasts, eventually, you need to get out there and start doing it, and it’s there that you will learn the most.
  • How much money did it take to get started? About $25,000
  • How much time does it take now? It’s mostly a full-time job while they are in acquisition mode.
  • Could they do this strategy from anywhere in the world? Yes, she is setting up her self storage business such that she could pretty much run it from anywhere that she has access to the internet.

Episode Highlights: 

  • Schedule a video chat with Neil Henderson at roadtofamilyfreedom.com/selfstoragecall
  • The details of purchasing their first self-storage facility.
  • What was it that led her and her husband to pivot from multifamily and into self-storage.
  • The systems and automation that allow her to run a self-storage facility mostly remotely without a full-time manager on duty.
  • The opportunities in self-storage to take poorly run “mom and pop” facilities and professionalize the management of the facility to increase its cash flow and value. 
  • And much more…

Books and Resources Mentioned

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