A rare update on me and what I'm up to.
Bolt Storage is growing quickly.
In the last 6 months we have:
· Grown from 6 employees to a team of 17
· Acquired 3,188 units across 15 self storage properties
· Added 450,280 rentable square feet to our portfolio (up from 192,021 feet in December 2020)
Our plan has always been to acquire mom-and-pop self storage facilities with high in-place cash flow in rural and tertiary markets.
The problem is that the on-market listings have gotten out of control. The prices are getting bid up so high we've missed out on all of our last 20 bids.
Our new strategy:
We've hired a team of 5 folks to fill our pipeline. They get paid on commission to cold-call and source off-market deals from our database (which we also worked hard to build-out over the past 6 months)
They started pounding the phones about a month ago and we've got 3 new awesome deals in the pipeline and several more large deals in the works.
Our goal is to acquire $100MM worth of self storage in the next 12 months.
Our key metric:
Stabilized cash flow.
We don't care about cap rates, interest rates, or an exit strategy. We invest for the long-haul and we target deals that make us and our investors money right away (we have an 8% or better cash on cash yield target).
The deals we've closed in the last 6 months have accounted for about $7MM in outside investor capital. They're performing better than expected so we are accelerating cautiously.
If you are interested in participating in these deals and have not already done so, email nick@sweatystartup.com with a bit more about yourself.
Looking forward to what's to come!
Nick Huber