In this week’s episode of the Self Storage Insight Podcast, Ben Shirey sits down with self storage owner Johnny Hastings to discuss what it was really like buying, growing, and eventually selling multiple self storage facilities. After building a portfolio of more than 650 units, Johnny shares the decisions that led him to sell part of his portfolio, what surprised him during the process, and the lessons he learned along the way.
Johnny explains that the decision to sell wasn’t driven by poor performance—it was driven by opportunity and lifestyle. As he and his wife self-managed multiple facilities alongside other real estate investments, they reached a point where the workload outweighed their long-term goals. Rather than continue expanding, they chose to simplify their portfolio and transition into a commercial real estate investment that better fit their lifestyle.
The conversation also dives into the realities of selling self storage. Johnny compares marketing properties himself versus working with a broker, discusses how interest rates affected valuations, and explains why leaving some "meat on the bone" with below-market rents can actually make a facility more attractive to buyers looking for value-add opportunities. He also shares practical advice on preparing a facility for sale, from organizing reports and documentation to maintaining clean, well-managed operations that inspire buyer confidence.
Beyond the selling process, Johnny reflects on what makes self storage such an attractive investment compared to apartments. While storage requires consistent operational attention, he explains that the lower maintenance demands, diversified income, and operational flexibility made it a far more enjoyable business to own and manage.
Ultimately, the episode offers valuable insight for any operator considering buying, selling, or simply improving a self storage facility. Johnny's experience demonstrates that successful exits don't happen by accident—they're built on strong operations, thoughtful planning, and knowing when the right opportunity comes along.