Storage Wins

S2E40: Confidence Follows Action in Self Storage Investing

In this season two finale of Storage Wins, host Alex Pardo reconnects with Dan, the investor he has coached through 40 episodes on the journey to buying his first self-storage facility. Alex also marks a personal milestone: ten years behind the mic, with a podcast published nearly every single week. This episode is a reflection on the entire season, the lessons that matter most for new storage investors, and why finishing the season without a closed deal is not failure. If you are working toward your first storage facility and need a reminder that confidence follows action and progress is rarely linear, this conversation is for you. You'll Learn How To: Build real confidence in your underwriting by putting in the reps deal after deal Treat relationship capital as the most valuable asset you can raise Protect your momentum once you have it instead of letting life knock you off track Use accountability partners to stay consistent without depending on them Make offers as the fastest way to learn the business and create urgency Keep self-storage investing simple instead of overcomplicating the process Find a community or mentor rather than trying to figure it out alone Reframe a season that ends without a closing as success, not failure What You'll Learn in This Episode [0:17] Alex opens the season two finale and frames it around the journey, not the facility [1:04] Why Dan was on a very short list of people Alex trusted to see this through [2:17] Dan on never having considered a podcast and what made this the right scenario [3:19] Dan's biggest breakthrough after underwriting hundreds of deals on the show [3:54] How confidence replaced the tough early conversations they rolled up their sleeves on [5:31] The common themes of season two: big why, reps, and the right people around you [5:55] Why relationship capital matters more than spreadsheets in this business [6:47] Top season lessons, starting with confidence follows action [7:11] Momentum is fragile, so protect it at all costs once you have it [7:51] Why underwriting does not need to take four hours [9:07] Make offers because offers get you in the game and create real urgency [9:41] Ask for help, find your tribe, and stop trying to do this alone [10:31] Progress is not linear, with a jiu jitsu lesson on messy real-world execution [12:26] Dan answers whether he is confident he will buy a storage facility [14:00] Why Dan did not fail, the season just ended, and those are different things [14:25] Alex marks ten years of podcasting and announces a short pause before season three [16:44] What season three will look like and the closing call to action Who This Episode Is For: New investors working toward their first self-storage facility Anyone struggling with confidence, second-guessing, or analysis paralysis in underwriting Investors who feel like they are trying to figure this out alone People who have lost momentum and want to rebuild it Action takers who need permission to let progress be messy and imperfect Listeners who have followed Dan's journey from episode one Why You Should Listen: This finale is less about a transaction and more about transformation. Over 40 episodes, Dan went from never having underwritten a real deal to running numbers that hold up against seasoned brokers and experienced storage owners. The facility has not closed yet, but the person who will close it has already been built. The core lesson Alex keeps returning to is that confidence follows action, not the other way around. You do not wait until you feel ready to make offers and have hard conversations. You make the offers and have the conversations, and the confidence shows up because of the reps. Relationships, consistency, and a refusal to quit do the rest. If you have been waiting for the perfect moment or the perfect deal, this episode is a reminder that the road to ownership zigs and zags. Messy progress still counts. The only real failure is stopping. Follow Alex Pardo here: Storage Wins — storagewins.com Book a call with Alex — storagewins.com/call Follow Alex on Facebook Follow Alex on Instagram Subscribe on YouTube If you have been sitting on the sidelines waiting to feel confident before you take action, let this be your sign to flip that order. Make the call, run the deal, and put one foot in front of the other. If you are serious about buying your first or next storage facility with the right people in your corner, head to storagewins.com/call and let's hop on a short ten minute call to see how we can help.

Transcribe →

S2E39: Why Closing A Deal Should Never Be A Goal (Closing the Right One Is)

1w ago00:23:13Tap to summarize

In this episode, Alex Pardo and Dan Wentzel sit down for one of the most honest conversations of the entire season. With Season 2 winding down and Dan still working toward his first storage deal, Alex asks the question neither of them planned to face publicly: what does it feel like to put yourself out there for 38 episodes and not yet cross the finish line? Dan's answer — "I feel like a fool" — stops the conversation cold. What follows is a raw, unscripted look at managing progress versus expectations, the ebbs and flows of pursuing a big goal, and what it really means to keep going when the timeline doesn't go the way you planned. This is not a recap of mistakes. It's a conversation about identity, resilience, and what two years of grinding in public actually builds in a person. Dan reflects on the highs of nearly going under contract multiple times, the halt that came with a new baby, and the mindset shift that changed how he carries the weight of his journey. If you've ever felt behind, embarrassed by your timeline, or afraid to fail in front of people — this episode will meet you exactly where you are. You'll Learn How To: Separate "I didn't hit my goal" from "I didn't make progress" — and why the difference changes everything Manage the emotional ebbs and flows that come with pursuing a long-term investing goal Drop the weight of missed follow-ups and hit the reset button without losing momentum you've already built Stop worrying what other people think about your timeline and start focusing on the right next step Use the wisdom of the 20s/40s/60s framework to free yourself from caring about other people's opinions Build a strong enough "why" to keep moving forward when results take longer than expected Take massive imperfect action even when you feel like you're too far behind to catch up What You'll Learn in This Episode [0:00] Introduction [1:10] What if you do everything right and still don't hit the goal? [1:42] Progress vs. expectations — why these are not the same thing [2:02] Dan's idea: let's talk about the ebbs and flows that nobody else puts on camera [2:26] Has success been linear? Dan's honest answer after 38 episodes [3:20] The highs — nearly under contract multiple times, and what future-casting costs you when a deal falls through [4:31] How a new baby and the holidays brought momentum to a near-complete halt [5:00] What Dan learned about rebuilding: it doesn't matter where you start, just start somewhere [5:33] "Put the weight down" — Alex on why carrying the guilt of missed follow-ups makes it impossible to move [6:25] The hardest question of the episode: knowing what you know now, would you have started anyway? [7:29] Dan's answer — and the conviction behind it [7:58] Why the community made the journey worth it regardless of the timeline [8:26] Why Alex recommended the movie Rudy — and what stories of struggle do for your mindset [10:05] The 20s/40s/60s framework: when you finally realize nobody was thinking about you anyway [11:29] Dan's gut-punch response when Alex said Season 2 was winding down: "I feel like a fool" [12:16] Why public failure hits differently than private failure [13:41] A week later — does Dan still feel that way? [14:07] Why "nobody's thinking about you" is the most freeing thing an entrepreneur can internalize [15:17] Why putting yourself out there and falling short earns more respect than never trying [16:06] The man in the arena — the person people cheer for is the one willing to fight [16:34] The goal was never just to close a deal — it was to close the right one [17:30] How much of "I feel like a fool" was really about what other people think? [18:00] What Dan would tell someone afraid to put themselves out there in case they fail [18:59] What Dan is most proud of after 38 episodes [19:38] Why seeing others in the community close deals inspires rather than discourages him [20:10] Episode 40 is the Season 2 finale — and Dan is coming back when he closes his first deal [21:03] The call to action: take massive imperfect action, have a big why, surround yourself with the right people [21:36] A preview of what Season 3 will look like Who This Episode Is For: Aspiring storage investors who feel behind on their timeline and are starting to wonder if it's worth it Anyone who has put themselves out there publicly — on a podcast, in a community, or in front of others — and hasn't yet hit the goal Entrepreneurs struggling with the gap between the progress they've made and the expectations they set at the start People who are afraid to fail in front of others and have been using that fear as a reason to stay on the sideline Anyone who needs a reminder that the journey itself builds something that the destination alone never could Investors who have a big why but need help keeping it front of mind when the road gets longer than expected Why You Should Listen: Season 2 of Storage Wins was built on a simple premise: follow Dan Wentzel in real time as he pursues his first self-storage deal. The plan was to document the win. What happened instead was something more valuable — a two-year record of what it actually looks like to pursue a hard goal with no guarantees and no shortcuts. This episode is the honest accounting of that journey, and it's one of the most important conversations of the entire season. What makes it land is Dan's willingness to say out loud what most people only feel privately. "I feel like a fool." That moment is the heart of this episode — and Alex's response, the 20s/40s/60s framework, the man in the arena, the distinction between missing a goal and failing to make progress — gives you the mindset tools to reframe your own journey in a way that actually helps you keep going. If you've been at this for longer than you expected and you're starting to wonder whether the gap between where you are and where you thought you'd be by now means something has gone wrong — this episode is your answer. Nothing has gone wrong. The timeline is the journey. And the version of yourself you build on the way to the first deal is the asset that makes everything else possible. Follow Alex Pardo here: Website: https://storagewins.com Schedule a call: https://storagewins.com/call Facebook Group: Storage Wins Community Instagram: @alexpardo25 YouTube: Storage Wins Podcast If this episode resonated with you, the best next step is simple: book a free 10 to 15 minute discovery call with Alex at https://storagewins.com/call and let's figure out what's been keeping you from taking action. If you're just finding the show, go back to episode one of Season 2 and follow Dan's full journey from the beginning. And make sure you're subscribed — Episode 40, the Season 2 finale, is coming next.

Transcribe →

S2E38: The #1 Mistake Delaying Your First Storage Deal

2w ago00:19:09Tap to summarize

In this episode, Alex Pardo brings back returning guest and Storage Wins fan-favorite Dan Wentzel for an honest, unfiltered look at what two years of grinding toward his first self-storage deal has actually taught him. With lines in the water, offers made, and hard-won perspective to share, Dan sits down to answer the question every aspiring storage investor eventually has to face: if you could go back to day one with everything you know now, what would you do differently? This is not a highlight reel. It's a raw breakdown of the mistakes that slowed Dan down (chief among them, analysis paralysis) and the mindset shifts that have him closer than ever to closing his first storage facility. If you've been studying, underwriting, and preparing but still haven't made your move, this episode is the push you've been waiting for. You'll Learn How To: Break the analysis paralysis cycle that's keeping you from making offers on storage facilities Underwrite a self-storage deal with confidence in 30 minutes or less Use the LMAO Method (List, Meaningful Conversations, Analyze, Offers) to structure your entire acquisition process Make verbal offers without waiting for every detail to be perfect Build real momentum through cold calls with storage owners, even when you don't feel ready Stop falling into the "I should be further along" trap and start taking radical ownership of your journey Take massive imperfect action and collect tiny wins that compound over time What You'll Learn in This Episode [0:00] Dan delivers the episode's thesis before the intro even starts: perfect action doesn't exist, and waiting for it is the only thing that guarantees you stay stuck [0:33] Alex sets up the central question: if Dan kept all his experience but woke up tomorrow at day one, what would change? [1:01] Why hindsight and perspective are the two assets Dan has now that no spreadsheet could have given him [1:32] Alex runs the "Men in Black" scenario: erasing two years but keeping every lesson, and what it reveals about where Dan actually is [2:18] Alex reveals on-air that Dan has built a loyal fan base of Storage Wins listeners following his journey throughout season two [2:55] Dan's honest answer to what took longer than it should have: closing a deal, and why he still knows it's coming [3:50] Alex breaks down the "I should be further along" trap and why every entrepreneur who falls into it guarantees they stay exactly where they are [4:34] Dan takes full accountability for his timeline, no blame, no excuses, and explains what that shift in ownership has unlocked [5:25] Dan names his biggest mistake: analysis paralysis, and walks through the spreadsheet rabbit hole that had him second-guessing a deal he'd already underwritten correctly from day one [7:16] The gut-punch moment: two experienced mentors reviewed Dan's deal in 30 minutes and landed on the exact same number he'd spent weeks agonizing over [9:05] Alex's boat analogy: analysis paralysis is a current pulling you out to sea, and taking action shifts the current and brings you to shore [11:14] The flip side: what activities actually built momentum for Dan, and why doing more of what works is just simple math [11:39] What today's Dan would tell day-one Dan: don't overthink it, pick up the phone, and learn from every call you make [13:35] Alex reveals the LMAO Method (List, Meaningful Conversations, Analyze, Offers) and shows how Dan's own three-step answer was the framework all along [15:24] Dan's final word on massive imperfect action: collect tiny wins, make verbal offers, move to the next owner, and do it again Who This Episode Is For: Aspiring storage investors who keep underwriting deals but haven't submitted an offer yet People who freeze up at the thought of cold-calling storage facility owners Anyone who has been told to "just make offers" but doesn't know where to start Investors tying their self-worth to whether a deal closes on a specific timeline Entrepreneurs who know the technical side of self-storage but keep getting stuck in their own heads Anyone who has consumed all the content and just needs someone to tell them to pick up the phone Why You Should Listen: Season two of Storage Wins was supposed to end with Dan closing his first self-storage deal. And while that close is still coming (and both Alex and Dan know it), this episode makes the case that the most important thing Dan built over 38 episodes wasn't a portfolio. It was a version of himself capable of building one. Two years ago, the thought of calling a storage owner cold terrified him. Today, he can underwrite a facility, have a meaningful conversation with a seller, and submit an offer without breaking a sweat. That's not a small thing. What makes this conversation hit differently is the specificity of the mistakes. Dan doesn't give you vague lessons about "staying consistent." He walks you through the exact deal he over-analyzed: the spreadsheets, the second-guessing, the mentors who looked at it for 30 minutes and landed on the same number he'd spent weeks circling. That's the kind of honesty you can actually use. And when Alex's boat analogy lands, the current of analysis paralysis pulling you out to sea versus the current of action bringing you to shore, you'll feel it. If you've been sitting on a deal, a call, or even just the decision to get started, this episode gives you no more runway to hide behind. The LMO Method is simple. The Owner's Code is downloadable below. The blue ocean of 50,000-plus storage facilities is real. The only thing left is the action, and Dan's story is proof that imperfect action taken consistently will get you there. Follow Alex Pardo here: Website: https://storagewins.com Schedule a call: https://storagewins.com/call Facebook Group: Storage Wins Community Instagram: @alexpardo25 YouTube: Storage Wins Podcast If this episode lit a fire under you, the best next step is the simplest one: pick up the phone and start talking to storage owners. Download the Owner's Code seller conversation framework linked below so you know exactly what to say, and book a free 10 to 15 minute discovery call with Alex at https://storagewins.com/call when you're ready to go deeper. If you're just finding the show, go back to the beginning of season two and follow Dan's full journey from episode one. You won't regret it.

Transcribe →

S2E37: How to Stop Being the Obstacle Between You and Your First Storage Deal

3w ago00:21:41Tap to summarize

In this episode, Alex Pardo sits down with his longtime co-host and student Dan Wenzel for a season two wind-down conversation centered on the one thing no underwriting spreadsheet can measure: mindset. After 37 episodes of documenting Dan's journey into self storage investing, Alex and Dan pull back the curtain on the real growth that's happened, from near-paralysis on cold calls to confident conversations with storage owners across the country. This episode is a raw and honest look at how confidence is built through repetition, collaboration, and showing up even when you don't feel ready. If you've ever let fear, self-doubt, or the need for a perfect outcome keep you from taking action in your storage investing journey, this one is for you. You'll Learn How To: Build real confidence through consistent reps rather than waiting for a result to validate you Stop letting fear of rejection keep you from picking up the phone and calling storage owners Understand why collaboration with other investors accelerates growth faster than solo study Develop a "be, do, have" identity framework before the results show up Reframe a fumbled call or missed deal as a rep, not a failure Leverage broker relationships over time to sharpen your underwriting instincts Recognize the internal signals (nervousness, butterflies) that tell you to lean in, not back off What You'll Learn in This Episode [0:56] Alex opens the episode with the real obstacle holding most investors back from their first storage facility [1:20] Why mindset, confidence, and identity are the through-line of the entire season two journey [2:34] Alex breaks down the "be, do, have" framework and why most people have it backwards [3:26] Dan reflects on his biggest growth from episode one to episode 37 [4:32] How underwriting reps with other Storage Winners built Dan's confidence from the inside out [5:36] Was there a single light-bulb moment or was confidence an evolution? Dan answers directly [6:08] How an open broker relationship gave Dan a live benchmark to validate his own offers [7:24] Alex shares his ten-year podcasting anniversary and what a decade of reps actually produces [9:14] Why collaboration and a mastermind mentality separate investors who grow from those who stagnate [10:03] What no book or YouTube video can teach you: reading the human being behind the storage facility [13:48] What Dan can confidently do today that would have paralyzed him a year ago [16:34] Alex's personal story about a big opportunity that gave him butterflies, and what his wife said that snapped him back [18:17] Why not closing a deal by the end of the season doesn't define success or identity [20:11] Alex's closing challenge and how to connect with him for your first storage discovery call Who This Episode Is For: Investors who keep learning but haven't made their first offer yet People who freeze up at the idea of cold-calling storage owners Anyone tying their self-worth to whether a deal closes New and mid-stage storage investors who feel like they're "just going through the motions" Entrepreneurs who understand the technical side but struggle with the mental side Anyone who has consumed a lot of content and needs a push to take action instead Why You Should Listen: Season two of Storage Wins was supposed to be about buying a storage facility. And while that goal is still within reach, this episode makes the case that the most important thing Dan built over 37 episodes wasn't a portfolio. It was a version of himself capable of building one. Alex and Dan don't sugarcoat it. Confidence isn't something you feel before you start. It's something you earn through repetitions, through calls that go awkward, through underwriting deals alongside people who are a few steps ahead of you, and through showing up to record a podcast even on the weeks when the journey felt heavy. The "be, do, have" framework Alex references early in the episode is the spine of this conversation: you have to become the person first. The results follow. What makes this episode worth your time, whether you're brand new or already a few facilities in, is the reminder that growth is non-linear and often invisible until you look back. Dan couldn't have articulated his own evolution in episode one. But 37 episodes later, he can talk to any storage owner like the back of his hand. That's not luck. That's what happens when you put the reps in and refuse to quit. Follow Alex Pardo here: Website: https://storagewins.com Schedule a call: https://storagewins.com/call Facebook Group: Storage Wins Community Instagram: @alexpardo25 YouTube: Storage Wins Podcast If this episode stirred something in you, the best next step is simple: pick up the phone. There are 50,000 to 60,000 storage facilities in this country, with 64% owned by mom and pops. The blue ocean is real. If you're ready to take action, schedule a free 10 to 15 minute discovery call with Alex at https://storagewins.com/call. And if you're just finding this show, go back to episode one and follow Dan's full journey. You won't regret it.

Transcribe →

S2E36: The Mistake That Kills Good Storage Deals Before They Close

3w ago00:12:27Tap to summarize

In this solo episode, host Alex Pardo gives a candid update on Dan's journey to buy his first self-storage facility — a deal that had strong market demographics, favorable bank financing, and real value-add upside, until one buried spreadsheet assumption changed everything. This episode is a real-world lesson in self-storage underwriting, revenue ramp-up timelines, and what it actually costs to miss a detail in your deal filter. If you're working toward your first storage deal and want to understand how to stress-test your numbers before it's too late, this episode will save you from making the same costly mistake Dan made. You'll Learn How To: Understand why storage revenue doesn't move like a light switch after acquisition Identify the ramp-up period tab in your deal filter and how to use it correctly Calculate how many net move-ins per month is realistic for your market Stress-test your debt service coverage ratio before presenting a deal to a bank Negotiate from a shoulder-to-shoulder position with sellers when deals need restructuring Recognize when a deal that looks good on paper is missing a critical timeline assumption Surround yourself with a community that can catch what your spreadsheet can't What You'll Learn in This Episode [0:00] Dan's deal looked solid until one buried assumption flipped everything [0:32] Alex introduces Season 2 and Dan's journey from unemployed to first-time storage buyer [1:09] Why Dan wasn't excited when he finally got under contract — and what that reveals [1:45] Why celebrating each step matters even when you've been burned before [2:06] The market fundamentals Dan liked: demographics, income, population growth [2:31] The bank terms that made the deal attractive — 5.29% fixed for 5 years or 5.99% for 10 [3:05] A cautionary tale: a well-known investor who lost $15 million when rates adjusted on a $70M multifamily deal [4:13] Why Alex jumped on an impromptu Zoom to review Dan's underwriting spreadsheet [4:33] How Storage Wins community member Casey McKillop saved $100,000 on his first offer [6:02] The specific tab Dan wasn't reading correctly — net move-ins and the ramp-up period [7:07] The real issue: Dan assumed revenue would jump from $170K to $210K overnight [7:51] It would take Dan 10 months to reach profitability — and he wasn't prepared to fund it [8:09] The bank pulled out after reviewing the deal more closely [8:59] How to explain debt service coverage ratio (DSCR) to sellers and why 1.25–1.3 matters [10:14] The lesson: growth comes from adversity, and Dan won't make this mistake again Who This Episode Is For: First-time storage investors preparing to make their first offer Investors who have been under contract before and had deals fall through Anyone underwriting a value-add storage deal and projecting a quick revenue bump Buyers who haven't stress-tested their debt service coverage ratio Entrepreneurs who know the numbers but need a second set of eyes on their assumptions Storage investors trying to understand how ramp-up timelines affect deal viability Why You Should Listen: Dan's deal had everything going for it on the surface — strong demographics, committed bank financing, and a clear path to raising rents. But one overlooked tab in the deal filter spreadsheet showed that revenue wouldn't jump overnight. It would take ten months to reach profitability, and Dan hadn't budgeted for that gap. That single assumption blew up the DSCR, the bank walked, and a deal that looked ready to close came apart fast. This episode isn't about what went wrong. It's about what you can learn before it happens to you. Alex walks through the exact mistake — projecting revenue as a light switch rather than a ramp — and explains why having a community to stress-test your deal before you go under contract is worth more than almost anything else in this business. The most expensive education is experience. But it doesn't have to be yours. Dan learned this lesson so you don't have to. Follow Alex Pardo here: Storage Wins Website: https://www.storagewins.com Book a Discovery Call: https://www.storagewins.com/call Storage Wins Facebook Group: https://www.facebook.com/groups/storagewins Instagram: @alexpardo25 YouTube: Storage Wins If this episode hit home, share it with someone who's currently underwriting a self-storage deal or about to make their first offer. One conversation, one extra set of eyes on a spreadsheet, can be the difference between a great deal and an expensive lesson. Follow Storage Wins on your favorite podcast platform, and leave a rating and review — it helps more investors find the show. Ready to move from learning to owning? Head to https://www.storagewins.com/call and schedule your free ten-minute discovery call with Alex. Your first storage facility is closer than you think. Join the Storage Wins Facebook Group and connect with investors who are in the trenches just like you. The community is free, the knowledge is real, and the next deal could come from a conversation you haven't had yet.

Transcribe →

S2E35: Why Revenue Is a Slow Burn Not a Light Switch in Self-Storage Investing

4w ago00:21:25Tap to summarize

In this episode, Alex Pardo continues the raw, unfiltered coaching series with Storage Wins community member Dan, who is now under contract on a 28,000 square foot self-storage facility priced at $2.625 million. After the previous conversation surfaced a critical gap in Dan's deal analysis — specifically that revenue doesn't jump to projected levels overnight but ramps slowly over months — this episode picks up with Dan processing some mixed emotions and working through the real question every first-time storage investor eventually has to answer: is the juice worth the squeeze? Alex walks Dan through how to evaluate that question honestly, without just telling him what to do. They talk about what qualifies as a base hit versus a home run on a first deal, how to look at the deal through the conservative, likely, and best-case lenses without letting optimism drive the offer, and what it actually means to responsibly bring equity partners into a deal you still believe in. It's one of the most practical, unscripted conversations the show has aired — and if you're at a similar inflection point in your own storage journey, this one was made for you. You'll Learn How To: Determine whether a deal is a true base hit or just a deal you're forcing because you're hungry to close Evaluate a storage deal through conservative, likely, and best-case revenue scenarios without getting burned by optimism Understand why revenue ramp-up is a slow burn — not a light switch — and how to model it correctly Structure equity partner terms that are competitive with what active investors in the storage space are actually looking for Weigh the real value of getting into your first deal even when the returns aren't exceptional Recognize the orange flags in a deal's financing structure before they become red flags at closing Build the confidence and clarity needed to pull the trigger — or walk away — with a clear, defensible reason What You'll Learn in This Episode [0:00] Alex previews the series and what Dan missed in the prior deal analysis — the revenue ramp-up problem [0:47] The 28,000 sq ft deal under contract: $2.625M purchase price and the cash flow math that surfaced some hard questions [2:32] Dan shares his mixed emotions after the last call — and Alex explains why they're recording it anyway [3:18] Dan's framing: the value of getting into a first deal, even knowing he'll give up 40% equity and an 8% preferred return [4:33] What Scott Speer and other coaches told Dan about what investors are actually looking for right now [5:31] Running the numbers: 9–11% cash on cash return over five years and a 17–18% annualized return — and why it's still short of the 12–15% benchmark [6:27] Alex's philosophy on first deals: it doesn't have to be a home run, but it does have to be a base hit with low risk [8:25] What Alex learned from his own early deals — buying in markets he wouldn't touch today — and the lesson about operations vs. market fundamentals [9:35] How to think about the juice-worth-the-squeeze question based on your season of life, your goals, and your risk profile [10:42] Why hunger to close a deal is not enough justification — and what separates discipline from paralysis [11:17] Dan makes the case for the facility: competitors with much higher rates and occupancy above 90% suggest meaningful room to push rates [13:12] Running the likely scenario vs. conservative: how higher confidence in the market changes the deal math [15:17] The revenue light-switch analogy — and why missing this detail is one of the most common first-deal mistakes [16:52] Potential paths forward: renegotiating terms with the seller, adjusting interest rate assumptions, or restructuring the equity split [19:19] Alex's reminder: always determine your exit before you enter — and what that means for this deal specifically [19:42] Alex wraps the series so far and challenges listeners following Dan's journey to keep showing up with the same persistence Who This Episode Is For: First-time storage investors who are under contract or close to it and second-guessing the numbers Investors who know they want to do a deal but aren't sure where to draw the line on acceptable returns Anyone who has ever confused being hungry to close with being ready to close Students of the Storage Wins community looking for a real-time, unscripted deal review Operators who want to understand how to model revenue ramp-up correctly before making an offer Investors considering bringing on equity partners and not sure what terms are realistic right now Why You Should Listen: Most podcasts show you what winning looks like. This episode shows you what the messy middle looks like — the moment after you've done all the right things, run your analysis, gotten the deal under contract, and then discovered there was one number you weren't modeling correctly. That's not a failure. That's the job. And how you respond to that moment is what separates investors who close deals from investors who talk about deals. Alex doesn't hand Dan the answer here. He helps him build the framework to find it himself. What's the conservative case? What's the likely case? What does the market data actually support? What would a responsible equity partner need to see? Those questions matter a lot more than any single deal outcome — because the investor who can answer them clearly will keep finding deals long after this one is resolved. If you're in a similar moment right now — wrestling with whether a deal clears the bar or not — the framework Alex lays out in this conversation is one you can apply immediately to whatever is sitting in your pipeline. Follow Alex Pardo here: Website — https://www.alexpardonow.com Storage Wins — https://www.storagewins.com Schedule a call with Alex — https://www.storagewins.com/call Facebook — https://www.facebook.com/alexpardonow Instagram — https://www.instagram.com/alexpardonow YouTube — https://www.youtube.com/@alexpardonow <p class= "font-claude-response-body...

Transcribe →

S2E34: The Revenue Ramp Problem Every First-Time Storage Investor Misses

4w ago00:45:22Tap to summarize

In this episode, Alex Pardo reconnects with Dan to dig into the financial and strategic reality of his 28,000-square-foot storage facility under contract for $2.625M. This is part 3 of a multi-part series, and the conversation gets raw and unfiltered as they work through the deal's tightest challenge: Dan's initial miss on revenue ramp timing and how it impacts his cash flow projections and partnership structures. Alex uses this live deal walkthrough to unpack the critical thinking required before committing capital and equity to a first storage facility. It's messy, it's real, and it's exactly how serious operators need to evaluate opportunities before pulling the trigger. You'll Learn How To: Understand revenue ramp dynamics and why projections don't happen overnight Evaluate whether a deal is worth equity and capital when returns are below market expectations Structure deals with debt and equity partners to manage cash flow gaps Identify when an interest rate or term change becomes a caution flag in a deal Design a facility exit strategy before you sign the purchase agreement Run conservative, likely, and best-case scenarios without falling into best-case bias Know the difference between doing a deal for experience and doing the right deal for returns What You'll Learn in This Episode [00:00] Alex and Dan discuss the three-part series on Dan's 28K sq ft facility deal under contract [01:10] The critical oversight: revenue doesn't jump immediately when you raise rates, it ramps slowly [02:00] How a 2-3 person per month net move-in creates negative cash flow for 5–10 months [03:29] Dan's mixed emotions: value of the first deal vs. whether the juice is worth the squeeze [04:01] Equity structure options: 40% equity with 8% preferred return vs. 12% interest-only with smaller equity [05:41] Projected returns: 9–11% cash-on-cash over five years, annualized 17–18% (below market expectations) [06:37] Alex's philosophy: first deal doesn't need to be a home run, but it has to be a base hit with low risk [08:05] Alex's cautionary tale: his early deals in certain markets he wouldn't repeat, but bar was lower because he was learning [09:24] The decision framework: enough due diligence to confidently move forward or walk away with reason [14:15] Where community homework and market analysis become invaluable in deal evaluation [16:03] Revenue ramp isn't a light switch: it's a slow burn that models must account for with conservative assumptions [16:49] Conservative, likely, and best-case scenarios: don't make offers expecting everything goes right [17:02] Going back to the seller after due diligence to renegotiate price, terms, or structure [17:25] Interest rate sensitivity: if 70–80 basis points breaks the deal, it's a yellow flag [18:34] Partnership scenarios: 40% equity vs. 20–30% equity depending on your time and value contribution [19:15] Exit strategy before entry: you determine how you exit, and rarely do you buy and operate forever Who This Episode Is For: First-time storage investors evaluating their first deal and unsure if the numbers work Operators with a property under contract trying to decide between partnerships, debt, or walking Investors who've been analyzing deals but haven't pulled the trigger and need a reality check Deal makers questioning whether their first facility has to be a grand slam or just a win Real estate operators learning the difference between deal experience and deal returns Anyone struggling with confidence on deal evaluation, market selection, or partnership structures Why You Should Listen: This episode does something most storage content doesn't: it shows you the real conversation a smart operator has when a deal is tight, promising, but not yet perfect. Alex doesn't tell Dan "do it" or "don't do it." Instead, he walks him through the thinking process—how to weigh risk, returns, equity dilution, and the value of your first facility against the need to protect your capital and time. The key insight here is revenue ramp. It's the single detail that shifted Dan's deal from "looks good" to "needs more work." In self-storage, you don't buy a 60% occupied facility at a certain price, make some operational improvements, and suddenly it's 90% occupied next month. It takes time. Every month you're adding a few units, pushing rates on the existing base, and slowly building to your pro forma. If your financing doesn't account for that reality, your deal can go negative cash flow for longer than your capital can sustain. The broader lesson is this: your first storage deal should absolutely get you on base. It should teach you how to find, evaluate, underwrite, and operate a self-storage facility. But it shouldn't be a financially reckless trade just to check the box. Do the first one right, and you'll be confident to repeat it faster. Do the first one wrong, and you might be out capital, confidence, and momentum. Follow Alex Pardo here: Storage Wins Podcast — storagwins.com Facebook — Storage Wins Community (join the group for continued learning and peer support) Instagram — @alexcpardo YouTube — Storage Wins Doing your first storage facility is a big decision, and the temptation to move fast is real. But as Alex reminds Dan, there's no rush. You're not trying to do a deal for the sake of doing a deal. You're trying to do the right deal at the right time with returns that actually work. If you're ready to evaluate your first storage opportunity with clarity and confidence, head over to storagwins.com/call to schedule a free discovery call with Alex and explore whether self-storage is the right next move for you. The only thing standing between you and your goals is action.

Transcribe →

S2E33: Breaking Down a $2.6M Self-Storage Acquisition (After 4 Years of Follow Up with the Seller)

Jun 100:31:54Tap to summarize

In this episode of Storage Wins, Alex Pardo welcomes back Dan Wentzel with a major announcement: after months of grinding through deals, cold calls, and follow-ups, Dan is officially under contract on a $2.625 million self-storage facility that has 234 units and 28,000 square feet in a growing market with strong demographics. What makes this milestone so powerful isn't just the deal itself — it's the journey that led to it. Dan cold called this owner four years ago, followed up for over a year, sent somewhere between six and twelve offers, and refused to quit even when the seller went to a broker and the deal almost died twice. This is a masterclass in what persistence actually looks like in the real world of self-storage investing. The conversation dives deep into how a single phone call to a local bank, uncovering better lending terms than anything previously available, completely changed what Dan could offer and finally got the deal done. It's a reminder that creative problem-solving and consistent action can unlock opportunities that feel out of reach. Alex and Dan also work through the deal's financials in real time, breaking down back-of-napkin underwriting: starting with $275,000 in current revenue, applying a 35% expense ratio to arrive at a $178,750 NOI, and exploring what a conservative 20% rent increase could do (pushing projected NOI to over $217,000). With rates sitting 30–40% below market and only two competitors in the area (one of which appears to be at capacity), the upside is real. The episode closes with a cliffhanger. The numbers are promising, but the next episode will tackle how to structure the capital stack: debt vs. equity, investor returns, and whether this deal can fully support itself. This is one of the most honest and instructive episodes in the series, proof that the deal of your life can be the one you almost walked away from. ⸻ You'll Learn How To: Push through analysis paralysis and doubt by staying in motion even when results aren't showing yet Follow up with sellers over months and years without burning the relationship Use simple back-of-napkin math to quickly evaluate any self-storage deal Apply an expense ratio to calculate NOI and interpret cap rates in context • Identify value-add opportunities from below-market rents and unsophisticated operations Use bank financing creatively to increase your offer and structure a better deal Recognize what makes a market worth pursuing: population growth, median income, and limited competition Build a simple, sustainable follow-up system that doesn't require an expensive CRM ⸻ What You'll Learn in This Episode: [0:00] Dan announces he's under contract on a $2.625 million storage facility [1:00] Alex reflects on Dan's journey — from stuck and overwhelmed to under contract [3:16] What the mindset shift actually looked like: keeping your head down and taking the next step [4:08] Was quitting ever a real thought? Dan's honest answer [5:38] Why Alex's mentor told him to "love the journey" — and what that actually means [6:35] The confidence that comes from persisting when others would have quit [7:40] Deal overview: how did Dan even find this opportunity? [8:43] Cold called the owner four years ago — couldn't get through [9:12] A VA finally made contact: seller wanted $3 million — the follow-up began [10:03] How finding better bank financing changed everything and unlocked the deal [10:41] The numbers: 28,000 sq ft, 234 units, plus 24 containers with upside potential [11:32] How many offers did Dan send this seller? "Somewhere between six and twelve" [12:07] Why seller financing was difficult: the seller wanted 40% down [13:03] What made this deal worth the persistence: unsophisticated owner, strong market [13:28] No Google Maps presence, no online rentals, no rate management — maximum upside [14:22] Dan's follow-up system: a Google spreadsheet and phone reminders [15:14] Why the best CRM is the one you actually use [15:55] Market demographics: 3% annual population growth, $90K median household income [16:22] Seller's motivation: retirement [17:06] Purchase price per square foot: $94 — high, but not the full picture [17:31] Current annual revenue: $275,000 at 95% occupancy [18:01] Walking through back-of-napkin math with Dan live on the show [19:47] NOI calculation: $275K × 65% = $178,750 — what that means as a 7 cap [21:07] Why cap rates alone don't tell the full story [22:22] How much can revenue grow? Rates are 30–40% below market [23:48] Analyzing worst case, likely, and best case revenue scenarios [25:11] Only two competitors — one appears to be at full capacity [26:40] How to review the P&L month by month to project ramp-up revenue [27:17] Conservative scenario: 20% rate increase = $60K in additional top-line revenue [27:41] New projected NOI: $217,750 — now buying at an 8 cap [28:29] What comes next: layering debt and equity onto the deal [30:29] The cliffhanger: tune in to the next episode for full capital stack breakdown ⸻ Who This Episode Is For: Investors who have been grinding without results and are questioning whether to keep going Anyone trying to source their first off-market self-storage deal through cold calling Listeners who want to understand how to underwrite a deal from scratch Entrepreneurs learning how to structure persistent, respectful follow-up with sellers Investors exploring how bank financing can improve deal terms Anyone building a value-add self-storage investment thesis People who need a reminder that the breakthrough is usually just on the other side of the next rep ⸻ Why You Should Listen: Most people give up long before the deal gets done. Dan Wentzel cold called this seller four years ago, got nowhere, followed up for over a year, sent over half a dozen offers, watched it almost go to other buyers twice — and then found one bank with better terms that changed everything. This episode is a real-time case study in what persistence, creative financing, and consistent action actually look like in the self-storage business. If you've been putting in the work and not yet seeing the results, this conversation will remind you why you can't afford to stop now. ⸻ Follow Alex Pardo here: Website: https://alexpardo.com/ Facebook: https://www.facebook.com/alexpardo15 Instagram: https://www.instagram.com/alexpardo25 YouTube: https://www.youtube.com/@AlexPardo Storage Wins Website: https://storagewins.com/ ⸻ Have conversations with at least three storage owners, brokers, private lenders, or equity partners inside the Storage Wins Facebook Group. Join for free here: https://www.facebook.com/groups/322064908446514/

Transcribe →

S2E32: How Taking the Right Actions Builds Confidence in Entrepreneurs

May 2800:30:12Tap to summarize

In this episode of Storage Wins, Alex Pardo reconnects with Dan Wentzel to unpack the dramatic shift that's taken place over the last several episodes. After months of overthinking, hesitation, and struggling with analysis paralysis, Dan is now operating from a completely different place: confidence built through reps, action, and real-world experience. What makes this conversation powerful is that the breakthrough didn't come from one magical strategy or perfect deal. It came from volume, repetition, relationships, and exposure to real offers in the marketplace. As Dan shares updates on an off-market self-storage opportunity he's been negotiating for months, the conversation reveals how seeing other buyers' offers, collaborating with the Storage Wins community, and repeatedly underwriting deals helped him realize something important: most experienced investors arrive at similar conclusions. That realization changed everything. The episode also dives into one of the most important principles in entrepreneurship and investing: progress creates confidence. Alex explains how momentum compounds through action—and how hesitation, overthinking, and fear create the exact opposite cycle. Along the way, Alex shares a personal story about nearly losing his first storage deal because he spent too much time trying to perfect contracts and eliminate uncertainty before moving forward. It becomes a powerful lesson in why confidence is built through action—not endless preparation. The conversation closes with a real-world financing breakthrough as Dan uncovers a bank financing option that completely changes the structure of a $3 million seller-financed deal and potentially removes one of the biggest obstacles holding the deal back. This episode is a masterclass in momentum, confidence, relationships, and learning how to trust yourself enough to move forward before everything feels certain. ⸻ You'll Learn How To: • Build confidence through reps, action, and real-world experience • Stop overthinking and start creating momentum through progress • Leverage relationships and community to strengthen decision-making • Understand how experienced investors structure creative offers • Balance asking the right questions without overcomplicating deals • Avoid losing opportunities by chasing perfection • Use bank financing creatively to solve seller financing obstacles • Detach from outcomes and focus on consistent execution ⸻ What You'll Learn in This Episode: [0:01] Why progress creates confidence—and confidence compounds [0:49] The major mindset and identity shift happening with Dan [2:07] Recognizing growth by comparing past vs current conversations [3:31] The specific off-market deal that accelerated Dan's confidence [4:13] Seeing how multiple buyers structured similar offers [5:00] Why creativity in financing changes everything [5:30] Realizing most experienced investors arrive at similar conclusions [6:06] The role of the Storage Wins community in building confidence [7:02] Why asking questions is critical when buying multimillion-dollar businesses [7:53] "You're one conversation away from a completely different life" [8:50] The mindset trap behind questioning small investments in yourself [10:13] Why relationships help you borrow confidence from others [10:48] The balance between asking enough questions vs too many [11:27] Alex's story of almost losing his first storage facility deal [13:07] The danger of trying to perfect contracts before taking action [14:27] Why people need more reps—not more information [15:05] The driving analogy: confidence is built by driving the car [16:12] Why investors try to "drive with one foot on the brake" [17:00] The importance of having a support system and community [18:17] How action transformed a community member into the "cold calling queen" [19:18] The cycle: action → progress → confidence → more action [20:49] Dan's current pipeline: underwriting deals and making offers [22:10] Why detaching from outcomes creates better energy and communication [23:20] "Luck" comes from preparation meeting opportunity [25:10] The financing breakthrough that changed the $3M deal structure [26:00] How bank financing reduced the required down payment dramatically [27:20] Why the seller may respond differently to a bank-financed offer [27:54] Alex's final challenge: stay committed to the process, not the outcome ⸻ Who This Episode Is For: • Investors struggling with confidence and momentum • Listeners dealing with analysis paralysis or overthinking • Anyone trying to buy their first self-storage facility • Entrepreneurs who need to build belief through action • Investors learning how to structure creative financing offers • People looking for the right community and support system • Anyone who needs to stop waiting for certainty before taking action ⸻ Why You Should Listen: Most people think confidence comes before action. In reality, confidence comes because of action. This episode breaks down how momentum is actually built—and why the investors who succeed are usually the ones willing to take imperfect action consistently, even before they feel fully ready. If you've been stuck overthinking deals, questioning yourself, or waiting until you feel "certain," this conversation will help you shift your mindset, simplify your approach, and start building the confidence that only comes through progress. ⸻ Follow Alex Pardo here: • Alex Pardo Website: https://alexpardo.com/ • Alex Pardo Facebook: https://www.facebook.com/alexpardo15 • Alex Pardo Instagram: https://www.instagram.com/alexpardo25 • Alex Pardo YouTube: https://www.youtube.com/@AlexPardo • Storage Wins Website: https://storagewins.com/ ⸻ Have conversations with at least three storage owners, brokers, private lenders, or equity partners inside the Storage Wins Facebook Group. Join for free here: https://www.facebook.com/groups/322064908446514/

Transcribe →

S2E31: Why "Perfect Offers" Are Keeping You Broke

May 2700:17:52Tap to summarize

If episode thirty was about identifying analysis paralysis as the bottleneck, episode thirty-one is about the breakthrough that happens when you finally stop chasing certainty and start trusting yourself. In this episode of Storage Wins, Alex Pardo continues coaching Dan Wentzel through one of the biggest mindset shifts of the entire journey so far. After spending months overanalyzing deals and trying to craft the "perfect" offer, Dan reveals a major breakthrough: he recently underwrote a deal in just one hour—and for the first time, felt confident enough to move forward without needing additional validation. That realization sparks a deeper conversation about what was really happening beneath the surface all along. As Alex breaks it down, the issue was never about spreadsheets, underwriting skills, or lack of knowledge. The real problem was the need for certainty. By spending excessive time analyzing deals, Dan was unintentionally protecting himself from the discomfort of taking the next step—making offers, facing uncertainty, and risking failure. The conversation dives into the hidden ways investors self-sabotage, how perfectionism quietly destroys momentum, and why "the perfect offer" simply does not exist. Alex also explains how confidence compounds over time, and why trusting yourself becomes one of the most important skills in real estate investing. What makes this episode especially powerful is the visible shift in Dan's energy and confidence throughout the conversation. For the first time in the journey, the breakthrough feels real—not because a deal closed, but because the mindset finally changed. This episode is a masterclass in confidence, imperfect action, and learning how to move forward before you feel 100% certain. ⸻ You'll Learn How To: • Break free from analysis paralysis and perfectionism • Reduce the need for certainty before taking action • Build confidence through repetition and imperfect action • Identify hidden forms of self-sabotage during the deal process • Trust your underwriting skills without needing constant validation • Move from overthinking into momentum and execution • Focus on progress instead of crafting the "perfect" offer ⸻ What You'll Learn in This Episode: [0:04] Why the "perfect offer" does not exist [0:37] The real thing holding most investors back: certainty [1:22] Recap of Dan's journey through highs, lows, and mindset challenges [1:46] The previous breakthrough: reducing underwriting time [2:27] Dan reveals he recently underwrote a deal in just one hour [3:15] The key shift: feeling confident without needing more validation [4:12] Why certainty becomes a trap for investors [5:07] The danger of trying to craft the perfect offer [6:19] Perfectionism as a hidden form of self-sabotage [7:05] Why staying in spreadsheets feels "safe" emotionally [7:39] The confidence bank account analogy [8:06] What helped Dan reduce underwriting time from 4 hours to 1 [8:38] Learning confidence through comparing multiple buyer offers [9:20] Discovering that most investors arrive at similar conclusions [9:47] "Protect your confidence" as the entrepreneur's #1 responsibility [10:31] How overanalyzing creates a cycle of fear and doubt [11:25] The power of reclaiming 15 extra hours per week [12:07] Why coaching works when you remain coachable [13:03] Trusting yourself while still leveraging mentors and community [13:47] Why deal flow—not spreadsheets—is the real priority [14:12] The advantage of becoming great at finding opportunities [14:53] The big takeaway: enough confidence is enough to act [15:40] Alex identifies the real breakthrough: eliminating self-sabotage [16:14] Why Dan's energy and confidence finally feel different ⸻ Who This Episode Is For: • Investors stuck in analysis paralysis or overthinking • Listeners who struggle with confidence before making offers • Anyone trying to overcome perfectionism in business • Entrepreneurs who constantly seek more certainty before acting • People pursuing their first self-storage facility • Investors who feel stuck despite having knowledge and skills ⸻ Why You Should Listen: Most investors think they need more information before taking action. In reality, they usually need more confidence. This episode reveals how the need for certainty quietly keeps investors stuck in endless analysis, delays momentum, and creates hidden self-sabotage. More importantly, it shows how confidence is built—not by knowing everything, but by trusting yourself enough to take the next step. If you've ever felt trapped in overthinking, waiting for the "perfect" offer, or needing complete certainty before moving forward, this conversation will help you break that cycle and finally start building momentum. ⸻ Follow Alex Pardo here: • Alex Pardo Website: https://alexpardo.com/ • Alex Pardo Facebook: https://www.facebook.com/alexpardo15 • Alex Pardo Instagram: https://www.instagram.com/alexpardo25 • Alex Pardo YouTube: https://www.youtube.com/@AlexPardo • Storage Wins Website: https://storagewins.com/ ⸻ Have conversations with at least three storage owners, brokers, private lenders, or equity partners inside the Storage Wins Facebook Group. Join for free here: https://www.facebook.com/groups/322064908446514/

Transcribe →

All episodes

S2E40: Confidence Follows Action in Self Storage Investing

S2E39: Why Closing A Deal Should Never Be A Goal (Closing the Right One Is)

S2E38: The #1 Mistake Delaying Your First Storage Deal

S2E37: How to Stop Being the Obstacle Between You and Your First Storage Deal

S2E36: The Mistake That Kills Good Storage Deals Before They Close

S2E35: Why Revenue Is a Slow Burn Not a Light Switch in Self-Storage Investing

S2E34: The Revenue Ramp Problem Every First-Time Storage Investor Misses

S2E33: Breaking Down a $2.6M Self-Storage Acquisition (After 4 Years of Follow Up with the Seller)

S2E32: How Taking the Right Actions Builds Confidence in Entrepreneurs

S2E31: Why "Perfect Offers" Are Keeping You Broke