Why Self-Storage Investing and Why NOW?

Recession proof asset classes might not exist but there are certainly benefits in some over others during markets like we’re experiencing today. We are excited to sit down with Corinn Altomare, investor and musician, on this week’s episode! Corinn began investing in small multifamily properties to give her the financial foundation needed to pursue her true passion, music. After expanding her portfolio through syndications, she ultimately made a strategic pivot into self-storage given its most alluring aspect of being recession resistant. She now owns and controls over $9 million in real estate. We cover so much with Corinn like the benefits of self-storage during not only a market downturn, but also during an upswing, how to best transition between asset classes, and what to look for in a self-storage facility. Corinn also shares the one thing she would have done differently when first starting out. Corinn Altomare is a classically trained musician turned real estate investor. During her professional career as an opera singer, she performed a diverse range of repertoire spanning the baroque period to contemporary, from pop-up locations in city centers to reverent chapels nestled within European country sides. After 13 years as a vagabond musician, however, Corinn was ready for a new challenge. She found this-ultimately-in real estate. Corinn comes from entrepreneurial parents-her mother founded and ran a Montessori preschool; her father a family and financial planning law practice. Her youngest childhood memories are of accompanying them on daily operations. This early exposure served Corinn well as she pivoted to the realm of IT project management for 5 years. This time was marked by continual growth, training, and development in a world completely different from her previous artistic and entrepreneurial ones. Corinn’s next career shift was into real estate investing. As an individual investor, she acquired a triplex in the Francisville neighborhood of Philadelphia. This purchase was followed closely by multiple others within a few very busy years, acquired through syndication with-at first-close friends and family. She jumped into her new roles of owner and property manager across a quickly-growing portfolio. She started her company, Hearthfire Holdings, with her now-husband and business partner. While only dating at the time, after navigating a few investment property purchases, landlording, and hands-on repairs and maintenance together, they knew a formal partnership-in life and business-was in order. Hearthfire Holdings made a strategic pivot into self-storage after 7 years in residential real estate. This decision was made largely upon the assessment of an overheated, overextended market high, and the recognition of an inevitable downward correction. This move turned out to be made just in time, given the impact of COVID-19 on our global economy in 1Q2020. Pre-planning for this shift started in 2017, and Hearthfire Holdings sold off smaller syndications 4Q2018-1Q2019, delivering investor returns of 23-24% IRR. Funds from these sales were consolidated into a successful acquisition of a 35,000 NRSQFT self-storage facility in Lancaster County, PA, in 3Q2019. Hearthfire Holdings maintains a portfolio of commercial and residential multifamily properties in the Philadelphia MSA, which with their self-storage facility represents a total portfolio valuing $9M. On today’s episode, we discuss a ton with Corinn, including: -      The importance of studying a market when investing in self-storage -      The differences between self-storage and other assets classes -      How to present yourself to sellers to give yourself the edge over other offers -      How the current Corona Virus epidemic is affecting her portfolio and self-storage in general -      The complications that come with over structuring your partnerships Want to hear more from Corinn? Join in as she speaks at our upcoming Newtown Square InvestHER meetup on May 27, 2020! Books/Resources Atlas Shrugged & The Fountainhead The Holy Bible The Real Estate InvestHER Meetup- Philadelphia, PA Contact Information Facebook- Hearthfire Holdings Facebook- Corinn Altomare Instagram- Hearthfire Holdings Hearthfire Holdings website Looking for Funding? Ladies, you need to check out Fund That Flip! We are excited to tell you about Fund That Flip, a company we are very proud to call our sponsor. Fund That Flip is the leading provider of fast, convenient, affordable capital for experienced real estate investors who buy and rehabilitate residential properties. To date, they have helped hundreds of real estate investors grow their businesses by funding thousands of deals. You deal directly with them, getting your deal funded in as few as 10 days.  85% of their customers come back to do more business with them because of their dedication to exceptional service. It’s why they were named No. 42 of Inc.’s fastest-growing companies in America.  What do they fund? ·     Fix-and-flip ·     New construction ·     Buy and Hold Properties ·     Cash-out refinance projects from 1-4 units Real Estate InvestHERs, Get $500 towards your next closing! Check them out by visiting – www.fundthatflip.com/investher  InvestHER Community Our mission is to support and inspire women real estate investors around the globe to live a financially free and balanced life. We are dedicated to creating empowering online and in person communities where women have a non-intimidating environment to ask questions and receive the support they need. Our vision is to see all woman investors achieve her financial freedom goals on her own terms. How To Join the InvestHER Movement   1) The Real Estate InvestHER Podcast - The weekly show details the journey of some of the most amazing women real estate investors around the world, who open up their lives and share practical and strategic tools for growing a rental portfolio, flipping houses and the mindset that allows them to run a successful investing business while taking care of their families and most importantly taking care of themselves.  • Subscribe via Itunes  • Subscribe via Android • Subscribe via Stitcher  2)  InvestHER Community on Facebook  We have 2k+ members in our Facebook InvestHER Community (and growing!) This is a safe place for women to ask real estate investing questions and gain the support they need to achieve their goals!  3) InvestHER Meetups Around the Globe We have over 4k+ meetup members attending close to 25 InvestHER Meetups across the country and Canada. Meetups are being held monthly by experienced InvestHER Leaders! Learn more about our InvestHER leaders, meetup locations, and how to become an InvestHER Leader HERE! Follow us on: Facebook: @therealestateinvesther Instagram: @therealestateinvesther