GI205: Investing in Self Storage with Tom Dunkel

Tom Dunkel has over 27 years of real estate, finance and investing experience. His company, Belrose Asset Management, is involved in; private lending, distressed debt and self-storage complexes.

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Announcer:
Welcome to the Global Investor Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host Charles Carillo combines decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now, here’s your host, Charles Carillo.

Charles:
Do you have money sitting in the stock market? And you’re worried about it or worse. You have money sitting at the bank, not keeping up with inflation. My name is Charles Carillo, founder and managing partner of Harborside Partners. And since 2006, I’ve been investing my money and my family’s money into income producing properties. These are real assets, real properties with real addresses that produce real cash flow. At Harborside Partners, we provide passive investors who love real estate with a turnkey investing solution. If you want to put your money to work in real estate, but can’t find deals, don’t have the time to get funding in. The last thing that productive people want to do is manage real estate. We find the deals. We fund the deals and we manage the tenants, the termites and the properties. Partner with us at investwithharborside.com. That’s investwithharborside.com. Go to investwithharborside.com. If you love real estate, you like the idea of passive income and believe that income producing properties will appreciate over time. Go to investwithharborside.com. That’s investwithharborside.com.

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Tom Dunkel. He has over 27 years of real estate, finance and investing experience. His company, Belrose Asset Management, is involved in; private lending, distressed debt and self-storage complexes. So thank you so much for being on the show today, Tom

Tom:
Charles, it’s great to be with you and the listeners. Thanks so much for having me.

Charles:
So over almost three decades can you give us a little bit about your background, both personally and professionally prior to getting involved in real estate investing?

Tom:
Sure. Wow, when you say it that way, man, <laugh>, thanks. You feel a little old, but No, it’s true. I guess you know, time kind of flies when you’re having fun. But yeah, I started out in corporate America after business school. I was doing mergers and acquisitions and raising institutional capital. You know, we were doing, you know, hundred million deals, $50 million deals, you know, that kind of thing. I was in the aerospace industry, the IT industry and so just learned a lot. Had a great foundation there, but I always knew I wanted to go out and do my own thing. So after, you know, corporate stints here and there building that foundation, I jumped into my entrepreneurial career in 2006. So going on about 17 years ago and of course that was 2006 you know, wanted to get into real estate.

Tom:
Timing was awful, right? So here I kind of left my cushy corporate world and, you know, jumped into my entrepreneurial world and, and proceeded to get my butt kicked pretty good those next few years. But you know, it was a great learning experience. You know, looking back on it certainly has trained my mind for you know, our investing today. Cuz of course we’re, you know, we’ve got some rocky things going on economically. So I’ve, I’ve got that background, not only from the great recession, but I also, I was in technology investment banking when the tech bubble burst back in the early two thousands. So I’ve, I’ve definitely seen bubbles. I’ve seen how they can build up and burst and, you know, the kind of the outcome from there. So I think that’s also given me a good perspective to be, to be an investor.

Tom:
So started out doing residential stuff, you know, started doing some hard money lending as well, but discovered distressed mortgage debt back in 2010. So we’ve been doing that. I connected with my partner Joe Downs. We’ve been partners 13 years. So we’ve been doing distress debt that whole time. And so that business has allowed us to branch off into other things. So like I mentioned, hard, hard money lending. But we started, you know, we wanted to find a business where we felt, where we could really build a team. We could really take advantage of a dislocated kind of fragmented market. We wanted to, we wanted to be able to really build a business plan, you know, for the future, put systems in place so that as the business grew, you know, we could bring in people to take over our jobs so we could fire ourselves and, you know, just kind of play more advisory roles.

Tom:
So we found self-storage in about 2017, 2018, started really getting educated about it. 2019, we joined a self-storage mastermind group, which was a nationwide group of, of self-storage investors. And through that process we learned we had some gaps in our team that we had, that we needed to fill. So Joe and I are, are good numbers guys, deal guys putting the financing together, those kinds of things, or our strengths, you know, running the projections and the underwriting, that sort of thing. But we didn’t have the skillset of, of finding the off-market deals. Mm-Hmm. So through our mastermind group, we found Tim Kane, he’s an expert at, at finding off-market deals. So we brought him in and then of course, you know, we, he can find the money and find the deal, but now you, you gotta run the thing, right?

Tom:
So so we had that operations gap. So through, again, through our mastermind community, we were able to find Catherine East. She’s a 17 year industry veteran. She’s former executive director of the Missouri State Self Storage Owners Association. She’s done management consulting, transition work, and auditing work on hundreds of facilities around the country. And so we brought him her in to help us on the operation side. So then when we had the team together and we had the vision, and then we went out and bought our first facility in 2020 mm-hmm. <Affirmative>. And we’re about to close next week on our 12th facility, which will put us up over 300,000 square feet of storage and portfolio worth you know, 35 30, 30 5 million ish, give or take. Wow. Fantastic. That’s awesome.

Charles:
Yeah. So, on our show here, we we discussed mostly like multi-family investing. So can you tell us why self-storage complexes are a great investment class asset class to invest into?

Tom:
Sure. I actually have been a, a passive investor in apartments since 2013. So I’m very familiar with that asset class. But there’s a few things that we really, really like about storage and if, if you’ll indulge me, I can actually, I can share a couple pictures with you. So this is a first picture. I know you can’t see it, but basically it’s this blind this’s, nice flat, smooth line on the top that’s self-storage occupancy for the last 40 years. The, the line that you saw going like this, that’s the that’s the US economy bouncing up and down like crazy. So we like storage cuz it’s very steady, it’s been steady through ups, downs and everywhere in between. The other chart I’ll share with you is penetration, market penetration. So in other words, folks are starting to adopt.

Tom:
You’ll see the, you saw the curve has gone up like this. That means that more and more people are using self story, but used to be like maybe eight or so percent. Now it’s up to like 10 and a half percent of households in America are using storage. I know that doesn’t sound like a huge percentage increase, but when you consider that there’s 120 million households in the us, every 1% increase means 1.2 million additional self-storage customers. There’s only about 50,000 self-storage facilities in the us. So that keeps that demand nice and strong. Next slide I’ll share with you is our, you can’t even see, it doesn’t register right here, but this is the delinquency on cell storage. You know, you’ve got retail way up there, lodging up, way up there, office way up there. Self-Storage facilities do not default on their debt. And it’s because of the last slide, which I’ll share with you is this is our KPIs that we track on a weekly basis.

Tom:
And again, I know you probably can’t see these numbers and stuff, but our operating expense ratio across our portfolio is 36.7%. So let’s call it 37%. So as compared to multi-family it’s kind of the reverse, right? Multi-Family, you know, your operating expenses are typically, you know, maybe 70%, which leaves 30% net operating income left over to pay the debt and the investors self-storage is the other way around. It’s about 30, 35% operating expense ratio, which leaves us 70, you know, 65, 70% of net operating income to pay our debt. And then we certainly have plenty to left over to share with investors. So those are the big reasons why we, we like multi-family but we like self-storage better.

Charles:
Okay. That’s interesting because as I spoke to someone, an operator, self storage operator a couple years ago, and they used to say that how they would figure out if a market was, had enough self-storage, let’s say it would be, I think it was eight square feet per person in this market. So now has that gone up to nine or 10? So now with, cuz there’s been a lot of building of self-storage in the last 10 years, and apparently it’s been, you know, it’s, it’s actually not been an issue because of the more demand. Is that correct?

Tom:
Yeah, that’s a hundred percent right, Charles. So you’re, you’re right about, and it, it varies from market to market, but generally speaking about eight square feet per person is what we call equilibrium. So if we go into a market and we see that there’s less than eight feet per person that, that could be an indication that that markets underserved, which was, which would make it attractive, right? As compared to the other side of the scale where it might be 15, 16, 20 square feet per person. That would give us an indi that would give us a little pause because it would seem that that market is oversupplied. But yeah, the, the building that’s been going on like I said, there’s 50,000 square there’s 50,000 facilities in the country. I think the last couple years we’ve been adding maybe four or 500 per year.

Tom:
So it’s really not a ton more square footage. And, and as you know too being in real estate e everything’s very localized, right? Mm-Hmm. <affirmative>. So we look at those one, three and five mile radius areas around a particular facility that we’re interested in. And then, you know, we can move that, especially if we’re looking at land to develop, we can move that radius around mm-hmm. <Affirmative> until we find an area where the supply index is low, but there’s still a path of progress and there’s still population growth and job growth. And those are gonna be things that we’ll find attractive in a, in a particular market

Charles:
When you’re doing those absorption rates and occupation rates and figuring out if it’s underbuilt or overbuilt. Do other classes of self-storage. I’m not sure if this is the right talk, you know, how you would classify it, but different classes of self-storage. I mean, I’ve, you can definitely drive by beautiful four story all air conditioned you know, I mean, you could put in there your stuff, you put wine in there, all these different things that can go into something in a nice area. That’s right. And then you might have it 15 minutes out, but you know, something that’s been, let’s just say it’s a little bit more classic in vintage and something That’s right. So with that being said, is that, how do you work? How do you work that into, are you seeing when these things were built and then figuring out or if they’re under AC if they’re not

Tom:
Sure. Yeah. The, the, the specific databases that we subscribe to, they’re specific to self-storage. So the, these, these resources actually are break down the market into climate controlled and, and non climate controlled storage. And certainly, you know, we’re where you’re gonna see those big, shiny, newer buildings as they’re typically gonna be in your metro areas or maybe, you know, just outside. We’re, we have found our niche in the more secondary and tertiary areas where we’re buying the, the B class and the C class facilities that are mom and pop, you know, earlier vintage to your point, and maybe they’re not climate controlled but we, maybe we can add some climate control if the market would support that. But what, what we’ve found is that that’s where the opportunities really lie to increase value in a short period of time and create those great returns for our investors.

Tom:
Because a lot of times those are gonna be mom and pop run facilities, you know, they’re not really on top of the market and where rates are and they, they don’t really leverage technology to you know, market themselves and do their dynamic pricing and, you know, rent to folks on the, on their smartphone. You know, so they’re not really doing those kinds of things. And so we’re able to go in, take that B or C facility and spruce it up, add technology, and then really crank up the the n o i through our, our rate increases and, and our use of technology.

Charles:
Oh, that’s great. That’s fantastic. That’s a great area to be in with that. Tertiary market. Secondary market. Cause I feel that those are a lot more recession resilient because you’re gonna have people that don’t wanna get rid of their stuff, but they might move it from that metro area 15, 20 minutes out to be able to save a considerable percentage if something happened in their life, which is usually when I find people are using self-storage is when they’re having a major change in their life for the most part.

Tom:
That’s right. Yeah. That, that’s what the, you know, big demand driver, right? Is when people are moving or downsizing or dislocated or, you know, something’s going on. They’re, they’re looking to, you know, store their furniture like during the, during the pandemic, right? All of a sudden, you know, gazillions of Americans had to, and other places as well had to change that, that extra bedroom into an office, right? But they didn’t want to chuck their bedroom furniture. They, so they put it in storage. And so they, and then similarly, you know, they, they had to clear out their garage to, you know, make it into their gym or whatever they, they had to do. So they definitely, you know, needed more space at home, which drove demand at storage facilities. Now that is substantially behind us. We’re back into kind of the normal seasonality of self-storage.

Tom:
So right now we’re in February you know, so through the winter months, obviously, you know, things are not as active. People are, are not really moving as much. So traditionally that’s when self-storage, you know, is the occupancy goes down a little bit. But we’re now heading into spring where people are, you know, the spring real estate market’s gonna pick up. People are gonna be buying selling houses, and that’s gonna drive demand. So that’s typically what’s, what’s gonna make that curve kind of head back up during the spring summer and into the fall.

Charles:
It’s amazing how that changes so much. And I know it’s in self storage as you just said, but I mean, everybody knows it’s in multi-family as well. If you’re, what you said about the housing mm-hmm. <Affirmative>, but it’s just crazy when we get reports from December or January on rental reports for the week from different property managers to going into March. It’s like night and day. You know, it’s amazing how people, and I, we’re mainly in Florida, so it’s not like the weather, you know, it’s an issue for people moving. It’s just how the seasons work. So it’s, it’s very interesting. That’s right. Yeah.

Tom:
That’s right.

Charles:
So what types of risks do self-storage investors need to be aware of?

Tom:
Sure. Well as an investor myself, I’ve certainly, you know, learned about risk along the way. And I, I would, I would say one of the key risks that I, that I think a lot of passive investors overlook is the sponsor of the deal. So we actually have an ebook that’s available on our website. It’s a, it’s a book that that I’ve put together with my partners and, and it’s just, you know, kind of the things I’ve learned along the way in my journey as an investor. And so the book’s called the, it’s called the Safe Checklist, and Safe is a is an acronym, S is for sponsor, A is for asset, F is for financials, and E is for exit. So I think a lot of people get excited about the, the asset and the financials. You know, they get excited about the deal. They really need to start with the sponsor. Yeah. I think is a, is a critical area where a lot of people just kind of skim past that. Or they, you know, they get a glossy brochure or they see a fancy website and that’s kind of enough for them. And then they go right into the deal. They get excited about the deal and, you know, maybe it is a good deal, maybe it’s not. But I would encourage folks to spend a lot more time vetting the sponsor.

Charles:
Would you consider you know, other mistakes that you might see? Cause you work a lot with high net worth individuals. Do you see any other kind of common mistakes other than non vetting sponsors? Because I mean, obviously that’s a huge one.

Tom:
Yeah, yeah, for sure. I think I, I always encourage folks to, to really understand exactly what it is that they’re investing in. It’s, it’s kind of a amazing, to me like, like I know crypto is really hot right now, right? So what, what are you investing in? I guess if you’re really into that world and you’re into the technology and the blockchain, all those kinds, maybe you can explain it to your teenager or, you know, to a, an older person. But I, I can’t, I mean, I, I like, that’s one of the things I really like about self-storage. It’s very simple business, right? I mean, it’s a metal box with a concrete floor and a roll up door <laugh> and people Yeah. You know, keep their stuff in there. There’s no plumbing, there’s no electricity, right? It’s very straightforward. But I think, I think people need to understand, you know, that they’re buying, like if they invest in one of our syndications, they’re buying membership interests in an LLC usually that is go, that is gonna own this land, this real estate that has this storage business sitting on it.

Tom:
And I know maybe that sounds very simplistic, but I think some people say, oh, well I’m, you know, I’m putting money into, you know, they think they’re investing directly into the land, but you know, they’re really not. And so I think it’s, those distinctions are important as an investor. So, you know, you understand what it is that you’re getting into and also how long you’re gonna be tied up in that. I think that’s another area where folks really need to need to understand, cuz they might meet someone they like that has a deal and the returns sound great, and then they realize, oh geez, I’m stuck in this for seven years. <Laugh>. Yeah.

Charles:
Yeah, yeah. No, I, I definitely see that in, I know we’ve gone through this last few years where deals that were supposed to be five or seven years were two or three. And I just have to keep on telling investors it’s, you know, it’s five to seven. Obviously our goal is to hit these numbers and be out sooner, right? But I mean, you have no idea, you know what I mean? What could happen in the next you next three or four years, that will slow it down. Yeah. So you, you brought up different syndications and what, what do you see the main benefits between a single asset syndication where it might be one single complex self storage complex mm-hmm. <Affirmative> in your business versus someone that says, we’re gonna buy five this year and you can invest into a fund?

Tom:
Yeah, that’s a good question. And I know there’s certainly different philosophies on supporting, supporting both sides. As an investor myself, I personally like the, the deal by deal model. And actually for a company like Dollar Storage Group, it’s actually it’s actually more of a hassle for us. It’s a more administrative burden to do it deal by deal. But we still do it that way because again, as an investor myself I like to know that my dollars are going into a specific asset. And so, like we were talking about a minute ago, you know, I know that it’s a facility, you know, in Douglasville, Georgia, you know, it’s, it’s 45,000 square feet. You know, I, so I, I, I can look at as a, as my own to do my own due diligence. I can look at that market myself.

Tom:
I can look at that asset myself. And, you know, I think the give the investor more clarity, more transparency, and also just better alignment with the sponsor. I is how I feel about that. I know there are funds out there, you know, they raise a lot of money, you know, they go to deploy it. And sometimes, so that’s where I think maybe there’s a, a little bit of a disparity between the sponsor and the investor. Because if the sponsor has all this money, they might feel like they’re under pressure to deploy it. And so they might, you know, cut a corner here or there to get a deal done because they don’t wanna be sitting on all this, all this capital. So, you know, deal by deal, you know, it’s, we raise the money, you know, for raising 2 million bucks to, to buy a facility until two millions raised, we buy the facility and we’re off and running and then we go and do it again. But I just feel as an investor myself and as a sponsor, I just, I feel like that aligns interests much better.

Charles:
Yeah, I definitely agree with that. And there’s, I understand the pros with the funds, but the thing though is with the individual syndications, you’re able to really drill down on your due diligence. And also, I don’t like the idea, it’s like people, you know, you have sponsors living off of acquisition fees and they’re really pushing stuff that doesn’t, kind of, doesn’t fit. And that’s what I see. Or I feel might be a thing with certain funds where, hey, we’re gonna buy five of ’em and you know, two or three, two is like streaming you know, screaming deals. And then one of ’em is okay. And the, you know, the other two are just, you know, they’re okay, but they’re, you know what I mean? Sure. And I think if you really do your due diligence into ’em, see the funding, you see the area, like you said how local it is, the location of it.

Charles:
Cause you’ll see, like, you’ll see different properties, multi-family or, or self storage that are in fantastic locations. There’s never gonna be an issue renting these, you know what I mean? That’s right. But they might put something that’s not the great in, you know, in, in the fund. And if you’re putting money in, in, you know, you know, April you don’t know what they’re buying in August. So That’s right. It’s something that everybody, you know, I know they put out a plan and they tell you what it is, but I definitely agree with what you’re doing. It’s, it’s, you know, I, I definitely agree how that works. Cause that’s how we work. Cause we’re not gonna push it. And if we do deals, we do deals, and if we wait a few months between them, that’s what we’re gonna do.

Tom:
Right. I would I would just comment on the fee situation there. We do charge acquisition fees and the reason is we have a great team and they don’t work for free. So, you know, we have a great team on the front end that’s looking for acquisitions. Like, like I mentioned earlier, the, the off market acquisitions. I mean, that takes a lot of work. Yep. We we’re probably looking at 50 deals for every one that we close on. And so, and then we have the whole, all the administration and the accounting and the tax taxes and insurance, all that stuff that needs to be handled. So we do charge fees up front. It ends up in the grand scheme of things being a small percentage, you know, probably 15% or less of our total compensation and a deal. But it’s just something that helps us as a, as a company to, you know, pay our great employees and keep the lights on and et cetera.

Charles:
Yeah, no, I definitely agree with it. We, we charge acquisition fees as well. It’s just something that you see some sponsors out there that might be, you know, they’re really fee intensive in the beginning. Mm-Hmm. <Affirmative>, they’re, you know, they might be beginning sponsors, and this is kind of how they’re generating some of their income as well, where it’s like, like you said, the traditional two and 20 or how, how we normally work in this, in this private equity world is that, like you said, supposed to keep the lights on and that’s the whole goal. Yeah. And then you’re really making your money on your carry, so.

Tom:
That’s right. That’s right. And again, and I mean, as long as we’re talking about, you know, potential risks that investors should look out for, I, I would say it’s a risk if your sponsor is not charging a fee because how are they ke you know, how are they keeping the lights on and how, you know, are they really a legitimate sponsor if, if they don’t have that team behind them that, you know, that are getting paychecks <laugh>. Yeah.

Charles:
Yeah. That’s the one thing, whenever you hear about acquisition fee, you know, with a new potential investor, and that’s their question, it’s usually not gonna work out because you’ve never vetted properties before. That’s and how many properties you have to go through. And 50 seems, I would imagine you, sometimes you guys even do more than 50, you know, properties you’re looking at. So Sure. Especially in a tight market might go up to a hundred. So that’s a lot of work and you have to be compensated on that. But so Tom, over the years, what have you found to be your biggest challenge?

Tom:
Biggest challenge has been just getting the, getting the right people. I would have to say you know, when, when we do find the right person and you know, it, it’s like, you know, it just helps to explode the business. But if you, if you find someone and you know, you do your best to interview and, you know, through that whole process but if someone gets through that process, you know, you can kind of tell in that first, you know, 90, you know, 120 days if they’re really gonna be a, a fit or not. And so that, you know, obviously not everyone’s gonna be a total a hundred percent rockstar every day all the time, but I think over the years that’s been where we’ve had the most success is where we’ve found the best people.

Charles:
Right. Okay. So Tom, over the years from finance to real estate how has your relationship towards money changed over the years?

Tom:
Yeah, that’s a great question. I mean, early on, of course, you know, you’re, you’re struggling, you’re trying to make that money, you know, pay the mortgage, raise the family, you know, save for college, those kinds of things. You know, thankfully, I’m, I’m, I’m very, I’m very excited and very blessed to be in a place right now where I’m kind of in a position to be giving back. So to me now money is a tool to start giving back to communities, giving back to you know, the, the people in the world that I, I want to help. So I’ve been able to help start scholarships. I’ve been able to build houses in poor areas. And so I, and, and then just again, investing in our people. So we, we invest in our people, you know, we, we do, you know, fun things at the office. You know, we do those kinds of fun things that the company’s paying for, but now I see it as a, as a tool to, to do, to do good in the world. <Laugh>.

Charles:
That’s awesome. That’s fantastic. Yeah. so obviously you took a huge leap back in the mid two thousands, and how have you said that, you know, you’ve made progress in your life by getting outta your comfort zone?

Tom:
Yeah, I mean, that’s the only way to make progress, right? Is you know, if you’re just sitting back doing the same thing over and over again, you’re gonna get the same results, right? So, I knew when I was in the corporate world I remember like doing the retirement calculator, right? Like, you can go to your four oh [inaudible] company, you know, they have that retirement calculator on there. I was like, this is not, you know, gonna do it for me. You know, if I saved, you know, 10 or 15% of my income for, you know, 30 years, you know, I might be able to have some kind of retirement. I mean, that just didn’t, didn’t settle well with me. So I, I had to force myself to go out and, and, and take a, take a leap of faith and, and just go for it.

Tom:
So I, I find myself now like continually trying to learn new things and get outta my comfort zone and you know, push into different areas. And so now, you know, being leadership mean le leadership is tough, right? I mean, you have now you’re I work more on probably the humanitarian, kind of the personal side of the business probably more so than I do on like, the number crunching side of the business anymore. And so that’s been a whole learning experience, but I, I think yeah, I wouldn’t, I wouldn’t change it for the world. I think it’s the, it’s the best way to grow and achieve is to, you gotta just keep pushing.

Charles:
So thanks so much for coming on today, Tom, Ken, how can our listeners learn more about you and your business? I know you have your safe checklist and some other items.

Tom:
Sure. Yeah. Charles, it’s been great. Thank you, buddy. Again, I’m Tom Dunkle. I’m the Chief Investment Officer here at Bell Rose Storage Group. You can find us at bell rose storage group.com. You can also find our company page on Facebook under Bell Rose Storage Group, where we have we post my podcast interviews and a lot of other articles and things that we find are interesting or valuable. We try to give back to our community by just, you know, educating and sharing things that we’re seeing out there. And then, yeah, the Safe Book, the safe ebook is available on our website. It’s totally free. And i, i, we call it a checklist cuz we really do want people to print it out and like, actually, you know, mark it up, take notes on it, and then when they look at the next deal, you know, print it out again and, and look at that next deal. But yeah. This has been great, Charles. Appreciate the, the time and the invitation.

Charles:
Thanks so much for coming on and we’re looking forward to connecting here sometime in the future. So have a great rest of your day.

Tom:
Yeah, thanks.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

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About Tom Dunkel

Tom brings over 27 years of real estate, finance and investing experience to his position as Chief Investment Officer. Working alongside his world-class team of professionals, Tom makes it his mission to find great investment opportunities for his clients while helping them meet their wealth-building goals.

Tom manages the firm’s financial underwriting, playing a critical role in creating win-win deal structures that ensure achievable investor returns. In addition, he works closely with private investors to communicate about new acquisition and investing opportunities, as well as report on the progress of current investments.

Tom is also responsible for arranging loans with local banks and mortgage brokers.

Both the Belrose team and our investors benefit greatly from Tom’s mentorship, extensive experience in real estate investing, and dedication to making every deal a success.

Tom lives in Wayne, Pennsylvania and enjoys golfing, hiking, and playing guitar. As an avid investor and lifelong learner, Tom is actively involved in organizations including Self Storage Mastermind, RaiseMasters Mastermind, and the Oren Klaff Braintrust.

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