The Hidden Reality of Car Wash Investing & Pivoting to Self Storage with Steffany Boldrini

Passive Wealth Strategy Show - Real Estate for Busy Pros

Steffany Boldrini shares her experience buying a car wash that did not go as expected and why she shifted to self-storage investing. Steffany emphasizes the importance of being selective about who to partner with and learning from mistakes made along the way. She advises against car wash investing unless someone has fantastic managers to deal with local employees, as it can be challenging to manage remotely. She also recommends evaluating the market before investing in a new asset class. Steffany finds self-storage investing more manageable and profitable, focusing on partnerships to scale her business.

The conversation concerns the harsh lessons learned in investing in different asset classes, particularly car washes and self-storage. Steffany also discusses the challenges in finding suitable employees and managing remotely and the impact of distance on investment strategy.

Please tune in for valuable insights from an experienced investor who knows what it takes to succeed in today's market.

[00:01 - 06:18] Opening Segment

• Steffany shares her experience buying a car wash that didn't work out as expected
• Why she shifted to self-storage investing
• Car wash investing is growing in popularity but can be difficult to manage from afar
• Employee management and cash handling can be challenging in this asset class

[06:19 - 12:42] Lessons Learned from Investing in Remote Properties: The Challenges of Managing Car Washes and the Advantages of Self-Storage

• The importance of having a good onsite person for management
• Investing within a two-hour drive for hands-on properties
• Self-storage is easier to manage remotely and automate
• Invest based on what is important to you (money vs. time)
• Use technology for physical due diligence and inspections

[12:43 - 18:56] Tips on Partnership and Remote Lifestyle

• Steffany shares her experience with real estate deals and partnerships
• The importance of finding the right partners and building strong relationships
• The challenges of working remotely and finding friends in new cities

[18:57 - 22:18] Closing Segment

• Best investment Steffany has made
• Worst investment: car wash business
• The most important lesson learned: following up

Quotes:

"We have to be very selective about who we partner with." - Steffany Boldrini

"You have to find the people that have your weaknesses as their strengths." - Steffany Boldrini

Connect with Staffany!

LinkedIn: https://www.linkedin.com/in/steffbold/

Website: www.https://montecarlorei.com

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

Track your rental property's finances with Stessa. Go to www.escapingwallstreet.com.

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