Ever have a conversation that is just impacts your life so powerfully you wish you could share it with everyone? That’s exactly what our conversation on today’s episode of the BiggerPockets Podcast is! Our guest, AJ Osborne, shares an incredible story of building his real estate business — which focuses on self-storage facilities — as a way to transition his family from rich to wealthy (and yes, there is a difference!) This show is packed with insight from AJ, including: How a loss on his first deal directly led to millions of dollars in later profit How to find underperforming real estate deals How he made $13,000,000 in equity from a old Kmart building And the medical emergency that put his real estate to the ultimate survival test while AJ fought for his life (this story will shock, amaze, and inspire you!) This show is one of the most powerful episodes yet of the BiggerPockets Podcast, and we’re excited for you to dive in! In This Episode We Cover: His first deal that didn’t go the way he wanted… but the logic behind doing that deal (super important for every newbie) The difference between being rich and being wealthy Picking a wealth vehicle — and the difference between a Ferrari and a train How to find an underperforming self storage building and turn it around (applies to any kind of real estate) The Kmart story that helped him build around $13,000,000 in equity Price / Convenience / Quality Coma: “One of the most incredible stories I’ve ever heard” Subsequent: Does your business survive “the coma test”? And SO much more! Links from the Show BiggerPockets Forums BiggerPockets Webinar BiggerPockets Podcast 245: Creating Wealth that Lasts Generations with Bestselling Author Ryan Holiday Books Mentioned in this Show The Essays of Warren Buffett by Warren Buffet & Lawrence A. Cunningham The Obstacle is the Way by Ryan Holiday Conspiracy Ryan Holiday Fire Round Questions What are the conditions that make for an ideal development opportunity? Is there any issue with renting out a storage unit in a self storage facility then subleasing it out to someone else? Is Loopnet the best source for self-storage deals or is there another website that focuses exclusively on self-storage? Managing Self Storage how far is too far? Tweetable Topics: “It’s not about overthinking things. It’s about finding things that work and putting them into action quickly.” (Tweet This!) “There’s no way you win in life without having your agenda and being purposeful towards your agenda.” (Tweet This!) “The economic downturn was my lucky break.” (Tweet This!) “Work ethic is not enough.” (Tweet This!) Connect with Aj AJ’s Blog AJ’s Instagram AJ’s Facebook Profile AJ’s Twitter Profile Learn more about your ad choices. Visit megaphone.fm/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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