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Show Summary
In this conversation, Matthew W Horne discusses his journey in commercial real estate, particularly in self-storage, and shares insights on coaching, leadership, and the importance of building relationships in business. He reflects on the challenges faced in the market, the dynamics of team success, and his future goals for growth in the industry.
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Investor Fuel Show Transcript:
Matthew Horne (00:00)
There’s been multiple times where by the grace of God, you know, this thing was kept, you know, moving forward. ⁓ There was, there was lots of times that, you know, things, you know, when we started, know, deals weren’t getting done. And when you have a staff and payroll, you know, it’s, it’s a very, it’s a very scary thing as an owner and operator, because if there’s no money coming out the door, coming in the doors when you start and you’re a lot of money out the door.You know, you can only keep that up for so long. ⁓ you know, and, by the grace of God, you know, ⁓ and about, ⁓ our 11 months, we closed our first major deal and it was about, it’s about a couple of weeks, ⁓ a leeway there we had, or I wouldn’t be talking to you right now.
Q Edmonds (02:18)
Welcome to the real estate pros podcast. I am your host Q Edmonds. You know what I’m gonna say? I’m excited. I’m excited to be here today. I have another fantastic guest He’s gonna take us into the niche of commercial But I love what this guy’s doing and what his team is doing, you know, they love helping people They love doing things out the kinds of their heart next kind of led to kind of like a sister kind of business So what they doing and so?I’m gonna let him explain all of it to you, but I am super excited. Introduce you guys to Mr. Matthew Horne. Mr. Matthew, how you doing today,
Matthew Horne (02:54)
I’m doing fantastic, Quentin. ⁓Q Edmonds (02:58)
man, days going good. I’m excited about this podcast episode. You know, we’ve been talking, think so far so good. You know, even though we don’t agree on the same football team, we still have, we have committed to be cordial with one another today.Matthew Horne (03:13)
Happy Dating!Sundays from now!
Q Edmonds (03:17)
Exactly. I don’t like you, Nancy. Get him off the stage. No. But I’m so glad that you’re here, And listen, I kind of just want to dive in. I want you to take us into your world. Tell us what your main focus is these days. If you want to give us a little bit of an ordinary story of how you got into real estate, we would love that. And then tell them what markets you’re operating in. So sir, the floor is yours,Matthew Horne (03:42)
Awesome. Well, thank you so much. ⁓ Yeah, just kind of give you, know, my background. You know, I was in education and finance for about 10, 15 years. You know, worked for, you know, one of the big shops on the investor side of things and was with a group called The Money Show. I was working with high net worth investors on everything from, you know, cannabis to precious metals, you know, to crypto and⁓ really how I fell into commercial real estate, specifically self storage. took a friend to dinner who had just opened up a shop out of Philadelphia. And, ⁓ I thought I was going to be pitching him on getting some investors his way. And I said, what are you doing? He’s like, I’m doing self storage. ⁓ and I’m like, great, great. can, I can help. You what do you need investor wise? And, ⁓ he turned to me and said, I don’t need investors, man. I gotta get, you know, there’s a very large number and millions. ⁓
A very large number, about 350 million out the door in the next six months. So for me, my head was obviously spinning and I was like, tell me, ⁓ tell me more about self storage. Long, long story short, you know, ⁓ talk to them and you know, how can I help? You know, with my, you my background, I’d love to, ⁓ I’d love to help be a part of this. And I was the first acquisitions hire for that team. ⁓
You know, we went on to do over a billion in acquisitions. I think we were the fastest growing private real estate company in the country. So it was just an amazing experience, you know, getting to do it at the highest level on the, on the private side. And really it just kind of got time. I, you know, it was about four years in there and kind of hit my ceiling with growth. And one thing about me, I love challenges and.
You know, I love to have, you know, goals and I felt like I’d kind of tapped out where I was at there and time to spread my own wings. And that was in, you know, late 22. So rolling into 23 opened up Storage Point Capital and I wanted a challenge and wow, did I get one. You know, the, really the, we opened our offices up in March.
And really around that same time, know, the interest rates basis points went up about 500 points, you know, overnight kind of flipped, you know, the market, you know, on its head and really transactions were, were at a standstill there for, for, for quite a few months and really had to think outside the box, you know, to stay afloat. And thankfully, you know, during that time we built a hell of a team and, you know, some really, you know, dynamic, you know, players that can think outside the box.
You know, we were still able to get deals done, you know, getting creative and yeah, it was, know, until we’re here today, it’s been, it’s been, it’s been a wild bumpy ride, but really, you know, very excited about what we’re seeing, you know, in in the horizon. Yeah.
Q Edmonds (07:37)
I love it, I love you. You’re a great storyteller. I love the human. You said, uh, you know, you thought she was going to pitch him on investors. And when he told you, you know, you like, Oh, tell me more. Like, give me a little bit more. What do you need? But I love it. You’ve seen the opportunity. I love how you said you like the challenge. So you’ve seen the opportunity. It clicked the few and it made total sense to go after it. And you found success in it.And I absolutely love that man. listen, Matthew, I kind of want to pick your brain because I, you know, I love your origin story is beautiful. I’m always interested on kind of where these passions get pulled from. And so I want to know, you know, about strategies and maybe passions kind of a little bit both. And hopefully this question is not too overwhelming, like the way I asked it, but I want to know some business strategies that you use that you know are really core to you.
But I would also love to know some personal strategies that you use that you feel like a core to you. And I know, you know, some people do like going to the gym, you know, going for a walk. But what are some personal and business strategies that you know are core for you that kind of keep you re-motivated because you’re a goal oriented person. So kind of keep you going after it.
Matthew Horne (08:56)
Yeah. I mean, for me, you know, on a personal level, you know, I’m very structured, you know, and what I’m doing on a daily basis, you know, obviously working out is a huge piece of that, you know, mentally, you know, sharp. ⁓ It’s not something I do because I love it. It’s something I do that really helps, you know, keep me, you know, know, so working out is definitely at top of that list. And, you know, as far as, you know, the business practices,You know, I’ve always led with, with transparency and honesty and, and, know, being who I am. ⁓ and that’s something that I’d never change. And that’s something you see in the commercial real estate space. You know, you see a lot of really successful people and, you know, how they get out there is not, you know, something that I would want to emulate. ⁓ you know, kind of just always told myself that I’m going to lead with transparency and, and, ⁓ if it takes, you know, if it takes a
you know, my entire career to get there, so be it. But, you know, I’d rather, you know, build, you know, build a solid network through, through honesty and trust and be a, you know, real handshake, you know, type of a businessman. And that’s kind of the way I’ve always led.
Q Edmonds (10:45)
I appreciate that so much. You’re absolutely right. So many people are financially successful or morally broke, you know, and, it’s funny because that financial success, I think we determine our success, like what success looked like for us. But it comes, that success comes from the millions to the multimillions, but even sometimes to the thousands, right? And you can be what you consider success, but morally corrupt, morally broke because you didn’t stay true to, like you said, integrity.honesty, transparency, know, you kind of did, you know, all to cut all the corners. And so I appreciate you saying that because I think that in this day and age, it’s definitely important to be grounded, to know who you are. That way, you know how to operate in every situation that you’re in, whether it’s business, personal or otherwise. So, yeah, so I appreciate you saying that, Yeah, man. So, you know, you
found great success. You started, you know, you started, let me make sure I put some respect on this name on storage point capital. Has there been adversity as you been building? Have you hit any bumps in the road? Like, you know, sometimes they’ll go sideways. Sometimes you have to pivot fast. Had there been adverse moments as you was building?
Matthew Horne (12:08)
my, yeah.There’s been multiple times where by the grace of God, you know, this thing was kept, you know, moving forward. ⁓ There was, there was lots of times that, you know, things, you know, when we started, know, deals weren’t getting done. And when you have a staff and payroll, you know, it’s, it’s a very, it’s a very scary thing as an owner and operator, because if there’s no money coming out the door, coming in the doors when you start and you’re a lot of money out the door.
You know, you can only keep that up for so long. ⁓ you know, and, by the grace of God, you know, ⁓ and about, ⁓ our 11 months, we closed our first major deal and it was about, it’s about a couple of weeks, ⁓ a leeway there we had, or I wouldn’t be talking to you right now.
no, it’s, it’s, ⁓ we’ve definitely had, you know, some of those moments and, you know, I think anyone that’s going to build a successful business.
You know, you’re probably going to have those, you know, moments. Um, cause it’s a very scary, it’s a very scary thing and it’s a lot of risk and, know, looking back at it, if, I knew the things I was going to go through and left, you know, the career that I had, you know, I might’ve, I might’ve questioned it a little bit more, you know, knowing the challenges that I was going to face, but yeah, there was definitely some, speed bumps along the way and no question about it.
Q Edmonds (13:34)
What keeps you motivated after those moments? What well do you pull from in those moments? What keeps you motivated?Matthew Horne (13:43)
Really, obviously family is a huge piece of that. And my team, know, for me, I obviously love success. I obviously want everyone to be successful, but making sure every one of my team members is successful ⁓ is more important to me. My success can stay in the background or secondary to my team’s success, my acquisitions team, my analysts.You know, I want to see all of them flourish and you know, that’s, that’s really what drives me. And it’s, it’s been exciting to watch, you know, people that have been with me for the whole ride, you know, kind of where they started at and where they’re at now and where they’re going to be at in the future. is really what keeps me motivated.
Q Edmonds (14:32)
love it. I love it. We probably gonna come, I’m probably gonna come back to you talk about your team and your relationships, but I want to ask this first. What’s the next real goal for storage point? Like what’s, what’s the next real goal? What are you looking to scale or solve next?Matthew Horne (15:27)
Yeah. So right now we have about 10 properties along the East coast from Pennsylvania down to Florida. You know, and we’ve done that in a very challenging climate where we’ve had to get creative, a lot of different deal structuring to be able to make things work with where interest rates are. It’s very difficult to get to the numbers that sellers want without getting creative. So, you know, that was one of the things that, you know, that we had to do to get to where we’re at. ButAs we see the writing on the wall, interest rates coming down, there’s bid spread getting closer and closer. ⁓ We’d love to double where we’re at right now over the next 12 to 18 months. ⁓ That’s our goal. with that, we have capital relationships and so forth. And we’re really getting the programmatic equity in place where we can really run as opposed to…
kind of walk, is kind how we’ve been moving so far.
Q Edmonds (16:28)
Absolutely, love it. Love it looking at double where you at and I think you said in eight to ten months Did I hear that correctly?Matthew Horne (16:34)
12 to 18 months.Q Edmonds (16:36)
the12 to 18.
Matthew Horne (16:39)
Fantastic. I’ll take, I’ll take a-Q Edmonds (16:42)
Exactly. I’m putting the crutch on you like, no, man, let’s get this eight to 10 months. So absolutely. But like you said, you’re taking it. If it happens, it happens. I definitely hear that. So yeah, I want to go back to that statement you made about, and I’m going to paraphrase it. You want to make sure your team wins. Like this is just not about you winning. It’s about your team winning. And so to me, that lets me know that you valuerelationship building. And so I want to get your viewpoint on relationships, right? Like have they been beneficial to you? Have they impacted you in a negative way, in positive way? Like what is your viewpoint on building relationships?
Matthew Horne (17:27)
Building relationships is everything and business and in real estate. know, without relationship building, you know, I wouldn’t be where I’m at. And most people that are successful in the space, you know, probably wouldn’t either, you know, especially in commercial real estate space where, you know, things can take years to develop. You know, that the whole one call close and all that stuff sounds great. But you’re really talking about probably a 10 to 20 call.you know, ⁓ in this space. And if you’re not building relationships, they’re going to stop picking up the phone after about the third or the fourth time. If you’re not, if you haven’t shown, you can bring them value. And that’s one of the things that I preach to our team and, know, kind of, you know, how we, you know, got to the point where we have our sister company now is we want to bring value, you know, when we’re, not just reaching out because we want something, you know, how can we bring you value in the market? You know, what,
What are you going through right now? Because we might be able to help with that on the, on the backend, on the operations, in regards to the market. So for me, it’s relationships or everything in this space. And it always is, I always try to bring value to the other side.
Q Edmonds (18:46)
And I think, you know, we, of course we haven’t known each other, you know, a long time, but what I do hear you very consistent with what you’re saying, because you said that’s one of the reasons why the sister company came into place is because you wanted to help people. And so you talking about you wanting to bring people value again, you’ve been showing that consistency since we’ve been talking, you know, and like I said, you know, of course we haven’t known each other a long time, but I can hear the consistency.You some people, just say stuff, but the more you ask them questions, the more things come out. You’re like, ⁓ okay. You you said this one thing, you I got it written down here, but no, but just listening to you, you you value people, you want to bring value to people. don’t see, it don’t seem like to me you see people just as a transaction. This is just bigger than just that. And so again, I appreciate that perspective, that fresh perspective.
Honestly, transparency, integrity, I appreciate it. So, so listen, it’s math. I’m actually man, like, is there any other thing that you feel like we haven’t said that you want to say? Is there any kind of word of encouragement, motivation, education that you want to give people? just want to give you a chance maybe to give somebody something that you maybe you feel like I think this would be good for them to hear.
Matthew Horne (19:47)
Absolutely.Yeah. mean, nothing easy is nothing, nothing worthwhile is going to come easy, you know, and that’s anything that I’ve done, any business venture I’ve ever been a part of, you know, there’s going to be trials and tribulations and typically the more you go through, the bigger the reward, the harder, you know, times you’re going through, ⁓ you know, the, the greater the, ⁓ the prize is going to be, you know, at the end of that. So I think that’s something that,
I think in this day and age, everyone wants things now. How can I have instant success? It’s a very transactional screen-based society where in business, nothing’s going to come easy. Nothing’s going to come fast. If you really want to get to some larger goals, expect a lot of trials and tribulations. I feel like God rewards you.
you know, for putting your head down and powering through and not throwing your hands up and going to find another opportunity.
Q Edmonds (21:13)
I love it, man. think when I think about trials, trials have a way of putting a fire to you to test kind of what you’re made of. Right. So it’s like, if you use the trial, the fire, right. It will actually purify you and show like really the value that you really have for yourself. And so sometimes the trial, the fire from the trial is not to consume you.It’s to refine you. And so I hear you 100%. You know, let the trial refine who you are pushed through because on the other side of that, you are going to look back and realize that your value has just went up astronomically because you probably learned something through that trial that you would not have learned any other way.
Matthew Horne (22:04)
100%. I was in this space for a lot of years before I opened my own shop. Opening my own shop, I tell you, I learned more in that first year than I did the previous five. It just opens you up to so many different areas that you might have been blind to before. Obviously, that just makes you a more well-rounded leader at the end of the day.Q Edmonds (22:32)
Absolutely. And I’m glad you said that well-rounded leader, because I think for you, that’s, that shines bright because you, that’s what you want to be. You want to be a well-rounded leader for the people that trust you, you know, and that when you lead them in the right way. And so I’m glad you said that. think that’s beautiful. ⁓ Listen, listen, I appreciate you being here. If someone wanted to reach out to you, connect with you, collaborate with you, what’s the best way for them to reach out to you, sir?Matthew Horne (22:59)
Absolutely. A website, ⁓ check out our website. It’s storagepointcapital.com. Just www.storagepointcapital.com. Should have my email address on there. And obviously our sister company is ⁓ www.storagepointadvisors.com. So, you know, we’re obviously an owner operator, ⁓ but you know, we have our real niches. You know, we have a brokerage arm for consulting and for us,You know, anyone that’s interested in, and you know, investing into the asset class, anyone that’s interested in, you know, selling something in the asset class or, you know, that needs help because their business might be hurting. ⁓ those are kind of all of our specialties and would love to chat with anyone that’s, you know, in need of any of those things. Thank you so much. I really appreciate you having me on.
