Thursday, April 12, 2012

When Downsizing, You need Storage

Part 7

“It was great to ski with Mike and Beverly Milligan. Wasn’t it dear?”

“Yes,” John Domingo said to Rachel. “Do you remember when we saw them last? We drove up to Seattle to see them.  That was the time we fish thrown at the Pike Street market and had a fine dinner at Ray’s Boat house.”

Mike and Beverly had just moved from their big house on the lake to the small condo in Kirkland.  They loved the condo lifestyle, however their biggest adjustment was storing much of their furniture in a safe place.  When John and Rachel drove home to Portland that weekend years ago, they noticed the many self-storage businesses, but were unfamiliar with Extra Space Storage they saw along I-5.

 “Do we have that self-storage place in Oregon,” Rachel asked.

“I don’t know, Rachel.  Let’s Google them when we get home.”

Turns out Washington had five locations, as did Oregon.  They even saw there was a Greensboro storage, a Sacramento storage and Miami self storage units.

“John, did you know that 30-year old Extra Space Storage (EXR) is the second largest operator of self storage units in the country. Their stock is even publicly traded on the NYSE.”

“Rachel, we should have bought the stock back in 2009, instead of that cutting horse.  We’d be up 500% instead we’re buying feed for the old nag.”  
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