#29 – How Andrew Bean Turned a Rundown Storage Facility Into $2.3M in Equity
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Episode Description
In this episode of Commercial Property Investing Explained, we’re flipping the script. Steve Palise takes over the mic to interview our usual host, Andrew Bean — and for good reason.
Because in under 12 months, Andrew turned a tired, underperforming self-storage facility in Wollongong into a fully renovated, cash-flowing beast… and walked away with $2.3 million in equity.
With just $150k down.
No bank funding upfront.
And a whole lot of hustle.
You’ll hear the full story — from the creative deal structure (hint: it involved an option contract and 150+ tenants), to the exact improvements he made, how he funded the renos using revenue from the property itself, and how he dealt with angry tenants when their rents doubled overnight.
We also get into:
- Why self-storage is one of the most overlooked commercial asset classes
- How Andrew negotiated a win-win for every party in the deal (including the agent)
- The real cost of creating “passive” income (spoiler: it’s not so passive)
If you’ve ever wanted a breakdown of what it actually takes to pull off a value-add commercial deal — this is it.
▶️ And if you want to see the walkthrough of the deal, check out the full video on YouTube: How He Made $2.3M in Less than 12 Months with Almost NO Money Down
Meet Andrew Bean
Andrew is the Head of Client Strategy at Palise Property and the host of The Commercial Property Show Australia — the country’s #1 podcast on commercial real estate.
He’s been investing in commercial property since 2016 and is now regarded as one of Australia’s leading educators on self-storage investing.
He’s also the founder of CP Data, the first platform to break down commercial markets by sector using data — and a former professional baseball player for Australia and Germany.
When he’s not scouting deals or recording podcasts, you’ll find him hanging out with his kids or at the CrossFit gym.
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HOSTED BY:
Steve Palise
Ph: 0403 878 497
Email: steve@paliseproperty.com
LinkedIn: https://au.linkedin.com/in/steve-palise
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