Ep #232: Repurposing Old Buildings into State-of-The-Art Self Storage Facilities — with Scott Krone

In this episode of the Real Estate Investing for Cashflow podcast, Kevin brings in self-storage expert, Scott Krone. With a solid background in architecture, Scott co-founded Coda Management Group, an international award-winning design firm which specializes in sustainable building practices.

Kevin and Scott dive into self-storage real estate, which has been Scott’s more prominent venture. Scott shares a lot of valuable information about the factors and challenges concerning self-storage and how to identify building candidates for potential adaptive reuse. He also explains other aspects of the market such as financing and some market strategies.

QUOTES:

“The best way to make money in real estate is through the development process because you can control the acquisition price, you can control a lot more from the front end rather than trying to work the numbers backwards.”

“The most important demographic that we look for is the amount of square footage of locker per capita.”

“To me, the biggest factor in self-storage is not if the market is going up or down but it’s how many other facilities are coming into my competition.”

“We’re looking for a building that’s as regular as possible so you don’t have any abnormal shapes or configurations that makes it difficult to put lockers in because the whole key to any building whether in self-storage, or apartments, or office is your efficiency and your rentable square footage.”

“If we can build and buy below what our competition is, then we have a competitive advantage in terms of what we have to charge in order to get people into the door.”

HIGHLIGHTS

5:55 Scott’s background in architecture and his first foray into self-storage

12:46 Scott talks about their business model and demographics to look out for

17:40 Other factors and challenges in converting buildings to self-storage

21:30 What is PACE financing?

24:02 More common forms of adaptive reuse of buildings

30:07 Scott shares his longterm strategy

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