Jacob Vanderslice is a co-founder of VanWest Partners and has been investing in real estate full time since 2005.Prior to his real estate career, Jacob was a professional firefighter and arson investigator.Outside of work, he enjoys flying airplanes, skiing, golf, hiking, and spending time with his wife and young sons. 

 

In this episode, Jacob compares the buying of existing self-storage facilities versus the construction of brand-new self-storage facilities. as well as the relative benefits and drawbacks of each strategy. He also shares the specifics of developing new self storage facilities, as well as some good and bad decisions that you can make if you're developing a new self storage facility.

 

 

 

 

[00:01 - 06:36] Opening Segment

Jacob shares about his background and how he got into self storage investing 

Buying existing or buying new 

Knowing your risk appetite 

Challenges of developing a new self storage facility 

 

[06:37- 12:11] Lease, Tenants, and Constructing 

Anticipating a longer time to stabilize 

Importance of getting customers in rather than rent 

Don’t overbuild

Wait for demand before expansion

Preparing for cost escalation due to rising prices of commodities 

Focus on buying existing rather than building 

 

[12:12- 24:45] Barriers in Self Storage Investing 

Getting NOI on cap rates

Buying in the right location

Competing in the self storage market

 

[24:45 - 31:08] Closing Segment

Quick break for our sponsors

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What is the best investment you've ever made other than your education?

bought a busted down property in Denver with the purpose of operating a liquor store

Jake Vanderslice’s worst investments 

Building a 10 unit container house 

Buying a storage unit in a bad location

What is the most important lesson you’ve learned in business and investing?

Take action and take a risk 

 

 

Connect with Jacob Vanderslice

Email: [email protected]

Website:https://www.vanwestpartners.com/

Socials: LinkedIn

 

 

Invest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/

Participate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.

Join our Passive Investor Club for access to passive commercial real estate investment opportunities.

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Tweetable Quote:

“The most important thing I've learned, I've been investing full-time for 15 years, and the most important thing I've learned is “Take action, take a risk”.” -  Jacob Vanderslice

 

“You learn by failing. We remember our failures like there were yesterday. Our successes seem to just fade away really quick and often success is its execution and its work ethic, but sometimes there's an element of luck when you're successful.” -  Jacob Vanderslice