To build or not to build Storage units

[Jason Cohn]

Hello All,

I’ve been tremendously inspired by the podcast over the past two years and during this time we purchased our main house, made a small camp ground, Airbnb RVs, Hipcamp 2 spaces, rent two spaces to longer term renters, purchased a triplex for long term rentals and I just closed in a house with an Adu in the back that I use as an Airbnb in another state. 

In an effort to relocate one of my tenants I have determined that there is a tremendous need for storage units in the town that I invest in. 

I have identified a 5 acre parcel, sourced materials, got quotes on concrete work, found software to manage it, lined up investors and a HELOC, but I'm kind of stuck in the fear phase. Not to mention I have a full time W2 job I'm trying to maintain.

Is there anyone out there that has had experience building new storage units and has a cash flow spreadsheet that they have used and would be willing to share. I suppose I could just treat this like a multiplex with rents too. 

I’ve never built anything like this before, but have worked on much more complex projects for others. 

I guess I’m just looking for a little encouragement and advice from someone that has gone down this road before. 

Thanks

Jason C.