Self Storage

[Josh Walker]

I am very interested in developing a self storage business on some family property in Oklahoma. I have done a decent amount of research, but I am curious if there is anyone here who is actually doing it and is willing to provide some advice. I am open to anything and everything you could throw my way. Thank you!

[Scott Meyers]

Josh, 

I know what you're looking for here, but I still wanted to just provide a word of caution.  I have witnessed many many people fail in real estate because they only relied on the information that others "threw their way".   

Again, I know you're a smart guy, and that's not what you meant.  But after 24 years in Real Estate, and 10+ years in Self-Storage, here are a few tips I can provide: 

1.  Hire a consultant to perform a feasibility study on your Parcel.  Just because you have the dirt, doesn't mean that the highest and best use is Self Storage, or that there is demand for it at that particular site. 

2.  Continue to educate yourself OUTSIDE of the advice you'll likely get from the chuckleheads here on BP.  Most mean well, but you'll see what I mean after you read a few posts.  

3.  Grab as much info from Inside Self Storage, THe Self Storage Association, that you can.  You may also want to attend one of the Free Developer events held by Janus and/or Trachte if they happen to be coming to your area.  And If your site checks out, and you're serious about Self-Storage Development, I'd recommend checking out the Self Storage Developer's Academy. 

Josh, I consider myself BP's "Self-Storage Guardian Angel" for people who think that they don't have to do their homework when it comes to buying/developing Self-Storage.   That said, I strongly suggest you build yourself a team of Self Storage Professionals to help along the way. 

I've seen The Flip side:  People who fail to take a business-like approach to commercial real estate since they made a couple hundred thousand in the Single Family rental/wholesaling business, and think they can do it in Self-Storage.  And there's nothing wrong with that, cuz either way, I win when I give the advice above: 

1.  People actually follow it, and my experience is being put to good use, which is why I'm here.  OR.....

2.  I win because they fail to follow it, buy or build it WITHOUT doing their homework, or using professionals, and then when it fails - I swoop in and buy it for pennies on the dollar from them, or the bank who may have financed it.  I'm buying 2 right now due to that exact scenario.  

Josh, Don't be Guy #2.  I've bought a number of deals this way, and it's great, but also very sad, because I know there's someone on the other side who just got punched in the gut. 

At your Service.