Currently Under Contract, looking to build out a storage facility

[Brian Fredrick]

Hello All,

I am currently under contract on a property and am looking to build a storage facility out. I am looking at some (undetermined) mix of mini storage, boat storage and rv storage, There are many speed bumps along the way to overcome, as I realize, and am asking ONLY a few questions as to stay on topic (feel free to expand or introduce issues that I don't bring up). I am borrowing hard money for the purchase at 10%. I can subdivide the property and sell (or keep and rent - $2300/m income) a 2 bedroom house with a trailer on it. The storage land will be about 3.5 acres. PP is $635k and home value after subdivision is aprox $400k. 

1) Does anyone have experience in actually building storage facilities? 

2) Is it better to phase the build out or 'get it all done with" at one time? 

3) What are some financial strategies to building out the storage facility? Hard money to build out? SBA loan with a business plan to finance the build? 

4) What are some potential land mines to avoid?

I look forward to hearing your ideas. 

Thank you in advance for you time.

Brian

(FYI, not in Denver, but limited options for city selection.)