All Forum Posts by: Bill Zou

@Henry Clark - lived in downtown Wichita for about a year before moving west. currently out of state. You're right that the area is residential but it's not dense. There's a good 1-2 mile radius around the facility without storage and was being hopeful we can attract some interest all the way near WSU. was there something else you were seeing in the area? 

Did a price check and inventory check - called 4-5 places, they have availability, but not too much (10-15 units available only for all 4 places I called). Price wise is comparable to the current rates at this facility but the ones I called seem nicer, larger, and likely better maintained (more attractive)

@Henry Clark Makes sense - there's a warehouse where I considered climate controlled at some point too, but maybe I should stick with indoor or drive up units instead?

1 location has quite a bit of expansion potential (~9000+ sqft) but will need to work with city planning for permits, etc.

Curious to hear your thoughts on why you think I should still be able to achieve 100% full occupancy? there are so many REITs and storage options in the 3+ mile radius (not much within 2) and the neighborhood isnt the best as you called out.

Thank you so much!

@Henry Clark - thank you so much for the detailed insight. totally aware that its my due diligence and make sure I'll do the proper validation (at least 5 times!) It sounds like the purchase value is comparable to if the purchase was a brand new build (but its not) so price is at least within reason?

Understand the occupancy is low but am I too optimistic to think we will be able to approach or at least get above 80% occupancy if we manage this right despite all the storage options in Wichita? Wichita is +/-10 miles and there are a lot of storage (and more developing).

@Zach Quick - sorry shouldve clarified. 26 approved plans for additional self storage facilities

thanks @Paul Moore - thanks so much, would love some intros. Also love your content and have been a large reason why I'm getting into Storage as well. thanks, Paul!

thanks so much @Zach Quick - it gave me a pause as well, but confirmed with city that there's at least 26 approved plans in the works coming online over the next few years so I was thinking there's more demand. This property that I'm looking at is located well within downtown proximity where there's no further development (its already filled with residential) whereas new development is more along the outer rings of Wichita. am I thinking about this correctly?

hey @Zach Quick @Henry Clark - just saw this post in the forum search and I am considering a deal in wichita. I posted about needing some help with this deal and would love your thoughts as well please https://www.biggerpockets.com/...

Hi all - just want to bump my post here to pivot and ask about being surrounded around REITs. If REITs are also seeing ~80% occupancy would it only make sense to expect a lower occupancy? I know most stray away from storage facilities where REITs are close by, but any contrary thoughts I should also consider? thanks!

that's awesome to hear - thanks for the added info!

hey @Nathan Gesner - thanks so much for the thoughts. was your storage also in a slightly oversupplied market (e.g. maybe with multiple smaller mom/pops & larger reits) within a 3 mile radius? there's 180K people within 10 miles so I'm bullish there's opportunity and upside, but not sure if I should be so concerned about demographics (e.g. lower income / higher crime rates / etc)

Yep, read through the recommended books as well. appreciate your response!