All Forum Posts by: Paul Moore

Welcome aboard, Travis, from an Ohio native!  You've come to the right place. 

Hi Marvin!  Welcome aboard to BiggerPockets.  You will find the best resources on the web here.  (I haven't wholesaled myself but good luck!)  

@Jason Malabute I had someone from the Wellings Capital team email it to you. If anyone else needs it, feel free to send me a message via BiggerPockets. Thank you!

Welcome Aboard, Tyler!  You will find great help and benefits being part of BiggerPockets.  It is the best move I've made in 24 years as an entrepreneur.  

My interest is in investing in existing self-storage facilities, and my company (along with 42 investors) just did that to the tune of $2.8mm.  I would be curious about the cost of ground-up climate-controlled storage, @Scott Meyers.  I have heard numbers like $35-45 psf kicked around.  What about the conversion of an empty building or warehouse?  I have heard $7-10 psf.  Do these seem in the ballpark? 

Hey @Shar Rivera  Lots of great advice here. I’m actually doing a BP Live session tomorrow (Monday 6/18) at 4:00pm ET to explore 7 different paths to invest in commercial real estate.  We will be covering some of the issues discussed above.  I welcome you to join via BP Live, YouTube Live or FB Live or you can watch the replay later. 

I would add a few thoughts... The national average for storage is 7 to 7.8 square feet per person in a 3 to 5 mike radius (you should check both).  If your market has less than that, it could be an opportunity for more. It should also have high visibility, which in a competitive market would be perhaps 15-20,000 vehicles per day driving by AND be able to see it clearly.  

There is a good book about marketing and running self storage facilities.  Contact me and I’ll pass along the title (I can’t recall it at the moment - it’s not obvious).  

Why would someone who wrote a book on MultiFamily even know these obscure facts?   My company has been frustrated for a while about the overpriced market for apartments. We recently decided to pull together a group of our friends and investors and we are investing in a company who is killing it in self storage. Pretty excited about this right now! 

Hi Adam,

Thanks for serving our country.  Great goals.  I recommend going through the One Thing book (and program) by Gary Keller.   I have personally done about everything on your list (SFRs, MF, Storage and more), and I would be happy to talk with you.  I've written several BP articles on these topics as well. Hopefully you can learn from my mistakes! 

Connect with me on BP and we can set up a time if you wish.  

I agree with @Kris Benson on self-storage.  I always assumed it was easy.  After studying this business for some months now, I have concluded that it is an easy business to run poorly or well... and a very complicated business to run for max revenue.  

So have any developers been building Class B MultiFamily?  Apartments that rent for a reasonable rate right out of the gate?   I wonder how those are performing... or would perform?    If these were coming out of the ground, they could compete with older Class B and be a real threat.  Thoughts?