All Forum Posts by: Steve Cheslock

I am very bullish on self storage (and it's future) and am currently in final permitting stages of my first project in FL.  We are seeking permitting for a 2 phase build:

Phase 1: 75,000sf of Climate Control, 30,000sf of Non Climate Control, 30,000 of Boat/RV Storage

Phase 2: additional 75,000sf of Climate control

To answer a question mentioned in this thread there are 3 REITs that focus on 3rd party management for a 6% fee.  They handle pretty much every part of the day to day business (including marketing).  *They usually have a criteria of at least 50,000sf to consider managing a facility. 

@Wendy Carpenter Great job... looking forward to seeing how your project works out.  

@Ned Willis Read above... if you have any questions about your project please feel free to reach out.  

@Josh Collins Good luck on your project.  

Looking forward to it!

@Marvin McTaw @Mary B. Thanks for the response.  I am referencing "Flee", like people moving out of the state.  Here in Connecticut there are many people moving to different states due to taxes and opportunities, and much fewer people are moving here.  

When I think about Wholesaling it seems like a good opportunity on the front end (more possible supply with people moving out of state) but it hurts the back end if there isn't new demand coming into the state to purchase these homes (which makes it tougher for potential all cash buyers)

@John Thedford... I'm just curious what is illegal about it?  I'm not in your state so I'm just curious for my own education.  If they are able to obtain an assignable purchase agreement executed by the seller that gives them equitable rights what's illegal about that?  

Take out the fact that they may be "idiots" or doing a poor job(which is another story and I agree a ethical issue), but being and idiot and actually doing something illegal are two different things.  

I live in a state that has a top 5 flee rate in the nation.  I was curious if people think this is a benefit or detriment to wholesaling?  

@John Lenhart @Mike Carr Thank you so much for the feedback, it is very helpful.  Have a happy holidays.  

For anyone operating Self Storage facilities... what % of NOI do you see coming from the collection of late fees? Trying to figure out a good ballpark number to use for a pro forma.

@Yiftach Ilyov

Hello and welcome.  I am just getting started in SS and am currently in the process of working with the town on some site issues at the moment.  

I really admire your ambition and curiosity but I can't answer all those questions.  There are so many things that are specific to markets that general answers would not provide you with any help.  I know for my market I'm building a new one, not trying to acquire.  I'm looking to do a 100,000 sqft facility, with a majority temp controlled.  

I'm currently finding that the biggest hurdles for me is dealing with the town in terms of zoning, site permits etc.  While the facilities are large, once the framing is up the construction is relatively easy compared to other projects.  I could be off but I just met with an architect who is familiar with SS construction and he relayed these sentiments.  

I'd suggest just getting your hands dirty and reading everything you can find about SS.  Like I mentioned a lot of your questions are really market based and there is no cookie cutter answer.  

Hello, 

@Charlie McCurry Thanks for the response, I appreciate it.  We are mainly focusing on climate controlled facilities and wine storage is something that is still scarce in our market so we think it may worth looking into.  If you could pass along those contacts I'd greatly appreciate it.  

Thanks.  

Hello, 

I am currently in the beginning stages of building my first SS facility.  Feasibility study is done, we have been in contact with architects and GCs and are currently working with the town to iron out all the permits etc.  

I am looking into offering wine storage in my facility.  Has anyone here had any experience with offering wine storage?  Any thoughts on it, both positive and negative.  

Thanks.