All Forum Posts by: Scott Meyers

Hey Barak!

You can always look to national builders like Janus or Trachte, or If you want a smaller "local" builder, I'd recommend Tim Fadorsen.  "Local" as in he caters to the SE USA region (e.g. Ohio, Florida, Georgia, etc.) and is not a large, nationwide builder.  

Tim is in our Mastermind and quite a few of our folks have worked with him over the years.

I can give you his phone number & email address if you desire.

I hope this helps.

Scott

Hey Jacopo!

I have been and am still a very big fan of Self Storage.

We are currently selling some of our Facilities at top prices and simultaneously positioning ourselves for one of the biggest land grabs in history - or at least for me and our Company - in the next few months to couple of years. 

In the end though, there is plenty of opportunity in Self Storage and other Commercial Asset Classes IF you go out and take it.

Scott

Hey Juwan & Hannah!

There are numerous threads here on BP that could help you answer those questions.  In addition, many of us who post on here also have Podcasts, You Tube Videos, books, and much more to have you learn this business.

I have been investing in Self Storage for about 17 years and teaching folks the business for about 13+.

If I can be of any specific help, please reach out.

@Paul Moore - thank you!

Scott  

Hey Dan!

What did you ultimately decide to do?

I agree with what @Daniel Lioz said.  Unfortunately, lots of municipalities do NOT like Self Storage for a variety of reasons.

However, if you can make it into a Mixed Used of sorts, Storage, office space, & so forth, you'll find those municipalities to be much more apt to work with you.  

I've seen a city flip from battling us to prevent us from converting Self Storage to working with and actually giving us a grant (free money) to cosmetically improve the exterior once we moved from solely Self Storage to Mixed Use Facility.

Obviously there are other things that need to be considered - Zoning, Feasibility and Market Study, and yes, the big question, why is this a shell of a building and never occupied after 40 years?

Find out first the fundamentals that you have to work with (the above questions) before you finalize your final game plan.  40 years of vacancy is a HUGE red flag.

Please keep us all posted.

Scott

Hey Jacob!

What did you ultimately decide to do?  Please let me know if me or my Team can be of any help.  We can answer all of your above questions.

@Paul Moore - I appreciate you.

Scott

Hey Ben!  

As Cap Rates go down, prices go up.  As Cap Rates go up, prices go down.  That's why Sellers want low Cap Rates and Buyers want high Cap Rates.  And of course, Cap Rates depend mainly on the Class of the Facility (A, B, C, or F).  

Yes, Self Storage is a very hot asset class right now, with much money & attention turned towards it, so much that Cap Rates are being compressed.

I hope this helps.

Scott

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Hey Scott!

Absolutely, under no circumstances, are folks allowed to live in Self Storage Units.  This does not fall just under your Facility policies & procedures or manager's discretion but runs afoul of the law (local & federal), is unsafe (to them, you and your staff, and especially other Self Storage tenants), and is most likely contrary to your insurance policy too.

Also, please check your individual state Self Storage Association (which kind of governs each individual state's Self Storage Facilities) as I'm sure they explicitly prohibit this.

Please note that there are many ways to be kind and even charitable to folks who are down on their luck, but allowing them to live in a unit is not one of them.

Yes, folks living (or better yet, trying to live in their Unit) may be somewhat common, but it does not make it right and needs to be immediately shut down whenever discovered.

And one last comment (shared out of love not a rebuke) is that if it's hard as an owner or manager to force these folks out - and granted, as decent human beings we should feel compassion & empathy for someone who does not have a place to live - this is perhaps one of the best reasons to have your Facility managed by a third party management company.  

I hope this helps.

Scott

Hey Victor!

If you're wanting to develop Self Storage, eventually you're going to need a Feasibility Study.  I would normally recommend Bob Copper with Self Storage 101.

However, if the question is wide-open and you're wondering what in general would be best to do with that land, there is a lady out of California named Jo Beth White, with Development Services, Inc. who conducts Reverse Feasibility Studies for commercial projects nationwide.

In other words, instead of asking, "Should I build XYZ?", she'll come back and say, "Based on what you've got going on THIS would make the most sense."

Granted this is not preliminary research, but instead having an expert assist you and there would be a cost associated with that.  However, when the time comes to do so...

(Please note that I have no horse in this race or financial incentive with either Bob or Jo Beth, just folks whom we've used before and still recommend.)

I hope this helps.

Scott

  

@Paul Moore  Much appreciated!  Please let me know how I get an autographed copy as I want to buy one when they are ready for distribution.