Self Storage Guidance

[Zack G.]

Greetings!

Long time podcast listener but first post. Have 5 rental properties in rural Virginia. Small residential properties. Opportunity to get into a commercial property cheap presented itself. One 5,000 sqft brick building and two 50x100 25' tall clamshell outbuildings. 2.5 acres. The main building has 1 apartment taking up about 1/4 of the building.

Considering converting 5,000sqft building to storage + managing apt, building self storage units outside, and RV/Boat storage for buildings.

Looking for general cost estimates for self storage conversion. There is already a concrete pad on 1/3 of the property, but it is not level.

Looking for guidance on rural S.S. in 30,000 person county. This property is off the beaten path a little. Does it matter?

Do I have to go full tilt, or can I start with 1 30x100 building and see how it goes?

How much do fully automated systems run for a small facility like this?

I've done a considerable amount of reading online, but I trust the BP community! Are turnkey builders who specialized recommended or buying materials and hiring a GC? THANKS IN ADVANCE!

[David Thompson]

Hi Zach,

I'm attending a 3-day self storage workshop (Scott Meyer) this weekend in St.Louis.  Understanding you have worked in self-storage, if you are really serious about learning the ins and out of owning and overseeing it, would it not behoove you to look into something like an immersion workshop? Alternatively, if speed is of the essence, I'd reach out to Scott who's a BP member.  I recently spoke w/him and he's done a few conversions and would be a good person to talk to.