All Forum Posts by: Kristi Kandel

Quote from @Whitney McNair:

Hello, does anyone have a real estate development template. I'm looking for something simple that I can use to complete a project. I haven't been able to find one that I like. 

@Whitney McNair what type of deal are you looking to UW?

We haven’t found good development ones on the market outside of the ones my prior development companies used. However theirs were so specific to our types of developments that it takes a lot of work to rework them into a more generics one. 

Once we have “real deals” that work now I have an UW that I pay 3-5k to complete the official UW that we can use for the lender and equity partners. 

I am in the process of creating 2 generic templates for the purpose of “having back of the napkin, Underwriting early in deals”. 1 will be ground up Development and 1 will be redeveloping existing buildings. These are going to be included in our full local real estate developer course that we are targeting a launch of in July 2024. We just tested them out on a couple projects we are doing and they are both in the final stages of completion now. 

Depending on your needs, I can potentially connect you with my underwriter who I pay for the detailed UW. 

Quote from @Derek Bell:

Hello BP. 

I am not new to RE development, but most of my concentration through the years has been in commercial flex warehousing and industrial development. I am the developer and the builder for all my projects and usually just do a few projects at a time. Most of all my forum activity has been in the commercial section of BP. 

I recently came across an 8 acre property. It is currently zoned agricultural and the property would be great for multi zoning. The seller has agreed to put the sell of the property contingent on rezoning. So, I dont have a ton to lose other than my civil costs, application to the city, lawyer, etc. That can be costly, but I’m ok with taking the risk. 

I dont plan on building anything on the property, if and when, it gets rezoned. I will just market the property under the new zoning. The market has lessened a little on the multi in my area, but I think there is a ton of potential in this property. 

I know I will have to go three or so stories high, but how do you decide on the what density to propose to the city? And then how do you value the property based on the density etc? 

I know my architect and civil eng will help on those deciding factors, but just wanted to see if anyone had any thoughts. I’m sure this has been discussed a million times in this forum. 

Thx in advance. 

 Typically when it comes to housing you'll want to stick to 3-story garden style without elevators and 18-24 units per building. UNLESS you're trying to go the condo or townhouse route. 

So on the 8 acres you'd ideally want a density of 20 units per acre. Then you'll have surface parking, landscape, etc. I'd probably try to suggest a combination of 5 acres with 20 units per acre and then suggest townhouses on the other 3 acres. Density TBD but probably closer to 8-10 per acre depending on what fits. That way you provide home ownership options along with rental options. 

The city is going to have a master plan and various zoning regulations around density. I'd start by telling them you'd like to rezone to multi-family at 20 units per acres and see what planning says. 

Then you work the land price backwards from what the city will allow. 

Quote from @Andrea R.:

Love this and appreciate you sharing @Kristi Kandel!  I work with many investors that support low income housing, and are stand up landlords, I plan to pass this along!

 @Andrea R. Exactly. low income housing doesn't mean slum lord or disrespectful tenants. It simply means that there are various struggles and challenges out there and as investors, landlords, developers, etc. we are in a unique position to make a positive impact in someone's life. 

Growing up we were very poor financially with dad working 2 jobs and mom working nights and weekends. I remember times when people would leave food on our steps for us when we got home from church or times in the winter that someone was kind enough to make sure we had snow boots and warm jackets. It makes me tear up just thinking about their kindness and generosity to help another family out. 

I personally love random acts of kindness especially when I can do it on the DL. I was once given the greatest gift of all. HOPE. I want to regift HOPE to as many people as I can and I'm able to leverage real estate investing and development to provide me many many opportunities to give back. 

Quote from @Melody T.:

That's amazing, @Kristi Kandel! This is one of the reasons I'm interested in investing in the OH market and accepting vouchers. Yes, I want to make good investments and make money, but I also have a strong altruistic drive in providing safe, comfortable housing for women (and their children) in need. 

 @Melody T. 100% We can run a profitable business AND complete projects with a purpose that solve today's challenges. It doesn't need to be one or the other! The more we can share ideas that we come across the more it will allow ourselves and others to creatively put deals together that solve systemic issues. Just imagine the positive impact those women and children can have now that they aren't worried about where they will sleep at night and if they will be safe. THAT is an impact worth fighting for and making happen. 

Quote from @Melody T.:

@Walter Roby jr I work in large scale solar development. If you can secure a lease option it MIGHT be valuable, but will require significant due diligence by a solar developer (available capacity, environmental due diligence, location to substation, 3 phase power lines etc.). You can then sell the option to a solar developer, but they too won't execute the lease until they confirm they can develop. Additionally, CA was on the cusp of launching CA community solar, whereby a developer could build solar projects and sell the power to the utility, however, it's on hold pending the final CPUC decision, and it doesn't look promising. Solar developers are no longer bullish in this market for CA community solar. It might come back around and if it does, securing land lease options (on land that you can develop) will be valuable. Essentially, you can only have a solar project if you have an offtaker (someone to buy the power) and this is driven by policy and incentives. You would need to understand that pretty well to play (safely) in this space. If the legislation changes we can connect and I can point you in the right direction (to the developers that will have interest in paying you a sizeable lease for the land to develop a project).

 @Melody T.100% and thank you for bringing that local CA and CPUC insight. I’ve got several friends in solar and know just enough to be dangerous in CA so I’m glad you were able to detail out the exact nuances. I always like to provide more context then just providing a yes no response. 

Quote from @Chris Mason:

Quote from @Ronald Rohde:

"parking near me"

thats what people search for

 +1 for putting things in the name that people are google searching for. You aren't trying (at this point) to create some nationwide brand, so being found on google, and when found knowing instantly exactly what you do, is top priority. 

Not to "do your homework for you," but this is fun, let's take the GPT suggestions above from @Kristi Kandel

VersaStorage: Vehicle Parking and Self-Storage

Long-term vehicle parking is what you do, that not everyone does, so it comes first, when markets find equilibrium you will find higher profit margins on that, for that reason, so that's the priority. That way if google truncates, it becomes "VersaStorage Long Term Veh..."

And then for my main picture, the first thing people see, I'm making sure a boat is prominent, a semi or RV (whichever is a bigger market in my area), and a traditional self-storage space.

And then you are going to look at the marketing copy of your competitors. If you see a bunch of them offering something similar, like say a discount for a 12 month storage contract, or multi-vehicle discounts, then there's a really good reason they are all doing it (likely from lessons they had to learn the hard/slow/long way), so you are going to copy those ideas first and foremost. We aren't Jeff Bezos or Steve Jobs here, it's a storage facility: Impersonate, then iterate, then innovate.

Good luck! I smell a refi in your pipeline a year or so from now, remember this isn't a home loan, so "two years of tax returns showing a profit" is NOT a hard/fast rule at all to get the best terms.

 YESSS exactly! Be blatantly clear on your prime offerings. Also search for your top 2-3 names online first prior to landing on one. A friend recently received a cease and desist letter for naming their sauna biz too close to a large regional player. It mostly just caused a lot of headaches and time but it will cost them some money to rebrand and some legal advice. 

Quote from @Sonny Dhillon:

Hi, 

i have 10 acres of industrial land and going to be building out muti use type of storage kind of little bit of everything, rv /boat storage / semi truck parking , and little bit of container storage   and small spaces (5k-10k sqft)  for contractor yards as well .    

I'm trying to figure out on the naming of this facility as this is going to be much more then just simple self storage and would appreciate some thoughts as some options I'm thinking are     as some keyword and then followed by  storage and yards or should i leave the yards out . 

like :   safe storage and yards    

american storage and yards 

 Always worth starting brainstorming in Perplexity.ai and/or chatGPT. It probably won't get you the right names from the start but it will get your wheels spinning! 

When naming your multifaceted storage facility, it's crucial to choose a name that reflects the diversity of services you offer while also being memorable and easy to understand for potential customers. Considering your facility will cater to a wide range of storage needs, including RV/boat storage, semi-truck parking, container storage, and contractor yards, the name should encapsulate the comprehensive nature of your services. Here are five suggestions that aim to capture the essence of your storage facility:

1. **AllStore Industrial Park**: This name highlights the facility's capability to accommodate a wide variety of storage needs, from vehicles to containers, and emphasizes the industrial aspect, which may appeal to contractors and businesses looking for yard space.

2. **VersaStorage Complex**: Combining "versatile" and "storage," this name suggests flexibility and a broad range of storage solutions, catering to both individual and commercial clients.

3. **MultiFlex Storage Yards**: This name emphasizes the multifunctional aspect of your facility, indicating that it offers flexible storage solutions, including yard space, which could be particularly appealing to contractors.

4. **Unity Storage Hub**: Suggesting a central point for diverse storage needs, this name conveys the idea of bringing together various storage options in one convenient location, making it a "hub" for anyone's storage needs.

5. **BroadRange Storage & Yards**: This name directly communicates the wide range of storage options available, including the inclusion of yard space, making it clear to potential customers that whatever their storage needs, your facility can accommodate them.

Including "yards" in the name can be beneficial as it directly communicates to contractors and businesses that you offer the outdoor space they might be looking for, in addition to traditional storage solutions. This can help set your facility apart from standard self-storage options and attract a broader clientele.

Citations:
[1] https://www.brandbucket.com/name-ideas/storage-facility-busi...
[2] https://www.brandroot.com/storage-business-name-generator
[3] https://domatron.com/article/warehouse-name-ideas
[4] https://brandongaille.com/30-catchy-storage-facility-busines...
[5] https://www.selfstoragetalk.com/forum/general-self-storage-f...
[6] https://www.constantcontact.com/blog/warehouse-names/
[7] https://clearlyinventory.com/resources/inventory-basics/how-...
[8] https://www.nichepursuits.com/storage-business-name-ideas/
[9] https://namefatso.com/blog/storage-business-name-ideas
[10] https://www.creativesafetysupply.com/articles/creating-an-ef...
[11] https://www.datalinx.co.uk/blog/how-to-name-and-label-wareho...
[12] https://www.starterstory.com/storage-locker-business-names
[13] https://www.lawa.org/-/media/lawa-web/tenants411/file/dch201...
[14] https://tritonstore.com.au/warehouse-rack-labelling-best-pra...
[15] https://www.infopluscommerce.com/blog/warehouse-rack-labelin...
[16] https://www.scanforce.com/blog/creating-a-warehouse-location...
[17] https://www.linnworks.com/blog/warehouse-rack-labeling-ideas...
[18] https://www.granitewms.com/news/warehouse-101-inventory-basi...
[19] https://www.linkedin.com/advice/1/what-best-practices-naming...
[20] https://www.reddit.com/r/editors/comments/7jd83a/what_do_you...

Given your storage facility's location in Manteca, CA, and the diverse range of services you plan to offer, it's essential to choose a name that not only reflects the multifunctionality of your services but also resonates with the local community and potential customers. Here are five creative names inspired by your geographic location and the comprehensive nature of your storage solutions:

1. **Central Valley Storage Solutions**: This name highlights the facility's central location in California's Central Valley, appealing to a broad audience looking for various storage options, from RV and boat storage to contractor yards.

2. **Manteca MultiStorage Park**: Combining the city name with a focus on the multi-use aspect of your facility, this name is straightforward and tells potential customers exactly where you are and what you offer.

3. **Sierra Gateway Storage Hub**: Inspired by the proximity to the Sierra Nevada mountains, this name positions your facility as the gateway to storage solutions for both the local community and those passing through the area.

4. **Golden State Storage Grounds**: A nod to California's nickname, "The Golden State," this name evokes a sense of pride and belonging, while "Grounds" hints at the extensive space and variety of storage options available.

5. **Crossroads Container & Yard Storage**: Reflecting the facility's role as a crossroads for different storage needs, this name emphasizes the container storage and yard space you offer, catering to a wide range of customers.

These names aim to capture the essence of your storage facility's offerings while also making a connection with the local area and the broader region.

Citations:
[1] https://www.securitypublicstorage.com/locations/manteca
[2] https://www.brandbucket.com/name-ideas/storage-facility-busi...
[3] https://www.brandroot.com/storage-business-name-generator
[4] https://www.selfstoragetalk.com/forum/general-self-storage-f...
[5] https://www.starterstory.com/storage-locker-business-names
[6] https://yelp.com/search?cflt=selfstorage&find_loc=Mantec...
[7] https://www.biggerpockets.com/forums/32/topics/1183261-thoug...
[8] https://www.rentcafe.com/storage-units/us/ca/manteca/

Quote from @Cory St. Esprit:

I have a property I own with 2 commercial units on it (A Subway restaurant, which I own, and a dance studio). However, we have probably about an acre and a half in the back that I think would be perfect to develop into a storage unit space (easy access for any size vehicle, etc etc.). Does anyone have experience with this or know where to begin? Closest location for the forum was Pittsburgh but it's actually across the border into West Virginia. 

 Sweet where in WV? Morgantown? My sister lives there and our good friend sold his storage facility a year ish ago in Morgantown b/c he got a great offer and wanted to retire... 

The first thing you'll want to do is define the zoning and what the allowed uses are for that property. You can use this tool to figure out that part: https://docs.google.com/document/d/100dRzu-iQEIZbR1adxIASdH2...
Once you have that you should engage a local broker to discuss the options for those types of uses in your market and they will be able to help you understand the overall picture and cap rates of the various options. This document helps you find the right local broker partner https://docs.google.com/document/d/1YRwDmuSRS6xMCMgD1CpNQjqT...

You could also hire a consultant to help you complete due diligence on your property to help you identify the highest and best use of the property. Then you could determine how far you want to go with the project vs your capital vs partnering with someone to help make the vision viable.

If you want to shoot me a DM we can talk further. I've been a developer for 17 years on projects across the US and we do both JV deals and consulting based on what is most beneficial for all people involved. Also, since there is a huge gap in the industry in teaching people how to understand development and the different options we've launched an education arm to help bridge that gap so it's not just the "big guys" with deep pockets that can be a developer.

Quote from @Madberry W.:

Looking for some ideas. 

The first thing you'll want to do is define the zoning and what the allowed uses are for that property. You can use this tool to figure out that part: https://docs.google.com/document/d/100dRzu-iQEIZbR1adxIASdH2...

Once you have that you should engage a local broker to discuss the options for those types of uses in your market and they will be able to help you understand the overall picture and cap rates of the various options. This document helps you find the right local broker partner https://docs.google.com/document/d/1YRwDmuSRS6xMCMgD1CpNQjqT...

You could also hire a consultant to help you complete due diligence on your property to help you identify the highest and best use of the property. Then you could determine how far you want to go with the project vs your capital vs partnering with someone to help make the vision viable.

If you want to shoot me a DM we can talk further. I've been a developer for 17 years on projects across the US and we do both JV deals and consulting based on what is most beneficial for all people involved. Also, since there is a huge gap in the industry in teaching people how to understand development and the different options we've launched an education arm to help bridge that gap so it's not just the "big guys" with deep pockets that can be a developer.

Quote from @Alvaro Rodriguez:

I found a big lot in Splendora Texas. but the owner tells me I can't develop it because it is in the floodplain. How can I find out what I need to know/do to submit and get permits to build on that lot? What are some of the requirements to develop a lot in the floodplain?

Thank you 

 @Alvaro Rodriguez Start with the free resources. Your local government is there to assist you on questions exactly like this one. The planning department would be your first one to call and ask those questions. Then they will possibly have you speak with the building and engineering/public works departments to get into the details. 

Based on their website it looks like a fairly small municipality so you should be able to get clarity fairly quickly. They might refer you to a county agency but start with your city. 

If you can develop the land then continue asking your questions like: 

How can I find out what I need to know/do to submit and get permits to build on that lot? 

What are some of the requirements to develop a lot in the floodplain?