All Forum Posts by: Michael Wagner

 I don't have another event planned at this time but I did record the event and will be making that available in the next week or two. Message me if you'd like more Info.

Mike

 I was at this event and can confirm that it was incredibly valuable! Probably the best one stop shop you could ask for relative to your post!

 I echo @Scott Meyers comments and highly recommend any of his events if you haven't already been.  I also think you might find some value in learning more about the 3 pronged remote management strategy that I use. HINT--it includes Easy Storage Solutions as well as some specific non-technological strategies.  Feel free to PM if you'd like to discuss in more detail.

@Danny Redding,

It all comes down to your agreement with the renter's.  You need to spell out the terms and responsibilities of each party.  Generally speaking in the storage world, the customer remains responsible.  Of course state laws may vary and they would trump this!

As for your elevation challenges, I am not an expert but have done a bit of development and flattening out your parcel might not be as crazy as it would appear on the surface.  My understanding is that flattening a parcel with varying elevations is not all that costly IF (and this is a BIG IF) you can do so without dump trucks...the import and export of material is the greatest cost so if you can simply move the high ground dirt to the low ground and create a happy medium, you can offset a good bit of the costs....And if you do need to export material bc you have too much, a parcel that size might allow you to sell off the material to mitigate your costs...I'd recommend talking with some experienced excavators who are open to the idea of helping you flatten your parcel in exchange for money and the right to "sell" your excess material.... just some ideas to get the ball rolling!  Good luck.  Ive got a couple places in Georgia myself, one in Tifton and one in Hinesville.

 It is not typical for a storage facility's insurance to cover the belongings of those storing them.  Each customer will be responsible for providing insurance of their things.  

To answer some of your other questions, typical costs to build a "standard" storage facility is $30-35 per square foot plus the cost of land. We've done a good bit of RV/vehicle storage and it is a great "space holder" while you build out your property and also offers some "diversification". That said, we have always found that cannibalizing the outdoor space if demand for typical storage is there always wins out.

I don't think pods is a good option for you at the start as that is an entirely different business model. Perhaps you are just meaning to ask about 3rd party management companies that brand the property as one of the big REITS (Cube Smart, Extra Space, etc)?  IF so, that is certainly an option on a facility this size.  Your phase one would likely need to be 30-40K sf for them to get excited.

Hope some of that insight is helpful.  Of course take it all with a grain of salt as I generally play with the smaller facilities.

Mike

Regarding where to look, I always advise people to start by looking close to home.  The reason for this is so that you can get the most affordable and efficient education possible.  You can do tons of vetting/due diligence from a computer but once you've crossed that bridge, a site visit and in person market analysis will be needed.  Learning and mastering this second phase is a whole lot easier and cheaper when you only have to drive 20 minutes to the property as opposed to flying half way across the country.  And who knows, you might find a deal in your own backyard.  

If you don't find one nearby, you simply expand your search in an INTENTIONAL way.  Keeping in mind that most of us are looking to storage to improve our lives rather than simply be another job, we want to invest in a way that disrupts our life as little as possible.  As such, I recommend folks expand into markets that they already frequent a couple times a year.  A couple examples of this are two of my properties.  One is 90 minutes from Disney World (where my wife and kids insist on spending 30 days of our year) and one is 60 minutes from Charlotte (where many of my childhood friends moved after college).  By buying strategically, my "work trips" are now dual purpose and instead of disrupting my life, they enhance it.

On a more "nuts and bolts" perspective, I prefer secondary and tertiary markets...I gravitate to mom and pop suburban or even rural properties because they best meet my own investment objectives (value add) as well as play to some of my personal preferences.

Why not invest in a SELF DIRECTED Roth? This way you contribute and retain the freedom to invest in the best investment vehicle on the planet. Look at the difference between a Checkbook SD Roth and the more common (non self directed) Roth IRA. Both have pros and cons.

Investing remotely definitely adds a layer of complexity to your situation but it can be done.  I personally do it in the self storage sector and own multiple properties 800-1000 miles away.  They key to success doing this is in developing and maintaining the proper systems as well as establishing partnerships when needed.  I also (perhaps with a bit of bias) think this is easier to do in the storage world than in multi-family....there's just fewer moving parts!  Best of luck whatever you decide.

 HI Obi, The resources mentioned above are really specific to the storage industry.  They wouldn't offer you much at all relative to the MF world.  I'm sure their are similar systems geared to MF,; I'm just not familiar with them beyond  the one online based management system my PM used to use.  Its called Buildium.  You might start a new thread asking about MF management software and call centers to see what others in that asset class are using.

Sorry I can't be more help,

I'm in Western NY but anything this my half of the country is of interest. Focus right now seems to be GA, NC and SC and FL