Go offline with the Player FM app!
306. $350K/Year Cash Flow from Our FIRST Self Storage Development (How We Did It)
Manage episode 495895975 series 2770596
What goes into a self storage development deal? You’re about to find out! Today, we’re breaking down the first self storage facility we ever built—everything from the property’s financials and the construction timeline to how we ultimately turned a $4.3-million project into a $13-million self storage business that generates over $350,000 in annual cash flow!
In this episode, AJ and George will show you how to take an initial concept and turn it into a fully stabilized self storage facility, step by step. The truth is that many developers approach self storage from the wrong angle, so we’ll show you what to focus on before getting started—like narrowing down your target customer and building with them in mind to the dangers of cutting corners on quality and focusing more on upfront costs than revenue potential.
But that’s not all. We’ll also share some of the things we wish we knew before building our first facility and the biggest lessons learned that saved us thousands on future projects. Whether you’re curious about the development side of the self storage industry or seriously considering your own development project, you don’t want to miss this one!
What you’ll learn in today’s show:
- The step-by-step process of developing a self storage facility from scratch
- How we turned a $4.3M facility into a $13M+ business
- A complete breakdown of the self storage development timeline
- How to build a self storage facility that attracts premium customers
- Creating a competitive edge without low rent prices or cheap construction
- Why investing more money upfront leads to higher rents and less risk
Helpful Articles:
- https://www.selfstorageincome.com/blog/10-crucial-tips-when-running-a-self-storage-business
- https://www.selfstorageincome.com/blog/the-keys-to-stabilizing-a-self-storage-facility-don-t-miss-these
- https://www.selfstorageincome.com/blog/the-self-storage-industry-a-brief-overview
🌳 Work with someone experienced in self storage loans at Live Oak Bank! We seriously love them. https://www.liveoakbank.com/business-loans/self-storage/
457 episodes
Manage episode 495895975 series 2770596
What goes into a self storage development deal? You’re about to find out! Today, we’re breaking down the first self storage facility we ever built—everything from the property’s financials and the construction timeline to how we ultimately turned a $4.3-million project into a $13-million self storage business that generates over $350,000 in annual cash flow!
In this episode, AJ and George will show you how to take an initial concept and turn it into a fully stabilized self storage facility, step by step. The truth is that many developers approach self storage from the wrong angle, so we’ll show you what to focus on before getting started—like narrowing down your target customer and building with them in mind to the dangers of cutting corners on quality and focusing more on upfront costs than revenue potential.
But that’s not all. We’ll also share some of the things we wish we knew before building our first facility and the biggest lessons learned that saved us thousands on future projects. Whether you’re curious about the development side of the self storage industry or seriously considering your own development project, you don’t want to miss this one!
What you’ll learn in today’s show:
- The step-by-step process of developing a self storage facility from scratch
- How we turned a $4.3M facility into a $13M+ business
- A complete breakdown of the self storage development timeline
- How to build a self storage facility that attracts premium customers
- Creating a competitive edge without low rent prices or cheap construction
- Why investing more money upfront leads to higher rents and less risk
Helpful Articles:
- https://www.selfstorageincome.com/blog/10-crucial-tips-when-running-a-self-storage-business
- https://www.selfstorageincome.com/blog/the-keys-to-stabilizing-a-self-storage-facility-don-t-miss-these
- https://www.selfstorageincome.com/blog/the-self-storage-industry-a-brief-overview
🌳 Work with someone experienced in self storage loans at Live Oak Bank! We seriously love them. https://www.liveoakbank.com/business-loans/self-storage/
457 episodes
All episodes
×Welcome to Player FM!
Player FM is scanning the web for high-quality podcasts for you to enjoy right now. It's the best podcast app and works on Android, iPhone, and the web. Signup to sync subscriptions across devices.