168. "Storage is Easy"? Wrong! Development Mistakes & Challenges w/ Ryan Lorenzini (Part 2)
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 16 August 2022
⏱️ 45 minutes
🧾️ Download transcript
Summary
Developing a self storage facility is no easy feat. What are some of the factors to consider and mistakes to avoid? I'm not talking about making typos in a text message, I'm talking about mistakes that could cost you thousands (if not hundreds of thousands) of dollars in your next development.
We're continuing our conversation with Ryan Lorenzini in this episode. This is part 2 of 2 of this series. I'd check out the previous episode first if you haven't already!
Ryan is the Director of The Claremont Companies, who specialize in real estate developments and has been building Self Storage for the last 10 years. Check it out: https://www.claremontco.com
The Self Storage Income Podcast is Sponsored by:
Forge Building Company. Forge is our go-to building contractor for all things self-storage. In AJ's words "Forge has saved us literally hundreds of thousands of dollars on one deal alone through their ability to value-engineer, improving our facility at the same time." Exclusive to SSI listeners, Forge is offering a FREE consultation and Complimentary Site Layout.
Get in touch with Forge here: - https://forgebuildings.com/podcast
The Self Storage Income Podcast is also sponsored by:
Janus International - https://www.janusintl.com/
Live Oak Bank - liveoakbank.com/incomepodcast
Tenant Inc. - https://www.tenantinc.com/
Want to invest in storage without dealing with the day-to-day operations and management? Learn more about our syndication company Cedar Creek Wealth here:
https://www.cedarcreekwealth.com/
Investing in real estate is like climbing a mountain, depending on where you are on your journey, you need a different set of tools and resources so you can grow. That's why we created The Circle - the go-to real estate investment community to help people grow and scale in real estate. Find out more here:
Want to pick up my best-selling book for free? You got it - just head over to the Self Storage Income website and download your free copy here: https://selfstorageincome.com/
Transcript
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| 0:00.0 | First of all, the biggest mistake people make, it's storage. It's easy. You've never built a storage facility before. |
| 0:06.2 | Conceptually, it's easy. But you're going to lose revenue. You're going to be, have vacancy in some spots because you don't understand the product type. |
| 0:16.1 | Hey, everything adds up, right? Yes. |
| 0:18.6 | Hey, guys, what is going on? My name is Yen and welcome back to self-storage income. |
| 0:22.6 | Today we're continuing our conversation with Ryan Lorenzini. |
| 0:26.6 | This is part two of two on our discussion about development. |
| 0:31.6 | Ryan has worked in real estate development and building for quite some time now and has been developing self-storage facilities |
| 0:38.1 | for the last 10 years. Today we're going to be following up on a lot of the things we talked about |
| 0:43.3 | in our part one. We're going to be talking about the exit strategy that needs to be built into |
| 0:48.7 | every single deal, how developing storage facilities is not as easy as it might sound. |
| 0:56.2 | And how do you hire the right contractors? |
| 0:59.1 | And what are the things that you need to be keeping in mind when you have people come on your site? |
| 1:01.4 | This is going to be another fantastic episode, guys. |
| 1:04.1 | If you can leave a review on this podcast, that would be amazing. |
| 1:08.0 | We do see those and we use those as our feedback. |
| 1:11.1 | But without further ado, let's get right into it. |
| 1:17.9 | So if you're looking to build or develop a self-storage facility, |
| 1:21.0 | one of the big challenges can be identifying and maximizing that rentable square footage, |
| 1:26.3 | not the total square footage. |
| 1:27.5 | What's the rentable square footage going to be? |
| 1:29.8 | Forge Building Company can actually help you guys achieve that. |
| 1:32.8 | As a complementary service, Forge Building Company actually provides customized size and unit layouts. |
... |
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