171. Building Costs & Market Conditions | What You Need to Know w/ Hamish & Melissa
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 6 September 2022
⏱️ 76 minutes
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Summary
Building a storage facility requires an in-depth look into the rapidly changing economic market. We get asked all the time - is it a good time to buy? Is this a good place to build? Inflation is rising, should I reconsider my projects?
In this episode, we're bringing in Melissa Anderson & Hamish Bell from Forge Building Company. You’d be hard pressed to find anyone in the self storage industry with as much building and storage development experience. They monitor and keep a close pulse on the Self Storage industry because they have been doing it for well over a decade, with hundreds of facilities built. If anyone understands what's going on in the market, it's them!
In fact, Forge has helped us build many of our storage facilities in all types of different markets, and have saved us literally hundreds of thousands of dollars on ONE deal alone.
You'll want to stick around for all the juicy insights in this episode!
Exclusive to SSI listeners, Forge is offering a FREE consultation and Complimentary Site Layout to jumpstart your development project. Find out more:
https://forgebuildings.com/podcast
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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:
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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 | Right now, what are you guys seeing? |
| 0:04.0 | We can talk about market statistics. |
| 0:06.6 | We can talk about what the numbers are showing. |
| 0:09.9 | That's a rear view look, and most of the time it's really lagging. |
| 0:14.5 | What are you guys seeing in the development part of the industry? |
| 0:19.4 | I have busier today than I have ever been. |
| 0:21.6 | I have so many projects that are in the design phase and just as many that are in the estimating |
| 0:26.6 | and about just as many that are getting ready to close. |
| 0:29.6 | You know, inflation is the big word at the moment. |
| 0:31.6 | And I was talking to a developer the other day and he told me, do you think inflation's going anywhere? |
| 0:42.7 | And to be honest, I don't think it is. So it's probably only going to get more expensive to build. |
| 0:48.8 | Self-storage is one of those industries that, yes, it might seem like it's recession-resistant, but actually, it's not that simple. There are a lot of market conditions and market factors that affect the |
| 0:56.2 | profitability of a facility. For example, inflation, demand, interest rates, building costs. So welcome |
| 1:03.7 | back to the self-storage income podcast. My name is Yen. I'm the producer here on the podcast. |
| 1:08.5 | And today we have a very special episode lined up. |
| 1:16.1 | Today we're talking with Melissa, who is a project manager over at Forge Building Company, |
| 1:22.1 | as well as Hamish, who is the president of Forge Building Company. And these guys literally have the day-to-day updates on the market because they build and develop for self-storage. |
| 1:29.1 | So if anybody's going to know what's going on in the market right now, it's these guys. |
| 1:34.2 | Now shout out to them because not only are they the special guests of this episode, |
| 1:38.0 | they are also a regular sponsor here on the podcast. |
| 1:41.1 | And we've asked them to come in and share a few insights on their world of development. |
| 1:45.7 | I sat in on this conversation and there's just so much value here, guys. But anyways, let's jump right |
... |
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