Ep #232: Repurposing Old Buildings into State-of-The-Art Self Storage Facilities -- with Scott Krone
Real Estate Investing for Cash Flow with Kevin Bupp
Kevin Bupp
4.9 • 675 Ratings
🗓️ 4 June 2019
⏱️ 41 minutes
🧾️ Download transcript
Summary
In this episode of the Real Estate Investing for Cashflow podcast, Kevin brings in self-storage expert, Scott Krone. With a solid background in architecture, Scott co-founded Coda Management Group, an international award-winning design firm which specializes in sustainable building practices.
Kevin and Scott dive into self-storage real estate, which has been Scott’s more prominent venture. Scott shares a lot of valuable information about the factors and challenges concerning self-storage and how to identify building candidates for potential adaptive reuse. He also explains other aspects of the market such as financing and some market strategies.
QUOTES:
“The best way to make money in real estate is through the development process because you can control the acquisition price, you can control a lot more from the front end rather than trying to work the numbers backwards.”
“The most important demographic that we look for is the amount of square footage of locker per capita.”
“To me, the biggest factor in self-storage is not if the market is going up or down but it’s how many other facilities are coming into my competition.”
“We’re looking for a building that’s as regular as possible so you don’t have any abnormal shapes or configurations that makes it difficult to put lockers in because the whole key to any building whether in self-storage, or apartments, or office is your efficiency and your rentable square footage.”
“If we can build and buy below what our competition is, then we have a competitive advantage in terms of what we have to charge in order to get people into the door.”
HIGHLIGHTS
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5:55 Scott’s background in architecture and his first foray into self-storage
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12:46 Scott talks about their business model and demographics to look out for
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17:40 Other factors and challenges in converting buildings to self-storage
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21:30 What is PACE financing?
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24:02 More common forms of adaptive reuse of buildings
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30:07 Scott shares his longterm strategy
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Transcript
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| 0:00.0 | You've been searching for the best way to generate passive income in your life and heard that real estate is a great way to do it. |
| 0:09.4 | But you're tired of all the so-called gurus who are all talk and no substance. |
| 0:15.2 | Get ready to celebrate because Kevin Bup has spent 14 years successfully making it happen. |
| 0:21.7 | This is the Real Estate Investing for Cash Flow podcast. |
| 0:25.2 | Now, here's Kevin Bup. |
| 0:31.7 | Hey guys, Kevin Bup here, and I want to welcome you to another episode of the Real |
| 0:35.4 | Estate Investing for Cash Flow podcast. |
| 0:37.1 | We're mission is to help you build and maintain massive amounts of cash flow through income and I want to welcome me to another episode of the Real Estate Investing for Cashflow podcast. |
| 0:43.2 | Our mission is to help you build and maintain massive amounts of cash flow through income-producing real estate investments. |
| 0:46.7 | Our guest for this week's show is self-storage expert, Scott Crone. |
| 0:55.3 | Scott is a Chicago native whose career in architecture began in 1991 by pursuing his master's of architecture from Illinois Institute of Technology. |
| 1:03.3 | In 2012, Scott co-founded SSSK Capital Fund, a firm who specializes in managing real estate assets. |
| 1:09.6 | Since its inception, SSSK has managed a wide range of real estate including single and multi-family homes, |
| 1:11.5 | retail, commercial warehouse, self-storage, and multi-family homes, retail, commercial warehouse, |
| 1:18.9 | self-storage, and multi-use flex athletic spaces. In 2018, SSSK Capital Fund was rebranded to Kota Management Group to complement his design build firm, Kota Design Build. Scott founded Kota |
| 1:25.4 | in 1998. Cota Design Build is an international award-winning design |
| 1:29.8 | and build firm which specializes in sustainable building practices. Now, some of Scott's more |
| 1:34.7 | recent projects have consisted of adaptive reuse of vacant commercial buildings and highly |
| 1:39.9 | desirable locations and converting them into self-storage facilities. This is actually going to be the |
| 1:45.5 | primary topic of our conversation today. Now, as you guys are out there, whether you're driving |
| 1:50.6 | your kids to church or to school, wherever you're going out shopping, in many areas of the country, |
| 1:56.7 | you'll be able to find dark, different, you know, buildings, grocery anchors, empty big box retailers, bowling alleys. |
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