Self Storage Conversions | 4 Keys That Can Make or Break Your Self Storage Deal
Self Storage Income
AJ Osborne
4.9 • 591 Ratings
🗓️ 11 March 2021
⏱️ 31 minutes
🧾️ Download transcript
Summary
Welcome back everybody to the Self Storage Income podcast!
Today we have an awesome episode lined up for you. We’re going to be talking about self storage conversions. We have an insane conversion project going on currently and we wanted to share some key insights into what you need to be looking for when you’re analyzing a potential self storage conversion project.
Whether it’s an old big box store or an industrial space that you’re looking at repurposing into self storage, there are a few key things that you absolutely need to be looking for through your due diligence. These keys could be the deciding factor to your deal either being a home run, or being a colossal failure.
The four keys we’re diving into today are concrete flooring, gas piping, HVAC’s, and roofing.
We share what exactly you need to be looking for and what exactly you need to do to help ensure you cover as many bases as possible in regard to each of these critical items.
Get the note books out, take notes, and be sure to address these four keys on the next potential self storage conversion project you’re considering. There’s much more going on and much more to consider than you’d expect. Be prepared and don’t be caught off guard.
Thanks for listening everybody! We’ll see you next time.
Be sure to go to Selfstorageincome.com to get your copy of my Self Storage Playbook. This step by step playbook walks you through from start to finish - how to identify a self storage market, how to perform due diligence, how to contact a current owner, and ultimately how to land a deal and purchase a storage facility.
You can also find the Self Storage Income Podcast on:
The Self Storage Income Podcast is Sponsored by:
Janus International - https://www.janusintl.com/
Store Local - https://www.selfstorage.coop/aws/SL/pt/sp/home_page
Live Oak Bank - liveoakbank.com/incomepodcast
Transcript
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| 0:00.0 | Looking to create wealth and income through high cash flowing real estate, self-storage is the fastest growing and the newest real estate asset that has outperformed all others. |
| 0:10.0 | What's it secret? |
| 0:11.0 | I'm A.J. Osborne and with over a million square feet that we have built, acquired, expanded, and even converted big box stores, |
| 0:19.0 | from small third-tier markets to large hundred plus thousand square foot facilities, we have seen it all. |
| 0:25.7 | This is the podcast that we're going to discuss and bring on the best investors and operators in the nation to show you how to create wealth and income with self storage. |
| 0:36.9 | Welcome to self Storage Income. |
| 0:48.6 | Welcome back, everybody, to the Self Storage Income podcast. |
| 0:52.4 | Today, you've got me, Connor, just hanging out with you guys. |
| 0:54.8 | AJ is off hanging out in Hawaii, of all places, hanging out with Brandon Turner, investor girl |
| 1:01.5 | Brent, Tarle Yarber, all those awesome guys from bigger pockets and some other real estate |
| 1:06.6 | centric individuals out there. They're all having a good time hanging out, sharing their knowledge |
| 1:12.0 | with each other, having a good time. And, you know, right now, as this is being recorded, |
| 1:17.1 | it's still kind of wintertime in most of the U.S. And tell you what, AJ, I hope you're getting |
| 1:23.2 | nice, getting that Irish tan for everybody. And if you don't know, an Irish tan is just a sunburn, |
| 1:29.9 | because that's exactly what AJ probably would get. I have no idea. But anyways, hopefully he's |
| 1:37.1 | having a blast. Today, I wanted to jump into just a few topics on what you guys need to look out for |
| 1:43.2 | on conversions. So when you're going out, you're acquiring |
| 1:47.1 | a building and you're looking at an empty box or you're looking at this hodgepodge, just thrown |
| 1:53.7 | together industrial office space area, whatever it is. What do you need to be looking for? |
| 1:58.9 | What are some of those big things that you need to be |
| 2:01.6 | analyzing and looking at when you're walking through those buildings? We have a massive |
| 2:06.6 | conversion project underway right now. And this is 2021, early 2021 right now, as this is being |
... |
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