Constructing a New Self Storage Facility from the Ground Up - Interview w/ Charlie Kao
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- Опубликовано: 5 авг 2024
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I recently met with Charlie Kao of Twin Oaks Capital to tour a new 52,000-square-foot storage facility he is building in Newaygo, MI.
Charlie is a storage investor with years of experience working with many different projects. In this conversation, he dishes out valuable knowledge and insights from his years in the business.
Whether you're new to the storage business or a time-tested veteran, there are probably at least a few things you'll learn from this conversation!
0:00 - Intro
0:19 - How long have you been in the self-storage business?
1:12 - How did you find the storage facility you are building in Newaygo, Michigan?
2:33 - Did you have to rezone the land after you bought it?
3:30 - How did you determine there was enough demand in Newaygo to support a new facility?
5:38 - Did you order a feasibility study before you bought the land?
6:39 - What is your role on this project?
8:39 - What challenges and issues came up with drainage, and how to make it work?
14:43 - How do you determine the width of the drive lane, and why is it so important?
20:12 - Comparison between well-lit facility without a fence vs facility with a fence
23:31 - What company did you use for the buildings and the doors?
24:41 - What is your long-term plan with this self-storage facility?
25:25 - How do you manage construction costs during volatile times?
27:29 - Property Management: How do you handle it?
28:19 - How did you determine the number of units and the size of them?
30:20 - Charlie explains his Self-Storage Investing game
33:47 - Syndication vs DIY (Do it yourself) - What do you prefer?
35:26 - How many facilities have you worked with in your entire career?
38:03 - The benefits of Climate Controlled Storage
41:55 - Parking Management System
44:59 - At what point is it worth constructing a structure to store an RV?
48:07 - The biggest things you are missing out on while doing facility analysis
55:35 - Charlie shares his five-figure mistakes in this business
57:31 - The Boat & RV storage construction and development
58:35 - What date did construction begin and what is the project's estimated completion?
59:10 - How long did it take to plan for constructing a new self-storage facility?
1:01:33 - Is it important to work with a specific bank that understands the storage industry?
1:02:36 - SBA Loan vs Conventional Loan - Which is a better fit for you?
1:03:25 - SBA 504 vs 7(a) Loan Comparison
1:04:19 - Why would a storage deal fall apart?
This video is the most comprehensive straight-to-the-point information I've found in 30+ hours of browsing YT about self storage. Really fantastic questions and thorough answers. We're under contract on our first facility and were about to make two very costly mistakes that we can now avoid due to this information. Thank you for taking the time record this.
Thanks for the kind words, Rodney! I'm glad you found it helpful. I also learned some valuable insights for a new build I'm working on. It pays to know people who are in-the-know!
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If you don't mind me asking, what were the 2 mistakes you were about to make?
Don't be upset that it was the first one I watched. I am blown away by this guys information.
If you are finding value in this video. We do have a consulting program to make sure you don't make many other mistakes.
2 mins in, ALREADY an incredibly informative & educational interview. Thank You!🙏🏽👍🏼
Alright! That's why we like to hear! Thanks for watching, Blacca!
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100%
wealth of information
this guy really knows his stuff.. this was basically a mastersclass in self storage !!!
."the riches are in the niches "
Yeah, no kidding! I agree.
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What great information he is giving. Most people are so secretive and won't share their knowledge. This is very refreshing... and very rare.
I thought so, too! Thanks for watching and sharing your thoughts. :)
Love it when a dude with his hat on backwards is a multi millionaire and skools everybody!
It happens that way more than you know!
@@Retipsteragree 100%, the majority of people you think are rich are actually just in massive debt from trying to feign wealth.
Every 8-figure net worth person I know is super humble and you would never know they’re so wealthy. Rich people don’t get rich by wasting money buying luxury cars and designer clothes, they get rich by working hard, pinching Pennies, and making their money work for them. That same money you spent on a fancy car to impress people you don’t know could be earning you 5k+ a year compounding.
Never think about today, think about 10 years from now. It’s all about building wealth, not looking or acting rich
watched all the way through. I needed to see this
Thanks for watching! I'm glad it helped!
Wow! A gold mine of information. Thanks for posting, REtipster!
Thanks for watching, Dave!
great interview, Charlie is giving away all the industry tips.
Omg. charlie is an expert, top notch. He knew so much more than the guru out there
This was great!!! Thank you for sharing all of your knowledge and experience.
Thanks for watching, Hank!
I built me some storage units and they are alittle over one year old. I enjoy working them and working with the clients and since I am retired it has worked out real good for me. I am glad to have come across your video and will be subscribing.
Thanks for subscribing, Billy!
Lots of GREAT detailed info in a short period of time. Thanks.
Thanks for watching!
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This is a great walk through of a new construction self storage, from start to finish. There are so many things to consider, best to hire the experts.
Thanks for watching! I agree; there are a lot of things to think through.
Thank you for providing so much value!!
Thanks for watching, Nick!
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So much to learn here. Brilliant
I agree!
Great job.
goodness gracious this guy is a freaking genius!
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This video is incredible! It just got me to subscribe to your channel! Looking forward to seeing your other vids!
Alright! Glad to hear that! Thanks for subscribing.
@Retipster your super welcome, thank you for putting out awesome info! It's very helpful for my self storage investing journey 🤓
This was such a informative video!
Thanks for watching! Glad it was helpful!
Thank you for sharing from Europe! Great entrepreneur.
Thanks for watching!
Excellent interview. Good luck with the project. Looks great.
Thanks for watching, Scott!
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Very good info. Thanks
You bet!
Great information, thanks!
Thanks for watching!
3:13 in the business of storage units there are 3-5 businesses in storage units, with in storage units guns antiques, boats or have them actioned off that's the business that is WT
Man this guys is an info bomb! Thanks for the video
I know! Right? Thanks for watching!
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Love it!
Thanks for watching, Armaan!
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Very good video. I have a storage facility and am developing another. Mine are in Ontario Canada so some of the rules are a little different and time lines are longer. Even with the correct zoning the consulting and agency testing needed, take at least a year and then construction can start so it’s probably a two year building process. Well worth the watch.
Thanks for watching, Rob! Good to hear about some of the differences between Michigan and Ontario too.
Hey Rob! This might be a long shot but I’m getting into the storage space in Ontario as well. Would love to connect & chat if you’re open to it?
Thanks!
@@G-Drives sure. Not sure how to connect.
Damn this guy really knows his shit. He must have been doing this for a while. It also looks like a nice new facility he’s building there too. I’d take a look his facility out to see about renting a unit if I lived there, but I don’t. I’m paying $215 a month right now for a unit in a storage facility that lets people keep their boats, vehicles, and trailers all over the place. Plus they leave fucking Uhaul trucks and trailers everywhere. It’s a pain going in and out of there every single time I have to go in there. It’s like driving through a damn obstacle course.
Thanks for watching! It sounds like you should uproot your whole life and move everything to Newaygo, MI _just to rent a unit at this facility,_ haha. It's THAT good!
Great video! I really enjoyed it. One question: it’s 45$/SF for the total project cost? or just improvements (construction)? Thank you!
this is cool
Is there a particular lighting/security manufacturer you like to use?
Great video!
Thanks for sharing all the thoughts and expirience.
Only thing to improve on is the sound quality. A clip on mic would of made it a lot better watch.
Thanks for the suggestion! Perhaps we'll try that next time.
wow. Ive never learned so much..
Glad to hear it!
What was the cost of this particular build?
Wow
Looking to develop a small piece of property in Augusta Georgia. Storage facility is the top my list but I have no idea where to begin.
Do you ask clients to show proof of insurance for their rvs or boats?
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12:27 I wonder if you could put in a heating system in the concrete to just melt the snow. Sure it would cost a lot but how much is that plowing over the years?
I've wondered that too. My gut tells me it's cost prohibitive, not just in the installation but also in the energy to run the heat. If it was an obvious benefit, it seems like everyone would be doing it. That's just my conjecture though, I've never looked into it myself.
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How do you calculate 45 dollars per sq feet ? With land or just building.? Thanks
I also had the same question.
Do you supply to canada
CHARLIE GET A HOLD OF ME. I HAVE A DEAL FOR YOU.
Awesome information! I'm constructing a 2 building, 14,700 SF now in Eastern CT. What are you doing for height from top of finished pavement/concrete to base of concrete floor? My site engineer used a 6" rise which in my opinion, is pretty high. From my research, it seems a 2-3" rise is more common.
When you say, "rise" do you mean the total thickness of the concrete, or just the lip that comes up from the base? The thickness of my foundations is 5 inches, with 12 inch footings all around it (this is in Michigan, which is pretty similar climate to CT).
Appreciate the fast response. I'm referring to the distance from the top of the finished asphalt/concrete to the bottom of the roll-up doors. Basically, the lip rise at the edge of the foundation slab above the asphalt.
Does Charlie do any type of education training/videos..?
He's got a RUclips Channel here: ruclips.net/channel/UC92MZRMrkvTrwxsZfn9rKcw
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on climate control building would you add perimeter access storage
It would depend but alot of times if it's only climate control facility that has a locking gate code in front, but if you have a hyrbrid or outside parking we likely would. You can learn more about us on our RUclips Channel @twinoakscapital
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The building is time and Co
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yeah he has a LOT more room between buildings than I usually see
Yeah, I was thinking the same thing! There are probably a lot fewer accidents this way.
Quality has a cost
@@twinoakscapital how do I hire you for consulting?
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What metal building company did you go with?
I believe he used this company: www.peaksteelbuildings.com/
How do I get ahold of this guy?
Here's his website: www.twinoakscap.com/
Some of these investors ain't gonna live 2 to 3 more years.
How do you mean?
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I wouldn't want a self storage place, collecting the small amount of rent each month from many many people has got to be a big headache. Keeping track of who paid and who is behind, etc.
It's actually pretty easy with the PM software available these days. Most of these payments can be collected on autopilot and notifying late payers can be done with a click of a button.