Absolutely helpful, Seth. Most definitely planted some seeds. Excellent video, as always! Four weeks new to your program, and my FIRST direct mail campaign went out this morning! 😁. Not too shabby... We shall see! Awesome weekend to you!
you guys do a follow-up video on how he did his due diligence like searching on what the vacancy rates are on the other storage facilities, pricing, demand, demographics etc
No, not? Very likely he should've been way more customer oriented, attracting future clients, promoting whats special with him. And this one more or less was advice for competitors to get into the same market as well, steel from his market share?
Since you plan on doing this this year, you probable have some number crunched out already. A friend and I plan to buy/convert a storage unit in a few years. We plan to buy something that is around 50 or so units. What kind of costs can we expect from this?
one thing I don't understand about how you were saying you'll just tell them to buy their own locks, are you just hoping they don't take a larger or someone else's unit?
@@Retipster Thanks for responding!!! if you don't mind helping, I was curious if you have followed up with Tyler Hazel to see if his fill up rate has been up to par with the conversion type he used and the absentee management company he elected to use. Since watching the podcast I have identified 2 potential projects im excited about and it would be really helpful to know the level of success he has had. This would be my first project and I cant thank you enough. -Gerry
Unit mixes comes down to market. Ultimately you have more time and exposure to your market than an outside consulting firm. If your area is lower income with lots of multi story apartments, 5x5 and 5x10 will be consistently rented, as there is less furniture and less stuff in general in circulation, less purchasing power, and higher turnover. Climate control will also be less beneficial in those cases. Avoid lockers and cubby units as they draw more liability than they're worth. If there are more single/double family homes in a middle class area, drive ups, 10x10, and 10x20 become more valuable, especially if it's a recessionary market. People will be downsizing and will need furniture storage. This is where climate control is important, especially in humid areas. Unless you're doing black magic like this guy to skirt the fire code, don't forget that unit sizing is not set in stone. Two 5x5 neck to neck can become a 10x5. A block of 4 5x5 can become a 10x10. Two neck to neck 5x10 can become a drive-up 10x10. If you plan your layout with an eye on future modifications you can have a more diverse facility that can react to changing market conditions. Investors know this and are hip to risk mitigation, especially if you point it out. The golden rule is to know your stud locations and plan out your doors before your units. And if you're doing climate control, for the love of god seal your building well and be diligent with pest control. Moths and mice can kill a business. Save your money wherever possible. If you're comfortable taking on a task yourself, do it.
I think the real potential will be if/when he's able to build out that RV storage. Sounds like it's pretty decent with the conversion of this building, but it'll be even better when he's able to better utilize that parking lot. It'll be cool to see how this pans out for him!
I believe they can offer it through a third-party insurance company, and each tenant is strongly encouraged to sign up for a small additional fee. www.storsmartinsurance.com is one of the insurance companies that does this kind of thing.
Thank you for the quick reply. I purchased a commercial Property in PA and I’m considering converting into a storage facility. The property has two buildings on it totaling 23,000 ft.² building one is three stories tall and totals 18,000 ft.² and building two is a one story 5000 square-foot vanilla box. I need help to move forward, where should I look ? Should I hire a consultant? What’s my next move?. Thanks again for all the awesome context
I, unfortunately, don't have any knowledge or opinions on that. Sorry I can't be of more help! Hopefully, someone else in the self-storage industry will see your comment and chime in.
@@Retipster I'm looking at a building that's not very big only eight thousand square feet and the only way I can make it work is if I go up three levels and there's no way to go up three levels unless I use storage vaults.
@@emilyy7825 they're generally about 35 sq ft and people store their stuff in them they're very inexpensive to build so you can start the business on a shoestring. You move them around the warehouse like the pods franchise does. You can put them on a trailer and take them to clients homes and bring them back to your warehouse and store them with a forklift 3 High. That's the part I like the most as you can triple your storage space by going up 3 High.
@@Retipster Thinking about doing some rental properties and I think that would be beneficial. But I'm looking online for reviews and no one really talks about it. So I'm kinda on the fence whether to get it or not.
@@leozilla2374 - yeah, from what I could see of it, it seemed like a nice time-saver, but not a magic bullet. You still have to know how to run the numbers and understand what makes a deal... but as long as you do, it could be beneficial at pointing out the lowest hanging fruit (so you don't have to spend hours looking for them on your own).
Absolutely helpful, Seth. Most definitely planted some seeds. Excellent video, as always! Four weeks new to your program, and my FIRST direct mail campaign went out this morning! 😁.
Not too shabby...
We shall see!
Awesome weekend to you!
Dude, always get sunglasses. It would lower your small headaches when you went outside
you guys do a follow-up video on how he did his due diligence like searching on what the vacancy rates are on the other storage facilities, pricing, demand, demographics etc
Great idea - maybe we can touch on that when the time comes for a follow up! Thanks for the suggestions.
I've been with Easy Storage for years now. Great choice, they have very good systems.
That's great to hear Cameron! Thanks for sharing.
You seem so giving and transparent. What, if any are you issues with pests? Bedbugs, fleas, etc
Thanks so much for sharing 😊
Can we do another follow up.... Great video. Great advice. Thank you both!
No, not? Very likely he should've been way more customer oriented, attracting future clients, promoting whats special with him. And this one more or less was advice for competitors to get into the same market as well, steel from his market share?
great interview. excellent real life, nuts and bolts questions/answers ... tons of value here
Thanks for watching, Brett!
So much great info, thanks for sharing your knowledge!
Thanks for watching!
Great video. Thank you and thanks to the property owner for being so open with his experience.
Thanks for watching, Adam! I'm glad we got to take a tour of this place.
Wonderful video! Great questions, very clear and precise answers/explanations! Thank you so much!!!
Glad you enjoyed it! Thanks for watching!
Utah has a TON of management companies for storage. Extra Space for example.
Excellent video as this is exactly what I want to achieve this year. I wonder if his build cost/ft includes the HVAC.
Since you plan on doing this this year, you probable have some number crunched out already. A friend and I plan to buy/convert a storage unit in a few years. We plan to buy something that is around 50 or so units. What kind of costs can we expect from this?
Thank you so much for this video.
Absolutely! Thanks for watching!
one thing I don't understand about how you were saying you'll just tell them to buy their own locks, are you just hoping they don't take a larger or someone else's unit?
This is SO AWESOME. Thank you guys!!
Thanks for watching! Glad you got something out of it. :)
Is the $7 per square foot based on the entire building or the net rentable square feet
Would love to see a follow up video!
Me too!
how was that guy getting higher and higher through out this video. :D
Very good interview! Thank you!
Thanks for watching!
great job im looking at a very similar building and this was very helpful
Glad to hear it! Thanks for watching. Good luck with your project.
@@Retipster Thanks for responding!!! if you don't mind helping, I was curious if you have followed up with Tyler Hazel to see if his fill up rate has been up to par with the conversion type he used and the absentee management company he elected to use. Since watching the podcast I have identified 2 potential projects im excited about and it would be really helpful to know the level of success he has had. This would be my first project and I cant thank you enough. -Gerry
Nice job
good content. thanks!
Dude I wish all self storage companies operated like you guys smh
Unit mixes comes down to market. Ultimately you have more time and exposure to your market than an outside consulting firm. If your area is lower income with lots of multi story apartments, 5x5 and 5x10 will be consistently rented, as there is less furniture and less stuff in general in circulation, less purchasing power, and higher turnover. Climate control will also be less beneficial in those cases. Avoid lockers and cubby units as they draw more liability than they're worth. If there are more single/double family homes in a middle class area, drive ups, 10x10, and 10x20 become more valuable, especially if it's a recessionary market. People will be downsizing and will need furniture storage. This is where climate control is important, especially in humid areas.
Unless you're doing black magic like this guy to skirt the fire code, don't forget that unit sizing is not set in stone. Two 5x5 neck to neck can become a 10x5. A block of 4 5x5 can become a 10x10. Two neck to neck 5x10 can become a drive-up 10x10. If you plan your layout with an eye on future modifications you can have a more diverse facility that can react to changing market conditions. Investors know this and are hip to risk mitigation, especially if you point it out. The golden rule is to know your stud locations and plan out your doors before your units. And if you're doing climate control, for the love of god seal your building well and be diligent with pest control. Moths and mice can kill a business.
Save your money wherever possible. If you're comfortable taking on a task yourself, do it.
That's great input! Thanks for sharing all the intel, David!
@@Retipster For sure! Good video and good tips all around.
Great Response David Little. Appreciate you sharing.
Cylinder locks are better than disk locks. I can get through a disk in 3 minutes and a cylinder in 45.
Sounds like you've got a lot of experience with this! Thanks for the tip.
Great, Wyoming.
How can I reach Tyler is he on social media. I’d love to ask him a few questions.
Great info!
Thanks!
Wondering what the upside profit potential is with this particular site? 🤔
Excellent, I bet!
I think the real potential will be if/when he's able to build out that RV storage. Sounds like it's pretty decent with the conversion of this building, but it'll be even better when he's able to better utilize that parking lot. It'll be cool to see how this pans out for him!
REtipster Crazy~Amazing potential. 👍🏻
Awesome and informative. Thank you for creating this video.
One question. The buisness sign says they offer insurance. How does this work exactly?
I believe they can offer it through a third-party insurance company, and each tenant is strongly encouraged to sign up for a small additional fee. www.storsmartinsurance.com is one of the insurance companies that does this kind of thing.
@@Retipster Thank you so much. This video is a great way to get creative in the storage market. 😎👍
you mentioned "partnering" with Janus, did you mean you hired them to do the work or did you give up equity for the work?
I'm pretty sure it was the former and not the latter.
Thank you for the quick reply. I purchased a commercial Property in PA and I’m considering converting into a storage facility. The property has two buildings on it totaling 23,000 ft.² building one is three stories tall and totals 18,000 ft.² and building two is a one story 5000 square-foot vanilla box. I need help to move forward, where should I look ? Should I hire a consultant? What’s my next move?. Thanks again for all the awesome context
Hi,, Great stuff. Do you have an opinion about wood storage vaults within an industrial building for self storage? Pros or cons?
I, unfortunately, don't have any knowledge or opinions on that. Sorry I can't be of more help! Hopefully, someone else in the self-storage industry will see your comment and chime in.
@@Retipster I'm looking at a building that's not very big only eight thousand square feet and the only way I can make it work is if I go up three levels and there's no way to go up three levels unless I use storage vaults.
@@victorpistone1073 I've never heard of these storage vaults... How does that work?
@@emilyy7825 they're generally about 35 sq ft and people store their stuff in them they're very inexpensive to build so you can start the business on a shoestring. You move them around the warehouse like the pods franchise does. You can put them on a trailer and take them to clients homes and bring them back to your warehouse and store them with a forklift 3 High. That's the part I like the most as you can triple your storage space by going up 3 High.
@@emilyy7825 also just Google wood storage vault and you'll see them.
Exit loops are favored by theives. Punch in and out is more secure. .
Someone got stuck in that place
Do you actually use mashvisor?
I still have my account, but it's been a couple of months since I've used it. Why do you ask?
@@Retipster Thinking about doing some rental properties and I think that would be beneficial. But I'm looking online for reviews and no one really talks about it. So I'm kinda on the fence whether to get it or not.
@@leozilla2374 - yeah, from what I could see of it, it seemed like a nice time-saver, but not a magic bullet. You still have to know how to run the numbers and understand what makes a deal... but as long as you do, it could be beneficial at pointing out the lowest hanging fruit (so you don't have to spend hours looking for them on your own).
I have a man crush on Tyler .😘
Got a mouth & talks like Donald Trump😂
C'mon now, be nice.
☕️☕️☕️☕️