How a Self Storage Facility CONVERSION Works (Full Tour!)
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- Опубликовано: 9 июн 2024
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00:00 - Tyler’s Self Storage - How did he do it?
02:05 - How did you decide on the unit mix?
03:22 - Why not just have different doors directly into the units?
04:15 - What is a climate-controlled storage facility?
04:50 - How to enter the facility with simplified management and control?
06:36 - Who helped you to set up the security system?
08:50 - How much did it cost to install all 78 units?
10:03 - How to set up efficiently climate-controlled units with Mini Splits
11:14 - How to determine how much should you charge for renting one unit?
12:28 - How do you convince somebody to come to your self-storage facility?
13:52 - What was Tyler’s goal with doing this?
14:34 - Property management: Use a company or do it by yourself?
16:53 - With the system in place, what if the code doesn’t work and you can’t enter the facility?
18:15 - How much does the fence around the perimeter cost, and how vital is it?
19:31 - How long did it take to get from start to finish?
20:47 - What was this site zoned as before you bought it?
22:13 - What to do with the other free space on your site to get the maximum benefit?
24:58 - Why couldn't you do outdoor boats and RVs?
25:45 - Do your competitors offer RV and boat storage?
26:07 - Does RV and boat storage pay less money?
Our friend Tyler just converted an old pole barn to a 10,000-square-foot, 78-unit self-storage facility. In this video, he gives us a guided tour through the newly renovated building and explains:
- How he did it
- How long it took to get from start-to-finish
- Some of the challenges he had to overcome along the way
Some of the companies mentioned in this video are:
- Janus International (www.janusintl.com)
- Easy Storage Solutions (www.storageunitsoftware.com)
(This is not a paid endorsement of either company - they just happened to be the contractors and service providers that Tyler worked with.)
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!
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.
great interview. excellent real life, nuts and bolts questions/answers ... tons of value here
Thanks for watching, Brett!
You seem so giving and transparent. What, if any are you issues with pests? Bedbugs, fleas, etc
Thanks so much for sharing 😊
Wonderful video! Great questions, very clear and precise answers/explanations! Thank you so much!!!
Glad you enjoyed it! Thanks for watching!
So much great info, thanks for sharing your knowledge!
Thanks for watching!
This is SO AWESOME. Thank you guys!!
Thanks for watching! Glad you got something out of it. :)
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?
good content. thanks!
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.
Very good interview! Thank you!
Thanks for watching!
Thank you so much for this video.
Absolutely! Thanks for watching!
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.
Great info!
Thanks!
Nice job
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
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?
Utah has a TON of management companies for storage. Extra Space for example.
Great, Wyoming.
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?
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!
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. 😎👍
how was that guy getting higher and higher through out this video. :D
Dude I wish all self storage companies operated like you guys smh
How can I reach Tyler is he on social media. I’d love to ask him a few questions.
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. 👍🏻
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.
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
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.
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).
Someone got stuck in that place
Exit loops are favored by theives. Punch in and out is more secure. .
I have a man crush on Tyler .😘
Got a mouth & talks like Donald Trump😂
C'mon now, be nice.
☕️☕️☕️☕️