Buying vs Building Self Storage: Pros & Cons (for Beginners) w/ Matt Wallace | Ep 219

[@MrOldskoolgamez]

I visited a new facility and there was a screen and camera with a rep working remote. They manage dozens of facilities this way with a few office workers managing them remotely from a single office location.

[@SelfStorageIncome]

We do similar things at some of our facilities - it can be effective if done correctly!

[@GM-bc9ng]

I’m a storage owner in TX with 3 small facilities and slowly expanding. I really enjoy these videos and appreciate all the good information and insight! Thank Yall and God Bless!

[@SelfStorageIncome]

Appreciate the support!

[@KRALTAIR47]

What zoning is required in TX?

[@MrOldskoolgamez]

I am a commercial insurance agent specializing in commercial real estate, including mini-storage. Great video, learning more about business operations from the owners’ perspective.

[@Autonomous_Don]

A lot of self storage vids are predicated on people needing loans or cash out refi’s. Please make videos on people who have the capital. It would make it more cut and dry for us.

[@SelfStorageIncome]

@Autonomous_Don - Stay tuned for vids geared towards those with cash on hand. Thanks for the suggestion!

[@clintbowman9570]

If your hiring a contractor to build them for you, yes you surrender your budget control to the contractor who is tacking on 30% profit onto the material and labor costs to begin with. Any issue they hit, they will call you wanting a change order and more money. And what are you going to do: call it off and hire someone else? No, you grit your teeth and pay them. Learn some skills, hire a couple guys, and build the facility yourself. Save the markup and have complete control of your own timeline and destiny. Pouring a concrete pad, throwing up some framing, and screwing tin to it is not rocket science.

[@salvadormarin6807]

What kind of contractor are you using? Generally a contractor won’t make 30% profit. They’ll instead do something like a 20% markup which, by the end will be a 12% profit. But yeah, to avoid issues you should always have a backup contractor and require regular bi-monthly or monthly reports with a Critical Path Method Schedule, an updated accounting Bill of Materials and Earned Value Analysis. Most non-contractors don’t think of this and end up letting the contractor change order them to death.

[@hjlee0604]

This man is an inspiration. I am seriously thinking about buying a 2.5 acre lot and building a facility on it.

[@metropolitanmae]

This was so helpful glad I watched it

[@SelfStorageIncome]

Thank you so much! So happy to bring value to other's lives.

[@itayhuja2015]

Aj and Matt , great interview!! Matt , Thanks for sharing your journey 👍👍

[@SelfStorageIncome]

@itayhuja2015 - Glad you enjoyed it!

[@metropolitanmae]

Thanks!

[@SelfStorageIncome]

Wow thanks!

[@Realismike]

Title companies never payout, paying the titles insurance is a scam. They only pay out 15 to 18% of claims, which is super low in the pay out of insurance. You're supposed to have environmental and surveys done before you buy the property.

[@lowmanagain]

Im getting ready to build 2 of them now. But im a builder who owns a construction company with heavy equipment. I even own a smaller garbage truck so no need to pay for trash. Im just going to build them cheaper than everyone. I already paid cash for the buildings and properties. I wish i can explain to help out but then i would create a problem for myself sorry.

[@stephenplourde5713]

There was a glitch in the video at 26:48 - 27:00. It comes back at “opportunity to net 20”. Is that net $20k cashflow after debt per month or per year? Ie not NOI/year.

[@marckuhnmak]

I think self storage has its pros and cons. I think people should either buy or build, based on what aligns with your goals!

[@SelfStorageIncome]

@marckuhnmak - absolutely! Thanks for the comment!

[@5256brkboyz12]

2 guys rubbing eachother. Lol 😂

[@Craigs_car_care]

Thanks for the share. 😊

[@SelfStorageIncome]

@Craigs_car_care - Thanks for watching! What other topics would you like us to discuss?

[@Craigs_car_care]

@@SelfStorageIncome portable boxes for SSF dead spaces.

[@vanmartr]

@@SelfStorageIncomeit would be really cool if you guys did some example videos of you looking for properties/businesses and just go through the things you guys look for on site etc..

[@SelfStorageIncome]

@@vanmartr Great idea! We did one of those actually! Here: kzbin.info/www/bejne/nIO9goCtoZZpZ6c