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Real time Profit and Loss statements

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  • Real time Profit and Loss statements

    Hello all,
    Newbie here. I'm in Livingston, Texas so I don't expect anyone too close to reply due to competitive reasons but if there's anyone out there that would be willing to discuss deeper details of the business, I would appreicate it.

    I would like to be able to study several real working Income/Profit and Loss statements from anyone who would share/email them to me (feel free to black out your business name for privacy sake) so that I can verify the various expense ratios of the self storage business that I've uncovered in research.

    I own 7 acres right on I69 in Livingston and it is a prime spot for a nice, large mini storage/boat/RV facility but I want to not only understand the financial numbers in greater detail for planning but also to understand space inventory ratios regarding controlled vs non controlled and what the best sizes in percentage for both controlled and non controlled.

    I would also just like to glean as many dos and donts from some of you that have been in the business much longer than I.

    Thank you in advance for being willing to share data and experiences.

    You can email me at carybaskin@gmail.com.

    Thanks!
    Cary

  • #2
    Welcome to the forum carybaskin. You will get some answers to all your questions but may have to wait till Monday for the biggest majority of them. There might be some slow moving groggy heads here tomorrow, after Saint Pat's, but thinking of numbers may hurt a bit till after the weekend.
    "Never let the inmates run the asylum!"

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    • #3
      I would suggest a feasibility study (Bob Copper did mine). If you will be financing the project (I highly recommend Live Oak Bank), it's probably going to be a bank requirement and it will provide most of the information that you will need to evaluate the "opportunity". There are also great pro-forma templates available and Trachte has a nice "Cash Flow Analysis" tool on their website.

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      • #4
        Honestly expense models can very on how big our site is. Most of the costs are hard costs that do not depend on size. (Office costs, Employee salary, Landscaping).

        Some people build in phases knowing that the expense model for profit, isn't feasible until phase 2 or 3. There needs to be a background to something and not just a P&L statement

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        • #5
          mmidgley is spot on here. We usually estimate for a stabilized property $15K/month overall + mortgage servicing. Some are as low as $12K others $20K so it depends greatly on exact property. We are in the Carolinas and have 5 current stores ranging from 350 units up to 725. 2 are conversions and 3 and ground up. 3 were done in phases 2 were not. I think a solid feasibility study is what you need. I would guess several people here do them and you can find someone with in the TSSA who does them as well.

          I personally think a lot of the information you are looking for comes from getting on the ground and talking to your potential competition. It looks like you only have 6 or so competitors in the market. The best way to learn the industry is for you to hop in your car and stop by your competition. Most managers are willing to give you a little insight into the business. You can hop on Google maps and get a good idea of Climate vs Non Climate units.

          Sweat equity is the best way to succeed as an owner. Our first store we opened in 2001. We were so "poor" at the time we were on our knees scrubbing the floors, cleaning units and putting on finishing touches ourselves to get it ready for the opening. It taught us exactly what was involved. We did out own feasibility study pulling stats and hitting the ground looking at local competition to see what worked and what didn't, finding prices out and trying to learn from there mistakes. It worked well for us as since then we have had as many as 12 locations.
          Chasing Perfection to catch Excellence

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