Hello Everyone,
New member here from Minneapolis area that is looking to get into the self storage business. I have been trying to educate my self day and night for the last 6 months on the storage business, now I'm ready to jump in!
My current situation:
My family and I live in a Northwest suburb of the MSP area. Father of 2 (10.5 mos) old twins and married to my lovely wife. Hold a full time job in the manufacturing industry. My hopes and dreams are to quite my day job and follow the entrepreneur path.
Currently looking to acquire or convert.
Acquiring an Existing Facility:
Actively working with a broker to try to find some deals in the MSP area but doesn't appear to be much for sale out there at the moment. I have done some direct mailers on my own, with little success, to be honest wasn't expecting much. I'm sure all you facility owners love those direct mailers....not. I'm not a fan of the mailers either but figured that it's one way for people to know that I exist and trying to get into the business. It's not like deals will land in my lap if no one knows I'm looking.... After talking with a few people in real estate business, not saying self storage is real estate investing, networking is one of the best strategies to come up with deals. This is one of many reasons I decided to join this forum.
Converting an Existing Building into Self Storage:
Currently focusing the majority of my time on this. I like the idea taking an existing building, likely vacant or distressed, and adding value to it. I'm early on in my research and trying to understand the cost required to convert. I understand that there are many variables that go into the cost of a conversation. Does anyone have a general rule of thumb they use when figuring out cost per square foot? Specifically cost to install the storage system, labor and materials?
Networking:
I'm open to network with just about anyone. If there are any facility owners or managers in the MSP area, or really anywhere, that are wanting to chat self storage, please let me know! I would love to pick your brain.
If anyone is looking for help with managing facilities in the MSP area I would be very interested in speaking with you. I'm just about willing to do anything self storage related at this point, just so I can continue to grow my knowledge.
Feel free to send me a PM if you would like to chat.
Thanks everyone!
Chris
New member here from Minneapolis area that is looking to get into the self storage business. I have been trying to educate my self day and night for the last 6 months on the storage business, now I'm ready to jump in!
My current situation:
My family and I live in a Northwest suburb of the MSP area. Father of 2 (10.5 mos) old twins and married to my lovely wife. Hold a full time job in the manufacturing industry. My hopes and dreams are to quite my day job and follow the entrepreneur path.
Currently looking to acquire or convert.
Acquiring an Existing Facility:
Actively working with a broker to try to find some deals in the MSP area but doesn't appear to be much for sale out there at the moment. I have done some direct mailers on my own, with little success, to be honest wasn't expecting much. I'm sure all you facility owners love those direct mailers....not. I'm not a fan of the mailers either but figured that it's one way for people to know that I exist and trying to get into the business. It's not like deals will land in my lap if no one knows I'm looking.... After talking with a few people in real estate business, not saying self storage is real estate investing, networking is one of the best strategies to come up with deals. This is one of many reasons I decided to join this forum.
Converting an Existing Building into Self Storage:
Currently focusing the majority of my time on this. I like the idea taking an existing building, likely vacant or distressed, and adding value to it. I'm early on in my research and trying to understand the cost required to convert. I understand that there are many variables that go into the cost of a conversation. Does anyone have a general rule of thumb they use when figuring out cost per square foot? Specifically cost to install the storage system, labor and materials?
Networking:
I'm open to network with just about anyone. If there are any facility owners or managers in the MSP area, or really anywhere, that are wanting to chat self storage, please let me know! I would love to pick your brain.
If anyone is looking for help with managing facilities in the MSP area I would be very interested in speaking with you. I'm just about willing to do anything self storage related at this point, just so I can continue to grow my knowledge.
Feel free to send me a PM if you would like to chat.
Thanks everyone!
Chris
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