Screen Shot 2020-08-02 at 9.37.25 PM

Scott Krone Featured On Passive Wealth Strategies

Listen to this episode as Taylor Loht discusses how to wipe out capital gains taxes with Scott Krone.

Mr. Krone is a Chicago native whose career in architecture began in 1991 by pursuing his Masters of Architecture from the Illinois Institute of Technology.  While obtaining his degree, he also worked as a Project Manager for Optima, Inc.  During his time at Optima, Krone’s responsibilities included such notable projects as the 400 unit Cormandel in Deerfield, IL, the 40 unit HedgeRow in Winnetka, IL, and the 51 unit Optima Center Wilmette in Wilmette, IL.

In 2012, Mr. Krone founded Coda Management Group – a firm who specializes in managing real estate assets.  Since its inception, Coda has manages a wide range of real estate including single and multi-family homes, retail, commercial warehouse and self-storage and multi-use flex athletic spaces.  Currently, the platform of investments is in excess of $55 million.

In 1998, Mr. Krone founded Coda, an award winning Design + Build | Sustainability | Consulting firm.  Since its inception, Coda has won numerous design/build awards including the international Green GOOD Design Award in 2010, Best of Houzz 2014 and 2015, and Design Evanston Award.  Their work has been featured in notable publications as Dream Homes - Chicago, Midwest Luxury Homes, Crate & Barrel 2010 Best Catalogs, NBC TV Show Taste, and national ACE Hardware Commercials.

In addition, Mr. Krone has authored High Performance Homes – Navigating the Green Road to Your Dream Home, a book for homeowner’s seeking to incorporate green technology into their home.

Scott resides in Wilmette, IL, with his wife and three children.

Key Points From This Episode:

  • A new way that investors can wipe out their Capital Gains tax burden on multiple investments
  • Increase your earnings by investing in quality real estate assets
  • How to simultaneously eliminate capital gains taxes
  • Scott's strategy today of investing in a variety of assets
  • Details about Scott's Opportunity zone Fund
  • PACE Funding: the federal program that looks to reduce a building’s carbon footprints.
  • What motivated Scott to pursue his niche.
  • How the market is not the biggest hurdle in self-storage.
  • The two biggest self-storage mistakes: not knowing your competition or your market.
  • Creative ways of increasing investor returns: historic tax credit, opportunity zones, and PACE.
  • The markets Scott is looking at buying in and how he locates properties.
  • Challenges in Scott’s journey with real estate: getting people to believe in him.
  • How Scott has used the Enneagram to improve his business recently.
  • Why Scott understands investors well: he does the design, development, and the build.
  • Please note that this is **not** personal financial, investment, or tax advice. You should always work with appropriate licensed professionals such as your CPA to evaluate whether a particular investment or strategy is right for you.

Listen to the full interview and read the complete show notes here!

WEBSITE FORM HERE

SCOTT-KRONE-1024x576

Scott Krone Featured On The Everything Real Estate Investing Show

In this episode, Sean Pan sits down with Scott Krone who owns two companies, Coda Design + Build and Coda Management Group. With Coda Design + Build, they act as a developer and design build-up for both retail and their investment portfolio. His other company, Coda Management Group, acquires distressed underperforming buildings in the Midwest to convert them into self-storage facilities. In today’s episode, Scott tells us how you can get started in the self-storage industry.

Scott took up architecture and eventually worked with one of his professors for 6 years building multi-family developments, condominiums, and townhomes. In 1998, he started Coda and built single-family homes then later, he built multi-family homes and helped churches.

He got into self-storage because they can go at it with greater confidence and certainty compared to single-family or multi-family homes. Self-storage costs also a fraction of the amount compared to condominiums.

Some key takeaways from the interview include:

  • Scott's criteria for good self-storage developments
  • How Scott works with the Small Business Administration and local banks to get financing for projects
  • The different classes of self-storage and how to get into these types of project
  • How to manage the risk of a self-storage project
  • The process from finding leads to project execution
  • How COVID-19 has impacted the self-storage industry
  • What to watch out for before starting your own facility
  • Resources to get into self-storage with Coda Management Group
  • Information about capital needed to start and different types of loans


Listen to the full interview and read the complete show notes here!

WEBSITE FORM HERE

Jason and Pili Project

Scott Krone Featured On The Jason And Pili Project

On this podcast episode, Jason Yarusi sits down with Scott Krone, a Chicago native whose career in architecture began in 1991 by pursuing his Masters of Architecture from the Illinois Institute of Technology.  While obtaining his degree, he also worked as a Project Manager for Optima, Inc.  During his time at Optima, Krone’s responsibilities included such notable projects as the 400 unit Cormandel in Deerfield, IL, the 40 unit HedgeRow in Winnetka, IL, and the 51 unit Optima Center Wilmette in Wilmette, IL.

In 2012, Krone founded Coda Management Group – a firm who specializes in managing real estate assets.  Since its inception, Coda has manages a wide range of real estate including single and multi-family homes, retail, commercial warehouse and self-storage and multi-use flex athletic spaces.  Currently, the platform of investments is in excess of $55 million.

In 1998, Krone founded Coda, an award winning Design + Build | Sustainability | Consulting firm.  Since its inception, Coda has won numerous design/build awards including the international Green GOOD Design Award in 2010, Best of Houzz 2014 and 2015, and Design Evanston Award.  Their work has been featured in notable publications as Dream Homes - Chicago, Midwest Luxury Homes, Crate & Barrel 2010 Best Catalogs, NBC TV Show Taste, and national ACE Hardware Commercials.  

In addition, Krone has authored High Performance Homes – Navigating the Green Road to Your Dream Home, a book for homeowner’s seeking to incorporate green technology into their home.

Krone resides in Wilmette, IL, with his wife and three children.

Some key takeaways from the interview include:

  • Scott's pinnacle point from moving into storage facilities and away from multi-family buying
  • What makes the conversion process that much more buyable than the ground up in terms of being able to maximize space
  • Metrics that Scott looks forward to, to show that the market is or isn't meeting demand
  • Whether or not there's opportunities to find space in predominantly areas that were oversaturated with retail and office space that maybe you can use for this conversion process (thanks to COVID)
  • Mistakes that are commonly made when people go into self storage investing


Listen to the full interview and read the complete show notes here!

WEBSITE FORM HERE

TMI Blog Post Ep 168

Scott Krone Featured On The Target Market Insights Podcast

In this episode, John Casmon sits down with Scott Krone who is the Founder of CODA Management based in Chicago, IL. They partner with investors to find and convert warehouses and office buildings into climate-controlled, self-storage facilities. CODA has over 47 syndications and 400,000 sq. ft with 2,750 storage units under management. Today, Scott shares where he finds opportunities, his criteria and tips for working with local officials.

 

Some key takeaways from the interview include:

  • Could not find distressed self-storage, so he focused on development
  • Converted an empty warehouse into a self-storage
  • Started in Chicago, expanded to Illinois, Wisconsin, and Ohio
  • Future opportunities in Kentucky, Michigan and North Carolina
  • Seeks 70,000 - 110,000 sq. ft of empty commercial spaces
  • PACE Financing and Opportunity Zones
  • Hire CubeSmart to manage the renovated self-storage facilities
  • Biggest risk for self-storage is competition within a 3-5 mile radius
  • Key Stat for Self-Storage: 7 sq. ft of lockers per capita
  • Commercial and Resident Users for Self-Storage
  • Check with city officials on zoning process, permits and approvals
  • Leverages PACE Financing and was the first opportunity zone and PACE financing in Ohio
  • PACE is a program providing energy efficiency financing
  • Opportunity Zones are an enhanced benefit, not as the reason to buy
  • Drive for subcontractors on projects when you need specific labor


Listen to the full interview and read the complete show notes here!

WEBSITE FORM HERE

coda-logo

Contact Info

600 Waukegan Road, Suite 129, Northbrook, IL 60062

+1 847 272-7775
info@codamg.com

Daily: 9:00 am - 6:00 pm
Sunday: Closed

©Copyright 2018-2021 CODA MANAGEMENT GROUP
All Rights Reserved.
Website Design By Innvio - Certified Hubspot Partner