Podcast: The Real Estate Syndication Show with Whitney Sewell
Topic: Converting Distressed Buildings into Self-Storage Units With Scott Krone
In this episode, Scott explains how his niche is both environmentally friendly and profitable too. By utilizing existing buildings, these projects decrease much of the waste that is synonymous with construction. There are also financial incentives for being involved in projects that lower the carbon footprints of buildings and increase their energy efficiency. Scott talks about how he ensures that his self-storage units will succeed by going into areas with heavy demand and very little supply. We also learn why self-storage is as close to a failsafe investment as is possible, some of the creative financing he uses to fund these projects, and much more. We love hearing about new niches and hope you will too, so don’t miss out on this great discussion!
Some key takeaways include:
- An introduction to Scott and the work that his two firms are currently involved in.
- Why Scott works in the Midwest: it’s underserved and there are development incentives.
- Criteria Scott looks for in buildings: size, competition, and more.
- A ‘look green’ concept that underpins Scott’s self-storage conversion projects.
- How long a deal on these types of buildings usually takes to close.
- PACE Funding: the federal program that looks to reduce a building’s carbon footprints.
Listen to the full interview and read the complete show notes here!
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