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!
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