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!