Listen to Scott sit down with Chris Prefontaine as Scott shares about his career starting in architecture in 1991 all the way into owning Coda Management Group with $55 million in investments today.
While obtaining his degree, Scott worked as a Project Manager for Optima, Inc. During his time at Optima, Krone’s responsibilities included such notable projects as the 400-unit Coromandel in Deerfield, IL, the 40-unit HedgeRow in Winnetka, IL, and the 51-unit Optima Center Wilmette in Wilmette, IL.
In 2012, Scott founded Coda Management Group – a firm that specializes in managing real estate assets. Since its inception, Coda has managed 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.
Some key takeaways include:
- How architecture served as Scott’s gateway to real estate investing, and how he founded Coda in 1998 and later transitioned to self-storage
- Why the appeal of the self-storage niche lies in its lowered risk exposure and ease of risk management and mitigation
- Why self-storage is especially recession-resistant, and how to break into self-storage investing
- How partnering with investors helped Coda break into the self-storage niche, and how they offer a number of different vehicles for investors
- What areas of the country Scott considers to be “oversaturated”, and why Coda focuses on the Midwest
- How being classified as essential during the pandemic has been a boon for Coda, and how the pandemic has impacted their business
- Why the number one mistake Scott sees investors making is overpaying for an asset, and why systematizing the business has been crucial for Coda’s growth and success
- Why the relationships Scott has formed are what he considers to be his biggest wins in life, and why paying for coaching is worthwhile
- How to get a free call with the team at Coda Management Group, where you can ask questions about self-storage and even partnering with Coda
Listen to the full interview and read the complete show notes here!
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