Self Storage Fundamentals with Scott Krone
Scott Krone is a real estate investor, real estate coach, an expert in the self-storage asset class, Principal of an international award-winning Design + Build firm and at Coda Management Group Chicago, a company that purchases undervalued warehouse space and converts it into climate-controlled, Class-A, and REIT ready self-storage properties. He has a background in architecture and enjoys creating and developing things. He had learned about real estate from his college instructor who owns a real estate development company where he began working until finally started his own real estate company! KEY POINTSSelf-storage benefits and value-add returnsWhy scott switched from multi-family to self-storageHow to find and analyze self storage investmentsTypes of buildings that are convertible to self-storage facilitiesRules of thumb and metrics for analyzing self-storage deals LIGHTNING QUESTIONS1. What was your biggest hurdle getting started in real estate investing, and how did you overcome it?How to build credibility for himself and gain trust from people to buy what he was selling. Scott crafted his story around what success he had up to that point.2. Do you have a personal habit that contributes to your success?Getting up early, spend quiet time with his wife and dog walking on the beach at 5:30 in the morning. Scott practices accountability in business and his personal life, always looking to improve and grow.3. Do you have an online resource that you find valuable?Instagram4. What book would you recommend to the listeners and why?The Road Back to You book by Ian Morgan Cron, and Suzanne Stabile5. If you were to give advice to your 20-year-old self to get started in real estate investing, what would it be?Be patient and enjoy the process!