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Constructing a New Self Storage Facility from the Ground Up - Interview w/ Charlie Kao

Self Storage Investing Library: https://retipster.com/category/self-s... Join Our Community: https://welcome.retipster.com/newslet... I recently met with Charlie Kao of Twin Oaks Capital to tour a new 52,000-square-foot storage facility he is building in Newaygo, MI. Charlie is a storage investor with years of experience working with many different projects. In this conversation, he dishes out valuable knowledge and insights from his years in the business. Whether you're new to the storage business or a time-tested veteran, there are probably at least a few things you'll learn from this conversation! 0:00 - Intro 0:19 - How long have you been in the self-storage business? 1:12 - How did you find the storage facility you are building in Newaygo, Michigan? 2:33 - Did you have to rezone the land after you bought it? 3:30 - How did you determine there was enough demand in Newaygo to support a new facility? 5:38 - Did you order a feasibility study before you bought the land? 6:39 - What is your role on this project? 8:39 - What challenges and issues came up with drainage, and how to make it work? 14:43 - How do you determine the width of the drive lane, and why is it so important? 20:12 - Comparison between well-lit facility without a fence vs facility with a fence 23:31 - What company did you use for the buildings and the doors? 24:41 - What is your long-term plan with this self-storage facility? 25:25 - How do you manage construction costs during volatile times? 27:29 - Property Management: How do you handle it? 28:19 - How did you determine the number of units and the size of them? 30:20 - Charlie explains his Self-Storage Investing game 33:47 - Syndication vs DIY (Do it yourself) – What do you prefer? 35:26 - How many facilities have you worked with in your entire career? 38:03 - The benefits of Climate Controlled Storage 41:55 - Parking Management System 44:59 - At what point is it worth constructing a structure to store an RV? 48:07 - The biggest things you are missing out on while doing facility analysis 55:35 - Charlie shares his five-figure mistakes in this business 57:31 - The Boat & RV storage construction and development 58:35 - What date did construction begin and what is the project's estimated completion? 59:10 - How long did it take to plan for constructing a new self-storage facility? 1:01:33 - Is it important to work with a specific bank that understands the storage industry? 1:02:36 - SBA Loan vs Conventional Loan - Which is a better fit for you? 1:03:25 - SBA 504 vs 7(a) Loan Comparison 1:04:19 - Why would a storage deal fall apart?