EP188 Making Money off of Obsolete Buildings by Turning them Into Climate Controlled Self-Storage with Scott Krone
Today we're going to talk about Adaptive Re-use of Commercial Space and how it can be turned into an Asset Class that is Very Attractive & Extremely Profitable.
My guest is Scott Krone, the managing partner of Coda Management Group, a company that teams up with investors to purchase and convert undervalued warehouse space into climate controlled Self-Storage Facilities.
Scott has a Masters of Architecture Degree from the Illinois Institute of Technology and he's created 47 syndications and has over 400,000 sq. ft. & 2,759 storage units under management, along with over 25 years of development & design-build experience.
Scott is going to share the process he goes through in converting old warehouse space to self-storage, including his typical costs per sq. ft. for acquisition, construction & soft costs. He'll discuss the financing that's available for these projects and how Coda builds and sells their developments to REITS.
Scott & I also discuss the importance of Mentors, what ever happened to the original 'Lincoln Log' factory in Chicago, and how he uses personality profiling techniques to build his team and understand his clients better.
I know you're going to enjoy this episode, and you can learn more about Scott by going to his website: