Our guest today is Scott Krone — founder of Coda Management Group. Coda teams up with investors to purchase strategically located, undervalued warehouse space and convert it into climate controlled self-storage facilities. They are a top three operator.
Scott began his career in multifamily 25 years ago and when the crash came in ’08 he began buying into the commercial realm and started seeing that there were some inefficiencies within the self-storage arena that he could take advantage of.
Listen in as Scott gets into the weeds of self-storage and why it makes such a great investment. As Scott describes, “it’s apartments without toilets”… a more simplified version that costs about 1/10th of multifamily. There’s a lot less risk making it the safest asset class in real estate with the lowest default rates of all asset classes.
We delve deep into:
- The costs that go into buying a building
- Location, Location, Location
- Mitigating the risks
- A typical hold period
- Creating value
- The definition of pace financing and opportunity zone
- Investor’s ROI
The perfect time to sell is when you don’t have to sell — Scott Krone
Plus, find out the biggest mistake Scott sees people make in the self-storage arena and so much more on today’s Episode of The Art of Passive Income!